Icesave - how do I make a claim?

If you're a UK saver with Icesave it's likely that you'll have to make a claim for compensation for your Icesave savings deposits, following the takeover of Landsbanki (Icesave's parent company) by the Icelandic Government.

Whilst the Icelandic Government does offer a guarantee for domestic customers, this savings guarantee does not extend to UK savers with Icesave.

As things currently stand Icesave customers in the UK will have to make two separate claims:

1. The Icelandic Depositors’ and Investors’ Guarantee fund are liable for the first €20,887 (£16,300) of compensation; and
2. The UK Financial Services Compensation Scheme will pay out the rest up to the first £50,000 per person.

A spokesman for the Financial Services Compensation Scheme has indicated that they will probably handle all UK claims on only one form.

If you are a UK saver with Icesave and are concerned we would suggest that you refer to the Financial Service’s Compensation Scheme website which provides some useful information on making a claim.

Alistair Darling has said that he would ensure that the 300,000 UK savers with Icesave get their money back. He has decided in these exceptional circumstances that we will stand behind those depositors so they get all their money back.

Arrangements are also being put in place to ensure that all ISA customers of Icesave will continue to benefit from the tax-free status of their accounts.

The Chancellor has also today taken steps to freeze assets of Landsbanki in the UK until the position with respect to the future of the firm and UK creditors becomes clearer. The Financial Services Authority and Financial Services Compensation Scheme are telling savers not to contact them, and that they will be contacted direct.