info.LandsbankiAction.org.gg   30-Mar-2016: Liquidators' Update, see Deloitte site

Cold comfort for Iceland victims

The world may have moved on, but some depositors caught up in the Icelandic banking collapse are still waiting for compensation.

Some 67 MPs have signed an Early Day Motion for the Government to define who's responsible for dealing with the £500 million lost by savers in Kaupthing Singer and Friedlander Isle of Man.

The Isle of Man regulator says: “Not us guv. The FSA and HMG told us to move the money to the UK.”

The FSA and Treasury say: “Depositors in the Isle of Man are covered by the Isle of Man regulator” — a right muddle in other words.

Many of those who lost their money are British expats who wanted to use a UK bank, but if you don't live here you can't have a UK bank account. The advice of the FSA has always been therefore to “use a UK bank in an offshore dependency” — like the Isle of Man, in fact.

So you do as they say, your money goes up in smoke, and then you sit in regulatory no-man's land with nobody prepared to address the issue with any urgency!  City  Spy - Business Section - London Evening Standard website - 24-Mar-10.

http://www.thisislondon.co.uk/standard-business/article-23818322-byers-asking-price-was-not-so-greedy.do