Icesave paper application process: update

8th January 2009

The electronic payout process for Icesave claims closed at 6pm on 30 December 2008.

Prior to this, as at 21 November 2008, the FSCS had sent out approximately 16,000 paper application forms to those people who it was apparent could not use the electronic process (for example, because they did not have a nominated account). Of these, we have received back just under 15,000 completed application forms.

In addition, during December 2008 the FSCS sent out approximately 1,000 forms to those Icesave customers who were identified in November as unable to complete the electronic process due to issues on their Icesave accounts, such as having an account with an unresolved balance or having an account where the cheque had not cleared so the new account was not yet set up. Of these, so far the FSCS has received around 650 completed application forms.

As at 19 December 2008 the FSCS had sent out approximately 18,000 paper application forms to those fixed rate savings account holders who had completed the electronic process on or before 9 December 2008 and had chosen to take their compensation at the maturity date of their account. Of these, we have received back just over 10,000 completed application forms.

We have started to process the application forms that have been returned and are working hard to pay claims within six weeks of receiving them back from claimants, and more quickly wherever possible.

More work to be done

Before the end of this week, the FSCS will be sending approximately 7,000 forms to Icesave customers who were eligible to use the electronic process but who did not claim back their money using that route, and 100 forms to those who had been sent a cheque from Icesave prior to its closure but where the cheque did not clear. In addition, by the end of next week, the FSCS will send approximately 2,600 forms to those fixed rate savings account holders who had completed the electronic process on or after 10 December 2008 and had chosen to be paid their compensation after the maturity date of their account.

What you should do if you haven't or don't receive a form

If you believe your form is one we have already sent but it hasn't arrived, you should contact our Customer Services Team who will arrange for a duplicate form to be sent to you.

If you are an Icesave customer whose form will be going out over the next ten days, and you don't receive it by 19 January 2009, you should contact our Customer Services Team who will arrange for a duplicate form to be sent to you.

Our aim is to ensure that every Icesave customer who is eligible to receive compensation from us is given an opportunity to make a claim. If you believe you do not fall into one of the groups outlined here, please contact our Customer Services Team who will arrange for a form to be sent to you.