FSCS updates on Icesave compensation
Most of the savers whose funds were lost when the internet bank Icesave failed have been refunded, according to the depositor protection scheme.More than 200,000 Brits savings were put at risk when the Icelandic bank failed in October.However, the Financial Services Compensation Scheme (FSCS) has returned around 199,000 depositors their savings in time for Christmas.The UK government pledged that all UK savers would have all their money returned.There had previously been concerns that many would lose out on significant proportions of their savings, with the FSCS only capable of covering £35,000 worth of savings for each saver.Charlie Allen, an Icesave account holder from south London, admitted his relief at the resolution."It all turned out OK in the end - I got it all back," he told ITN, although he conceded that, "initially I could not be 100 per cent sure whether the UK Government was going to guarantee it".
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