The posts on this topic seemed to have dried up at present, perhaps there is not a lot more to say pending further developments. A lot of good stuff here though which you don't get from the average finacial advisor. Can't get onto the http://www.ksfiomdepositors.com site at the moment but that does seem to be a good focal point for co-ordinating the efforts of everyone caught up in this nightmare - it is vital that we channel action though one medium and not dilute it by using several different ones.

I stand to lose £60K because my investment in KSF IOM was placed by a portfolio manager, Aegon Scottish Equitable International, as part of a self invested personal pension plan and, as such I am told, it ranks as a 'corporate' rather than a 'retail' deposit and therfore excluded from the IOM Compensation Scheme. In my view this is ludicrous, a complete contradiction in terms and grossly unfair. There is one ray of hope though. The Manx radio report of 11 Oct on http://www.manxradio.com/readNEwsItem.aspx?id=26682 states that David Cannon is to seek assurances from Treasury Minster Allan Bell that the eligible protected deposits will include "charities, family trusts and incorporated family trusts, fundsplaced in clients accounts and small businesses with a limited turnover....." Not sure whether my investment might be included within the term 'clients accounts' so I have emailed David Cannon on davidcannon AT parliament.org.im to seek clarification on this and asking that, if it does not, he includes personal pension money in (even if placed by a third party deemed to be 'corporate') in his list of eligable protected deposits.

I would imagine that there are many others in the same boat where monies have been placed by a corporate entity. Skandia was one mentioned in an earlier post. If so, they might also like to contact David Cannon along the same lines - and wish him the best of luck!

PS just got onto the ksmiomdepositors site but it's very slow to download.

PPS there seem to be two topics entitled Kaupthing, Singer & Friedlander (IOM) - Isle of Man Depositors' Compensation Scheme! Confusing.

I heard of all this only today, and have 140K to lose, and at age 53 that'll be it for me! IReading through some of the many forum messages, I do think we should try to do something collectively, but the question is 'how' to organise this. One forum member suggested consolidating ourselves and ideas through a yahoo group. The posting of such an online address would then be a form of petitioning. Might it not also be useful to lobby Michael Simpson, the provisional liquidator, with individual letters? As another member suggested, this guy will be working on our behalf to find a solution, and written acknowledgement with personally phrased letters would underline that we are human individuals whose livelihoods are at stake, rather than merely financial statistics.

Hi

I have been in contact with the IoM authorities as I have a SIPP in the name of the trustees who manage the scheme which has invested in a fixed term deposit.

It appears there is a potential screw up possibly in our favour where although trusts , charities and businesses are not covered according to the preamble on the IoM site...the actual revised depositor compensation scheme regulation document (which was issued to increase the level of cover to £50k) does not exclude the above from compensation...my reply from them was a classic...'we had better let the lawyers look at this'!!!

all green

Hope you're right! The saving grace may be in the phrase (from the regulation document) "compensation shall only be paid to depositors who are individuals beneficially entitled to the proceeds of the deposit" Although the deposit was made by a third party even if that is a corporate entity, we are the individuals beneficially entitled. It is all a question of interpretation (and bunce for the lawyers). David Cannon has replied to my email saying that the contents have been carefully noted and are under consideration. Maybe there is hope yet.

Wolfwalker

I think the best thing to do is co-ordinate action through what appears to be the central medium for this, ie http://www.ksfiomdepositors.com which is up and running but it will be difficult to devise a course which will take account of the varying circumstances of everyone caught up in the mess.

I am in exactly the same situation as you! Do you have any idea what we can do at present? Do you have any further information. I heard that the liquidators will come up with a plan on the 24th October and then we know more.

Sorry if this has already been posted, but just logged on to the web and saw the latest info.

Take a look at http://www.kaupthingsingers.co.uk/?pageid=3985 from the liquidator.

Also the gallery of the "Others" at http://www.kaupthing.com/Media-center/Image-Library/CEOs-of-Subsidiaries

Nobody should rest until we each have our funds restored in Full, ASAP. Remember the days when we all knew the local bank manager. Now, we are no more than a few pixels on the screen, and can be erased at the push of the ENTER key.

Seemingly, the sales of safes have increased by 30% over this weekend .... guess safe stocks are on the rise!!

Bill

I wholeheartedly agree! What I can not belive is that Scottish Equitable sells this stuff weeks befor the collapse. I just signed up three weeks ago and lost a great part of my lives savings. It is absolutelly unbelievble.

This post is now locked. Please use the following thread to avoid confusion. Many thanks.

http://www.moneysupermarket.com/community/forums/t/kaupthing-singer-amp-friedlander-iom-isle-of-man-25211.aspx

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