30-Mar-2016: Liquidators' Update, see Deloitte site

UK News

This page contains brief summaries of and links to media reports on the topic of UK News.

Values by Simon Bain

The Herald's exposure of disinformation by the government on bank regulation was highlighted this week in the Treasury Select Committee's banking crisis inquiry.

It came as MPs heard how British citizens who went abroad to find work - in line with the government's latest mantra of job mobility - and who saved prudently for their retirement are the only Britons to have been abandoned by the government to lose their life savings.

Neil Dickens, of the Landsbanki Guernsey Depositors Action Group, who cited our investigation, told MPs that his group had contacted 57 banks, only two of which would allow expatriates to deposit money, and only then if they were present at the time. Asked whether the banks were misinterpreting money laundering legislation, Dickens said that British citizens living in the Crown dependencies already faced rigorous investigations before they could open an offshore account with the same banks.The Glasgow Herald website - 07-Feb-09.


Chief tells Britain Bailiwick wasn't to blame

Guernsey's role in the collapse of the Icelandic banking group Landsbanki has been robustly defended by the Chief Minister. . .

. . . Peter Neville from Guernsey Financial Services Commission said: "There are two things that I think go to the heart of the enormous concern we have for the Landsbanki Guernsey depositors in respect of the FSA's actions. Firstly there was limited information given to us on the subjects I mentioned, and they didn't tell us they were limiting the information. We believed that we had an open channel of co-operation. Secondly we think that the actions they took may have prevented repayment to Landsbanki Guernsey and may have created some kind of preference for other creditors."  04-Feb-09.

FSA 'let us down' over Iceland crisis

Regulators from Guernsey and the Isle of Man have accused theFinancial Services Authority ofabandoning them last year as Iceland's banking crisis threatened the offshore operations of Kaupthing and Landsbanki, and the savings held within them.

Peter Neville, director general of the Guernsey Financial Services Commission, told MPs sitting on the Treasury Select Committee that his regulator had expected the FSA to supply it with necessary information as Kaupthing's key regulator in London.

"We believed we could rely on the FSA because they had greater information and greater influence," Mr Neville told the Treasury Committee. "It is disappointing that things didn't work the way they should have done." 04-Feb-09.

Not our problem, UK Treasury tells Landsbanki group

REPRESENTATIVES of Landsbanki Guernsey depositors who met key HM Treasury officials yesterday were told that responsibility for their plight lay with Guernsey’s States. 30-Jan-09.

Treasury Committee launches probe into overseas deposit protection

The Treasury Select Committee has launched an investigation into the protection of UK savers investing in non-UK jurisdictions, in a bid to identify lessons learnt from the banking crisis. . . .

. . . A host of experts will give evidence including members of AIFA, the Landsbanki Guernsey Depositor’s Action Group and KSFIOM Action Group. International Investment website - 22-Jan-09.

Video Exclusive: City Oafs Take us for Mugs

SNEERING bankers have released a record mocking the economic misery facing millions of Britons.

The single, Credit Crunch Christmas, features the chorus: “Sorry we ****** up your Christmas, but really we don’t give a s***.”  21-Dec-08.

Direct link to video:

Lessons learnt on Iceland banks

The Audit Commission admits to errors made when investing its funds with Icelandic banks - and offers advice for the future.

The Audit Commission - the official local government spending watchdog - was itself caught up in the Icelandic banking collapse and admitted to having £10m, or 4% of its annual turnover, invested in Icelandic Banks. 'Strategic Finance', Director of Finance online website -  18-Dec-08.

Isn’t the Madoff case the same as that of the Icelandic banks?

Reads . . .Investors in Madoff thought they could get rich quick never mind the unrealistic returns he was offering. Same as the Icelandic banks whose interest rate accounts were ludicrously unsustainable in the long-term. Now Brits have lost billions of poundsin the Madoff case.  Is Gordon Brown going to freeze American assets here under anti-terror legislation or does he reserve that for small countries like Iceland who he knows can’t fight back? . . Ends. The Yorkshire Guidon blog - 17-Dec-08.

Government prepares offshore bank account tax

Savers with money in tax havens such as Guernsey and the Isle of Man could be forced to pay tax on their offshore bank accounts to fund a deposit protection scheme.

Industry experts believe that the measure may be announced as part of a government-backed review into offshore financial centres.

Andrew Jupp, head of tax at Tenon, the accountant, said: “I would not be surprised if we saw a tax levy on income from offshore bank accounts as the quid pro quo for granting some level of protection, such as guaranteeing a certain level of cash deposits. The Treasury could try to strike a deal with overseas banks to ensure a certain amount of interest is withheld at source.” 11-Dec-08.

Who's afraid of an offshore jurisdictions review?

Following controversy in the UK over the lack of deposit protection for savers who had placed their money with subsidiaries of failed Icelandic banks in Jersey, Guernsey and the Isle of Man, the British government has decided to launch a review of financial services in the three crown dependencies as well as other UK dependent territories such as the Cayman & British Virgin Islands. hedgeweek news website - 10-Dec-08.

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