Actions taken or being taken

  • Anonymous
  • unspecified
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Posted: Fri, 10/10/2008 - 04:35

If you are contacting someone, be it media or other, and you feel it might benefit others on the site, please give the details.

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Jayed on the IoM emailed this

  • expat
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 07:14

Jayed on the IoM emailed this around last evening:

John Cashen appears as a Director of KSF (IoM) and on the Financial Service Commission Board of Governors at one and the same time !

He used to be a civil servant as Head of IoM Government Finance, responsible for Treasury Advice on levels of Depositor Compensation.

How on earth can one expect absolute impartiality and independence from the FSC when it is ruled by the people it is meant to be "supervising" ?

Is this the final clue that IoM is just too much of an old boys network?

Of course, I knew that Donald Gelling (ex IoM Chief Minister) was also a KSF Director.


hmmmm

  • jenren
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 09:02

not looking good. Should the press be following this???? Dont think i trust my mums financial future with these lot.


Media Involvement - Come on Help me Out Here

  • podather
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 20:39

I have already appeared on Local TV,(BBC North West) National TV,(Channel 4 News) local Newspapers(manchester Evening News) National online newspaper editions (Daily Mail Online) and national radio ( 5 Live ) trying to get our cause across.
I am in this for $525,000
I hate having my photograph taken, let alone seeing my face in glorious splendor on a TV screen and everythime I have to speak about it I start to choke up but at times like this you need to swollow your pride and fight for whats right.
I think I may have done sufficeint but will do more if requested
come on you guys/gals help me spread the word about our plight before its too late !!!
Here is the latest one

http://www.dailymail.co.uk/news/article-1077680/Familys-dream-U-S-destro...

Lets get this story out there...............


Podfather, Expat. I think we

  • sleeplessnight
  • 10/10/08 30/06/09
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  • Thu, 16/10/2008 - 07:44

Podfather, Expat. I think we need to just ensure we have the best candidates to heighten the exposure- life savings, too mature for long term repayment of IoM compensation scheme to assist (if long winded), over 200k, homeless or jobless as a result. You are right Exat, to compete with Madonna and other trite cr** they are covering we need to pull public heartstrings. My case is horrifying and causing immeasurable distress to my family, but that is not to say the GP would be bothered.

Anyone fit the criteria and ready to put themselves forward?


I will

  • jenren
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 09:08

My mum has lost everything. The money from the house was in there, she has no savings. I have done C4 news, Calendar news, BBC5 Live and we have just done a story with the Guardian. My mum is too upset to do TV but I have talked her into doing press. I will do anything, a song and dance on parliament square if needs be. Far too angry to sit back. Let me know if you need us for anything.


http://www.iomtoday.co.im/new

  • expat
  • 10/10/08 31/05/09
  • unspecified
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Media is Maybe Best Help

  • JayC
  • 14/10/08 31/05/09
  • unspecified
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  • Thu, 16/10/2008 - 07:34

You've done a good job if you've been on that many. I am in this for a small amount but some personal and some corporate. Neither do i wish to lose. I had a young sister once gone missing. It took 5 weeks to find her. The key was when we got media involved. It's free mass market stories. If people in banks that are still OK see our story they will all get really worried and something will have to be done.
I would suggest to anyone that reads this to send your and our story to all the media web pages and emails you can find. Even faxing them. If enought coverage gets in there the gov will do something about it because they won't want more of the same and they won't want to be on camera saying all these people will loose their life savings.
I'll follow this string in this site and update what i do. I'm in JPN so i don't think i'll be there for any interviews.
JayC


podfather I feel a bit the

  • expat
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 06:46

podfather I feel a bit the same, I do not enjoy being exposed, but as I am now I will keep going. You have been great by the way. WE need to get a little comment out by the way if anyone gets interviewed, How did a solvent profitanle IoM bank get caughtr up in a UK gov action, no doubt the action was justified, but perhaps the deatil needs revisting of that action, Get the point, that applies political pressure in UK. Read the Financial TImes article about all this last weekend, us the press as they like to use us!!!


Many thanks for the hard work

  • petenorwich
  • 12/10/08 31/05/09
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  • Wed, 15/10/2008 - 22:43

To all of you working hard on behalf of all of us, and making many media appearances, thanks very much. I'm in Australia, doing little but email people suggested and reading avidly all the posts. thanks again and keep it up!


question of international news coverage

  • broke1
  • 13/10/08 31/05/09
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  • Wed, 15/10/2008 - 22:13

I've been glued to this website from my base in Thailand, and have emailed and done what I feel able to, etc., like so many of us, but am very grateful for many of you who are really being proactive.

One of the main new networks here, available on satellite channels, is Aljazeera. I was incensed when I saw Gordon Brown being heralded as the new fiscal saviour. Aljazeera airs stories always from a very international perspective. I emailed them suggesting that they give some coverage to this, but have not heard back. Would it be an idea, could you, or would you mind, approaching their offices in London? If they thought that this was of worldwide concern, due to the number of account-holders sitting around the world clutching at hope, they might just do a feature.


http://www.iomtoday.co.im/new

  • expat
  • 10/10/08 31/05/09
  • unspecified
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Expat. excellent interview.

  • sleeplessnight
  • 10/10/08 30/06/09
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  • Thu, 16/10/2008 - 08:28

Expat. excellent interview. really got the point across.


Thanks this is now the next

  • expat
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 08:36

Thanks this is now the next line of the strategy we are pursuing, but we had to get the two gov statements first, there is a logical progression here, honest!!


Media strategy - press release needed for tomorrow?

  • teapot
  • 13/10/08 31/05/09
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  • Wed, 15/10/2008 - 21:06

Today has been a good media day what with all the online/national/regional press coverage, local TV, Radio 4 etc. But what about tomorrow. We need a strategy to keep this front of mind for the politicians and I have tonight drafted a 'press release' focusing on Brown - I am fed up with the BBC reporting things like the following: 'The UK Treasury is continuing to work with its Icelandic counterpart to ensure all its depositors get their money back as swiftly as possible. It has already said all British savers' money is protected.' I know a number of people who have lost money in KSF are not British but a lot are so this statement is untrue but it's what Brown keeps saying...anyway I think if we had a press release (for consistency) that got emailed from the battleship website to all media contacts perhaps we could keep the story going and put pressure on Brown to include KSFIOM in his bailout agenda...does anyone agree/want to see a first rough draft? Is there a process for this via the team on IOM? If we keep the story current it will run further...


Media Strategy

  • Fred
  • 13/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 21:47

Post a draft. We can all comment on it. Since time is of the essence, I have no problem with you sending out whatever you come up with.

What I would like to see is a concise list of people we should be constantly calling and e-mailing, both on the IOM, in the UK, and in Iceland along with the contact info.


FUNDS IN FLIGHT - IMPORTANT

  • HOPPER
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 20:36

...folks, big overlap here with the forum "status of in flight transactions from KSFIoM". mike simpsom ought to want to claw them back (he gets 100% of these to then divide up...), if you did a chaps, you have the opposite aim, to ensure it continues.....


Hopper diod you get the VIP

  • expat
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 06:47

Hopper diod you get the VIP link in the chain I emailed you?


funds in-flight

  • mo
  • 15/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 16:57

I have just learnt from the administartors in the london branch that any withdrawal instructions received from KSFIOM up to the point they went into administartion on Wednesday night (8 October) were processed and funds have left the london branch and are sitting in a suspense account with their clearing bank in london. They would not give me the name of this bank for legal reasons, but it has been confirmed, through other sources, that this bank is RBs. It made me sick when i heard this as surely the UK FSA and others should step in and I am writing to the UK FSA on this. However, the FSA thinks it is a matter for the liquidators to resolve. RBS has been part nationalised by the Giovernemnt, UK depositors are 100% safe and our funds are being held up by RBS, seems ironic....


Funds-in Flight UPDATE IMPORTANT

  • guttered
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 20:18

Folks,

I managed to get hold of EY London this afternoon, they are the liquidators dealing with the KSF London company. Interestingly, the EY person that I spoke to confirmed to me that all the CHAPS transactions relating to KSF UK that had been initiated prior to when the assets were frozen (Wed afternoon) are now been released to their intended destination. He could not comment on whether that included KSF IOM transactions.

However, given that I understand that the IOM's law is identical to UK law, logic would dictate that the same should apply to KSF IOM transactions that were intiated prior to the default event (Thursday morning). But this needs to be confirmed.

I then managed to get hold of the KSF IOM branch and a lady told me that our iquidator (Mike Simpson) is in legal discussions with the lawywers ... to decide whether the in flight funds should be released to their destination or returned to the island. Given that the UK branch is beginning to release CHAPS transactions then logic should dictate that the same apply to the KSF IOM transactions initiated prior to the default event. Interestingly, the lady admitted to me that Mike is pushing for the transactions to be allowed to continue to their intended destination ie our bank accounts. The outcome will depend on what the lawyers decide.

I understand that there is recent case law dealing with the issue of "constructive trust" that could imply that the funds legally should be allowed to be transferred onwards. Any lawyers on the site that can confirm this? I'm researching this now......

Regardless, I think some encouraging news ..but at the same time I dont want to get folks hope up without good reason.


Edge UK Chaps...

  • HOPPER
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 20:41

Remember though that the UK Treasury has effectively 100% underwritten these amounts, and given the cash to ING, who are now actioning these delayed payments.
The UK treasury has given ING the cash and itself now has a claim for this amount on the assets left in the winding up of KSF London


simpson's push or pull

  • IsleofMuppets
  • 13/10/08 31/05/09
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  • Wed, 15/10/2008 - 20:26

why is he pushing for them to go onwards as they should? surely it is better for the creditors he represents if they are returned to IoM. yest he also represents depositors. honestly i dont understand it.


My understanding isn't that

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 20:30

My understanding isn't that great, but I think our deposits represent a liability to KSFIOM (they have to pay us), while KSFIOM loans to others represent an asset. Therefore by releasing the in-flight transfers he reduces the liabilities of KSFIOM. Someone more knowledgeable may be able to explain (or correct this) better.


inflight

  • guttered
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 20:30

I think it has something to do with existing case law around "constructive trust" that he believes should go to destination... Please remember this is second hand information and did not come directly from Mike...so take "with a pinch of salt" ..until we get facts...


Constructive trust, gutteered

  • expat
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 06:49

Constructive trust, gutteered nice one.


Oh and constructive trust

  • expat
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 06:50

Oh and constructive trust means I gave you someting of value, you lost it, so I take something of yours of equal value. But yes a pinch of salt here please.


UK Processing Bank

  • sparrows
  • 10/10/08 n/a (free)
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  • Wed, 15/10/2008 - 19:21

I was told by Frieda Fripafathalla, Investor Relations Department of Kaupthing hf on Wednesday 8th, that all payments from Kaupthing Isle of Man went through the UK and were processed by RBS. So no rumour, it was stated directly by Kaupthing that RBS is the party holding up the processing of payments.


This news made me smile. On

  • Toast8
  • 11/10/08 31/05/09
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  • Wed, 15/10/2008 - 19:01

This news made me smile. On the morning of the bank's failure I contacted the FSA and argued, quite persuasively I thought, that I had grounds to believe that they would have a hand in resolving the situation pointing out their jurisdiction and where the funds were likely to be frozen. The crack-pot I spoke to was very dismissive being an urchin who apparently enjoyed hiding behind jurisdictional boundaries.


in-flight

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 17:03

Did they say this to you in writing, if so can you post it here (leave out names, addresses etc if need be)?
Was your question about your individual case, or generally?


Opening UK-based bank accounts a confirmed no-no.

  • ianhkhi
  • 12/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 16:52

Because of some questions raised earlier about the accuracy of the assertion that British citizens cannot open onshore UK bank accounts without a permanent UK home address, I emailed a couple of banks a week ago to ask how I could open an onshore account. Barclay's were the first to respond and it's clear from their reply that you have no chance without a verifiable UK home.


That is absolutly correxct I

  • expat
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 06:52

That is absolutly correxct I have had furious rows with my London bank about it. thats why i put the money on IoM!!


non-residents & law

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 17:18

I am unaware of any law that prevents banks in the UK from opening accounts for non-residents - anyone who does know of something please correct me.
But for all customers they have to comply with money-laundering regulations that require the banks to make various checks as to the identity of customers. For UK customers they can do this electronically through credit-reference agencies which for the banks is easy in terms of admin.
For non-residents they can't use this method, therefore rather than have to do a little bit extra admin work, virtually all of them have chosen simply to not accept non-residents.
I'm unaware of any legal reason why they cannot.... but of course for non-residents the effect is the same.


I too do not think it is

  • expatfrance1
  • 15/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 17:39

I too do not think it is anything to do with the law. It would just mean a little bit more work for them to comply with the money laundering legislation. National Savings allow non residents to open accounts so it cannot be illegal. Also I have found that HSBC will but you have to go into a UK branch with all the nessecary ID.
After this debacle is sorted out we shoudl be pressing that all banks must allow non residents to open UK based accounts


One step at atime pleasseure,

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Thu, 16/10/2008 - 08:40

One step at atime pleasseure, we build the pressure logically, not a scatter gun the approach.


Re non-residents & law

  • skintagainnow
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 17:27

Thx occams,

typical of the banks though they hide a ""law / regulations"" (all I was told was that it under Money Laundering regulations) when it suits them.......

So best hang on to them letters you have - at least something to back up - mine was all "at the counters"...


Technically and very sneakily

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 17:29

Technically and very sneakily when they say it's all "due to money laundering regulations" they are correct, albeit in a misleading way.
They can't be bothered to fulfil them - admin-wise - for non-residents, therefore you can't have an account.
Like I say, it's possible there's a law I'm unaware of on this, but I don't think so.


re Technically and very sneakily

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 17:46

Wonderful - again if it came down to legal arguments - even though we all know it to be correct "no accounts for non residents" we wouldn't have a leg to stand on, they would just deny it....

:-) you know that makes feel a whole lot better,,, now where did I put the 12 bore


free beer

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 17:55

There's also no law whatsoever saying that banks cannot give us free money and beer for life.
But like asking to open an account as a non-resident, success in this avenue is unlikely :-)


Accounts for non-Residents

  • Martin H
  • 12/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 19:13

All the above is correct IMHO, there is no legal issue. I have some money in Halifax Guaranteed Reserve in spite of not having had an onshore address since 1992. As far as I can see it's still available to all who can provide the proofs of identity and address (foreign of course ) required.
I did not want all eggs in one basket so diversified into e.g. BOSI, ALIL .......and KSFIOM.


Nigerian business oppertunity

  • mrken30
  • 10/10/08 31/05/09
  • unspecified
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  • Wed, 15/10/2008 - 17:05

why do you think the Nigerians send so many emails to the UK to ask people if they can use their bank accounts to transfer to the UK. Whether it is legal or not I have to use a relative address to keep my accounts open in the UK which is a bit of a pain. It also means I have to rely on that family member to deposit cheques ect


I had all this just over a month ago

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 17:14

The same regs apply in France and all (I guees EU countries) went through the whole process less than a month ago - ended up in the IoM 2 weeks ago and the rest is history.

You can keep a current acount if you already have one and possibly other non interest accounts (but not 100% on that), don't know about opening UK current account - France is 100% non on any acount where you can not prove residential status - owning a commercial building with permissions to convert to residential still NON - it isn't residential yet was the reply. Oh and of course I don't have any utility bills in France either.


Sterling accounts in Europe

  • Honest Citizen
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 17:40

In France, you can open a Sterling account with HSBC France, and I would suspect that that would be true of most big Western European countries - HSBC being the ginormous operation that it is.


re Sterling accounts in Europe

  • skintagainnow
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 17:54

I needed a euro account (savings & current) in one of the large but local banks near to me, I could not produce utility bills (the building has it's own generator & water supply, no telephone) - and the building is on the local tax forms as commercial.

Not a hope, even other savings accounts in the UK turned down didn't want my business


Sterling Accounts in France

  • Honest Citizen
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 18:21

We first opened an account before we became resident in France. (that was last year). We used the title deed given to us by our notaire. Is it possible you didn't choose the right bank? I've found English advisers at Credit Agricole and Banque Populaire were ready to bite my foreign non-resident hand off, in their eagerness to get our business. Can give you English adviser numbers if you want them.


re - Accounts in France

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 16/10/2008 - 07:51

The two nearest & went into both, Credit Agricole where we used to have an account closed about 15 years ago thought it would simple there (not that I had the old account details from Dinan). The other was Credit Mutuel rejected there too and my French is weak to say the least and couldn't push a point over. Started trying get accounts in France in Feb.
On that point is there a time limit on cheques issued in France - just received one through from the notaire yesterday (originally sent to our old address and forwarded several times) reimbursement of taxes / fees.


ABOLUTELY BRILLIANT DIVER!!

  • everhopeful
  • 11/10/08 n/a (free)
  • a depositor
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  • Wed, 15/10/2008 - 15:50

ABOLUTELY BRILLIANT DIVER!! NOW WHERE DO GORDON B. AND HIS SIDEKICK DARLING DARLING HANG OUT WHEN THEY AREN'T HIDING UP NORTH?


UK MPs...positive note

  • Diver
  • 11/10/08 31/05/09
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  • Wed, 15/10/2008 - 15:14

I decided to hang around Parliament this afternoon to harangue as many MPs as I could to see what responses I got. You may be pleasantly surprised how many seemed well (or at least reasonably well) informed of our plight...well done all. They wouldn't exactly stay to chat but those who I conerned for long enough diod at least listen and seemed to take info in (I hope!) ...this was quite theraputic really.

Need to say a big thank you to Brian a TV camera man who was particularly adept at pointing out MPs to me...up until I met him I was quite happy approaching anyone over 40 and in a suit!


WELL DONE

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
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  • Wed, 15/10/2008 - 18:41

Well done indeed Diver...........what an excellent idea.

This appears to be the first instance of "DIRECT ACTION" for our cause.

Can I suggest anyone that can get to London, do so ASAP and assist Diver or follow his example.


Brilliant Diver, that's

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
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  • Wed, 15/10/2008 - 15:21

Brilliant Diver, that's exactly what we need to be doing. good on you.


You are fab!!!!

  • jenren
  • 10/10/08 31/05/09
  • unspecified
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  • Wed, 15/10/2008 - 15:20

Amazing. That has made me smile. Go get em!
I have just been with my mother to have her pics taken for The Guardian Money section regarding KSFIOM. Article should be in this Saturday.


Diver, i work near to

  • thesunnysouth
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 15:19

Diver,
i work near to parliament. What is a good time to go down there and harangue? Where does one do the haranguing???