Website of the UK government

The Financial Services Compensation Scheme (FSCS) has sent the first emails to UK customers of Icesave, which explain how the process will work.

A second email will provide instructions on how customers can log on to their existing Icesave accounts in the normal way to complete a short electronic process allowing them to receive their compensation.

Once UK customers complete the process, their money will transfer to their linked account (the bank account they previously used to transfer money to and from their Icesave account), in a BACS transfer within five working days.

ISA customers will then receive an ISA certificate by post to allow them to reinvest that sum in an ISA with another provider.

Phased process

The process of sending out the second email is being phased to manage the flow of payments through the system and for security reasons.

Customers are asked not to log in to the Icesave website until their second email which will specifically invite them to do so.

Anyone who has not yet received the first email should contact FSCS using the process described on the FSCS website.

FSCS expects to offer compensation to the vast majority of depositors with Icesave during November. UK Icesave customers who opt not to use the accelerated payout process will still be able to claim compensation using a paper-based application process, although this will take longer.

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

Further information

For more details about the compensation process, see the frequently asked questions (FAQs) on the FSCS website.

• Financial Services Compensation Scheme (FSCS) Opens new window

• FSCS frequently asked questions about Icesave Opens new window