I was one of 230,000 Icesave customers who faced losing out in the October 2008 collapse of Landsbanki and were fortunate to receive a bailout from the FSCS. It's an experience that I wouldn't wish on anyone and I urge you to make sure that your hard-earned savings deposits are within the new lower compensation limits.
The move does pose an administrative headache for savers who have carefully split their cash between institutions to ensure maximum protection. It could also leave you out of pocket if in finding a new home for the excess money you receive a lower rate of interest.