Clients of IFAs who were advised to put money in offshore deposit accounts should sue, Financial Services Authority (FSA) chief executive Hector Sants has said.

Answering a question at today’s House of Commons Treasury Committee from Graham Brady MP, on whether consumers were sufficiently aware of the regulatory status of foreign-owned banks in offshore jurisdictions, Sants said he saw no reason why anyone would imagine deposits with banks such as Kaupthing Singer & Friedlander Isle of Man (KSF IoM) would be protected. 15-Dec-08.

http://www.citywire.co.uk/Adviser/-/news/adviser-news/content.aspx?ID=324004