It's not often that the working of our Financial Services Compensation Scheme (FSCS) makes for essential reading but the meltdown of the likes of Landsbanki and Kaupthing reveals details of one of the most dramatic stories of the credit crisis. . .

. . . Anyway, the lessons that savers should draw from the report are that the UK Government is not there to compensate British citizens who wander off into the wilder climes of finance in search of higher interest rates and what's good for a bank's shareholders is not necessarily good for a bank's customers – in fact, it can be downright damaging.  04-Apr-09.

http://www.telegraph.co.uk/finance/comment/damianreece/5102141/Iceland-report-a-timely-reminder-that-no-regulatory-system-can-be-foolproof.html