When it looks too good to be true, it probably is. Thousands of investors placed money on deposit with Icesave, the Icelandic bank that went bust last year, because their interest rates were so much higher than anyone else. We all know the history, and many people had a hard lesson to learn.

The most interesting point, however, is that the Icesave issue is the first time that the Financial Services Compensation Scheme (FSCS) has been used. This meant that there was no structure in place to deal with a claim because, in reality, there was no expectation that it would be used.

The process is that savers must make a claim for their savings. Initially this was by means of an "electronic" system which made transfers within three days of a claim, but this system has now been closed and any new claims must be made using a paper claim form. At the present time it is believed that over 7,000 people have still not made a claim!

If you have money in Icesave, and have not made a claim, you need to do so now. This can be done by calling the FSCS directly on 0845 7300 131.