FSCS pays out �0.5bn to Icesave customers

17th November 2008

UK customers of Icesave have started to get their money back after the FSCS began making payments to Icesave customers. By the end of today (17 November 2008) the FSCS had signed off over �0.5bn in BACs transfers to UK Icesave customers.

The FSCS invited UK Icesave customers to reclaim their money last week using the accelerated online claims process. Using the existing Icesave website most people opted to claim their cash through a BACS transfer to their nominated accounts. The average time it is taking consumers to effect the BACS transfer is less than four minutes.

The FSCS is now increasing the number of people who are being sent a second email inviting them to log on using their existing details and follow a short process to claim their compensation.

The emails are being phased for security and operational reasons. There is no set pattern in the ordering of emails at this time. Once you have received your second email, your money will be there for you to claim and we encourage you to log on as soon as possible to complete the process

FSCS Chief Executive Loretta Minghella says: "Five weeks ago a lot of Icesave savers were worried that they were going to be left high and dry. Now they can be confident that the process is underway and people are getting their money back."