Icesave payout process gets underway this week

3rd November 2008

The Icesave payout process will start this week for UK depositors in Icesave, the internet retail deposit business of the UK branch of Landsbanki, the Financial Services Compensation Scheme confirmed today.

FSCS is finalising arrangements for a system that means depositors of the bank will be able to receive their savings through an electronic payment into their established nominated accounts. This will happen in stages, with the first email expected to be sent over the next few days. FSCS will then begin sending second emails to customers, in phases, with a view to starting compensation payments in the second week of November as planned.

The second email will provide instructions on how depositors can log on to their existing Icesave accounts to complete a short electronic process allowing them to receive their compensation. The process is being phased to manage the flow of payments through the system and for security reasons. The process will only take a short while for depositors to complete and will enable them to see their money transferred to their established nominated accounts within five working days using the BACS system.

FSCS expects to offer compensation to the vast majority of depositors with Icesave during November.

Icesave customers are asked to note that no one from FSCS will contact them by phone or email to ask for or check their bank account details.

Any Icesave customers who do not receive their first email from FSCS by close of business on Friday should contact FSCS on 0845 7300 131 (Icesave enquiries only).

For more information, please check our website or call our helpline on 020 7892 7300. You can also look at our frequently asked questions relating to Icesave.