Posted 07/12/2008 - 14:50 by cottesmore

Jack Straw,
I would like to draw your urgent attention to our following dilemma, We are in a situation where we have invested cash totaling £391,152.00 through Friends Provident International in an offshore wrapper. This deposit has subsequently been placed with Kaupthing Singer and Friedland on the Isle of Mann, as follows £125,000.00 on one year fixed deposit to mature 25th April 2009, another £125,000.00 one year fixed deposit to also mature 25th April 2009 and £141,152.00 on a three month rolling deposit maturing 25th October 2008. As you are fully aware K S and F bank have had all of their assets frozen. We have been told that we are being treated as a "corporate" client, therefore have no guarantee of any monies, even including the first 50 k compensation from the FSA.

We have never been made aware that we had status as a corporate client. We are just a local tax paying British family, who have worked and saved hard for our future retirement and our children's well being.We have always paid every single penny of our taxes in the UK. We have placed cash on general deposit for the best rate available. It would appear that we are being put in the same category as local councils, police,charities and other pension funds. These organizations are having representation for recoveries of money, albeit, still ongoing. We have no such representation, we are all alone with nowhere to go, trying to work out how best to recover our money. We have watched on TV, Mr Gordon Brown and Mr Alistair Darling, make the statements that no UK depositors have lost money and will do, ' what ever is necessary,' to recover depositors monies. As it stands at the moment, we will lose everything.

I am a UK citizen,not, "a tax dodging person, in a tax haven, in the middle of the Irish sea," as indicated by the Chancellor.

My wife and I are totally distraught, we are putting on a brave face in front of the children, but, at 12 years old, our twin girls can sense something is seriously wrong. I am now under medication from my GP.

We are not financial people and have genuinely relied on our independent financial advisor (who has done everything he can to help and keep us informed) but we have nowhere to go, we don't know what to do, we are sick with worry. Please,I implore you, can you help us with any representation that may help retrieve our money? This is a,'cry for help.' This surely is a,"cross party" problem.No one deserves to go through what we are going through.We have seen all other UK residents get their money back.Please don't tell me, it is an Isle of Man problem.

Seeing as you are the Minister For Justice,please tell me,how is this justice,when the UK government abandons its own full UK taxpayers?

How will it look for all those who have lost their entire life's savings, to then be on UK benefits? This will happen,despite the Chancellor and PM saying, it's the Isle of Man jurisdiction and HMG cannot get involved. HMG then, have no choice, but to support us.What a completely absurd situation.

If HMG have no jurisdiction,why is the Treasury holding £550 million of KSF IOM monies?The court orders specifically detail, that approval from the Treasury must be sought with regards to these funds.If they are not the UK Treasury funds as the Chancellor has stated, why can't they be returned to KSF IOM? This will then, put all depositors funds, safely back with us all and no need for UK benefits.Now isn't that justice?

We feel that we are totally innocent victims in this current financial climate and don't seem to have the support of anybody at the moment. Hopefully my wife and I can look to you for support and understanding, in what we see, as a completely unforgivable situation.

Please, don't let HMG abandon us.

Yours sincerely


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