Almost £1bn in Icesave payments processed

21st November 2008

FSCS has signed off almost a billion pounds in payments (as at today) to UK Icesave customers since it started the electronic payment process. On top of this, more than £133m is being held to maturity by Icesave customers in fixed term accounts.

When Icesave went into default on 8 October, many Icesave customers feared it would be many months before they got their money back. Six weeks later, FSCS has offered to more than 100,000 Icesave customers the opportunity to claim compensation online through an electronic process.

The FSCS is sending out thousands of the second emails every day that allow Icesave customers to claim their money back. At the point of sending the second email we open up the accounts for processing.

If you have received your second email and have not yet processed your claim, we encourage you to do so as soon as you are ready. This will help to keep the process running smoothly. The process is simple and only takes minutes to complete.

FSCS remains on track to offer compensation to the vast majority of Icesave customers in November.