Open letter to Manx Herald: "DCS is another cockup for the IoM"

Posted 13/09/2009 - 13:38 by Lucky Jim

Open letter to the Editor, Manx Herald

The KSFIoM Depositors' Compensation Scheme is another cockup for the IoM

Nearly 11 months after the demise of the Kaupthing bank Allen 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 4th. 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 possiblities."

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, homlessness, death through acute stress & suicide.

This incredible beurocratic shambles just reinforces the perception of an offshore financial centre that is first rate at cockups 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 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

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