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Phased compensation for Icesave customers

Icesave customers' compensation payments will be phased over the coming weeks, the Financial Services Compensation Scheme (FSCS) has announced.The FSCS explained that depositors have been sent emails with information on how to claim, but will not be able to do so until they receive a second email.When this arrives, they will be able to log into their Icesave accounts and transfer their money, which should take five days.The FSCS said that the phased plan was required for system and security reasons, and it is hopeful that the majority of customers will have been compensated by the end of November."This marks the first stage of an accelerated payout process that will benefit the vast majority of UK Icesave customers," said Loretta Minghella, FSCS chief executive."We have been working hard to get the system in place. It is another step towards offering compensation to the vast majority of UK Icesave customers by the end of November."

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