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Letter to the Editor – KSF (IOM) DCS ‘cock-up’

14 September, 2009 12:42:00 Herald Editor

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The Kaupthing Singer Friedlander (IOM) Limited Depositors' Compensation Scheme is another cock-up for the IoM.

Nearly 11 months after the demise of the Kaupthing bank Allan Bell, Treasury Minister, told the media that everything was on target for a rapid payment of compensation to Kaupthing depositors. Depositors were told that payments under the compensation scheme or liquidation would be made 4^th September. It didn't happen. Instead the scheme manager complained that he had been inundated with mail; his staff could not cope so there was going to be delay in getting payments to all claimants under the DCS. In other words it was the depositors' fault they had not been paid!

Then he whined that his computer system could not process BAC payments! But not to worry, he would have it sorted so everyone would get paid by 11 September. They haven't.

This is a total disgrace. The scheme manager has failed to provide the communication that was promised between himself & the depositors. He has a dedicated website but doesn't know how to use it. His last announcement on 4 September concluded: "The Scheme Manager would ask for your patience and remind you that there are a number of reasons why payments may not yet have been made. You are kindly asked to refer to the payment announcement following this section to remind you of the different possibilities."

What direct communication there has been with depositors has been insensitive & often incomprehensible. The scheme manager seems to be totally blind to the terrible stress that he is creating. He might well have problems but he isn't suffering the terrible deprivation that the depositors have been enduring, & their desperate desire to get something of their money back after 11 months of sheer hell in which there has been family breakdown & separation, homelessness, death through acute stress & suicide.

This incredible bureaucratic shambles just reinforces the perception of an offshore financial centre that is first rate at cock-ups and second rate at caring about customers who provide the lifeblood of the IoM economy.

If anyone had any doubts hitherto about the wisdom of depositing on the IoM, the answer is clear: DONT BANK ON THE ISLE OF MAN as it could seriously damage your wealth and ruin your health at the same time.

A depositor was on the Trafalgar plinth on 12 September, broadcasting to the world: DON'T BANK ON THE ISLE OF MAN, & his video Manx Alchemy is on Youtube.com http://www.youtube.com/watch?v=Ul-j3tj6gc4 where he tells how the IoM turned gold into sand, ruining the lives of thousands of depositors from around the world.

The dispossessed depositors are telling the IoM government loud & clear that they are not going away until they have had every penny of their savings restored to them like those who lost everything in the UK & the rest of Europe. They have the backing of a number of major international financial organisations in their fight for justice, including the Independent Financial Advisers online site.

Jim for Justice

http://www.ksfiom-blog.blogspot.com/

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Comments (15 posted):

Premier Shareholders Group on 14 September, 2009 04:54:53

Likewise the dispossessed pensioners who were misled into transfering their life savings to the Isle of Man based Premier Low Risk Fund plc are telling the IoM government loud & clear that they are not going away until they have had every penny of their money restored to them.

The Isle of Man government have a penchant for ruining people's lives - a ruination which is particulary tragic when it involves defenceless, elderly pensioners.

The world will be told.

Codpeace on 15 September, 2009 07:48:26

The IOM government have just proved to be totally inneffective at anything they have tried to do. the regulatory bodies have failed to protect anyone other than themselves with their 250,000 salaries and the rest couldn't organise a p up at a brewery. They must take responsibility for their actions (or lack of). The world is being told

Evelyn Roxburgh on 15 September, 2009 07:48:58

The Isle of Man government is deaf to the suffering of depositors. There are not strong enough words to describe the mental agony endured by the sick and elderly. Agony that will be with them for the rest of their impoverished lives. Shame on them.

SaverBetrayed on 15 September, 2009 08:11:53

The DCS payout is a shambles. Most claimants have still not received what's due to them (even though the funds from the liquidator are in the FSC's grubby hands) and those that have, find they're short-changed. The FSC have conjured up yet another excuse not to pay up the full amount. Shame, shame, SHAME.

Wanda on 15 September, 2009 08:45:32

The IOM government officials, the Scheme Manager and the KSFIOM Liquidators are all paid over-inflated salaries and yet they are ALL doing a lousy job. I have to wonder if any of them, when collecting THEIR money, give a single thought to the depositors such as myself. Since being deprived of my lifesavings, I have had to return to work and I now earn the princely sum of $13 per hour (approx GBP8!) To add insult to injury, in this economic climate, I'm supposed to count myself lucky that I have a job. The financial industry is a disgrace and they should ALL hang their heads in shame.

AJM UAE on 15 September, 2009 10:12:22

Thanks to Lucky Jim for encapsulating the feelings of outrage and disbelief that this latest development invokes. Depositors in the UK are waiting a matter of weeks to be compensated in full whilst UK expatriates with no choice other than to bank offshore are left high and dry. Many people's lives have been ruined by the FSC's inept handling of this situation. I don't know how the FSC members can sleep at night with such a travesty of justice on their consciences.

Jim on 16 September, 2009 08:31:43

Today a frantic depositor writes to the Depositors' Action Group: "I am frantic!
My claim was validated at £29K
On Friday 11th September I received BACS payment of £9K, a £20K shortfall

Clearly there has been a typo or admin error ... someone forgot to put the 2 in front of the 9. How am I supposed to resolve this if the DCS manager is not answering emails or phone messages?"

It can't get much worse than that - or can it? ):

Shellshocked on 16 September, 2009 12:06:48

Hear, hear Jim. It is nothing short of a disgrace how depositors have been treated. The promised 4th of September Payment date has come and gone and the anxiety has returned in abundance for the vast majority of people who have still not been paid. I am one of them - the 15th of September and still nothing. The stress of it all is dreadful. Shame on the FSC and Isle of Man Government.

up the creek on 17 September, 2009 04:58:19

Totally agree with the above comments, we have made financial arrangements to pay debts on the strength of the Isle of Man's governments word. We were promised payment I have it in writing for the 4th Sept 2009. Now the 17th Sept and still nothing has arrived in our bank account. The recorded message on the DCs site states you MAY receive payment by the 25th, not you will definately receive payment by the 25th. We are living like paupers, no other source of income and cannot afford to put the heating on since last October. What a shambles, people out here are suffering and they do nothing, why anyone would ever want to have anything to do with the Isle of Man finance industry again I will never know. This will go down in History for the Isle of Man, probably not the type of record they would want, but all the same it is true and MUST be recorded in History.

Alan David Barron on 17 September, 2009 08:53:06

I wholeheartedly agree with all the above comments. This will go down as another IoM shambles. However, the depositors who have over 50k deposited will not go away. We are more determined than ever to see a 100% return of our money as has happened to all other depositors in the UK and the EU many months ago.The IoM should be ashamed that almost 1 year down the line we are still waiting for (in my case), some of my money to be returned and I hope their finance industry suffers ruination in the same way that many depositors have suffered.

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Letter to the Editor – KSF (IOM) DCS ‘cock-up’

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