Did you receive an Account Statement from PWC?

  • ianhkhi
  • 12/10/08 31/05/09
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Posted: Mon, 24/11/2008 - 14:19

I've been waiting and waiting..... Still nothing.

Didn't PWC a couple of weeks ago send out statements of account as of September 30th.?

I have no faith whatsoever in KSFIoM/PWC's current ability to match our names/addresses/account numbers/balances.

If you have thoughts on the subject one way of the other, please add them as comments to this topic.

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Changes of address not taking effect

  • ianhkhi
  • 12/10/08 31/05/09
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  • Fri, 28/11/2008 - 10:26

I still have no statement.

I do have some roundabout clues that the change of address that I began to notify to KSFIoM and PWC by mail amd email on October 13th has still not taken effect. My letters are, I suppose, in the pile of unopened mail that Mike Simpson told the Court that he doesn't want to tackle.

So be warned everyone.. ( I apologise that I've been sounding like a broken record on this issue for a month now).... Don't trust PWC to get your name/address/account number/account balances all in line.

When the big day comes and we're sent letters inviting us to claim under whatever the final arrangement is going to be, better keep your fingers crossed that that precious letter reaches you.


Statements

  • SgKZ
  • 10/10/08 31/05/09
  • a depositor
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  • Fri, 28/11/2008 - 11:06

I have received one statement for one account and nothing for the other.


No communication

  • amar
  • 13/10/08 31/05/09
  • unspecified
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  • Fri, 28/11/2008 - 10:42

I have written, faxed and emailed 7, SEVEN times, about my change of address and whilst I have received communication it has always been to the old address (fortunatley I have mail redirected but I know stuff goes and has gone missing - that other great institution of ours - the Post Office). Simpson has not answered any of my questions about my balance and the letters have been standard and not addressed my questions. He has not answered my emails although they have been read. I can sympathise to a degree as this is probably unprecedented for him but I do firmly believe the man and his cohorts are totally out of thier depth.


Statements

  • Gutted
  • 12/10/08 31/05/09
  • unspecified
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  • Fri, 28/11/2008 - 10:01

Statements as at the 30th of September are only being sent out to those customers who usually receive them i.e on a quarterly basis.

Edge customers & Fixed Term Deposit customers will not be receiving a statement as at 30th of September as:

  1. Edge customers COULD view their accounts online (yes I know that access is no longer available).

  2. FTD's do not receive one anyway.

Within the next few weeks ALL customers will receive a statement dated 9th of October but only after all accounts have been reconciled.


Gutted, are you really swallowing all of this?

  • ianhkhi
  • 12/10/08 31/05/09
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  • Fri, 28/11/2008 - 12:55

Just tell me how and why you believe that ALL (your caps.) depositors will receive a statement when PWC has not put ino effect changes of address notified to them repeatedly by mail and by email, with supporting evidence of electricity bills and other documents, over and over again for seven long weeks now?

Please, please be just a tiny bit suspicious of PWC's abilities.


Statement of account

  • PatG
  • 02/11/08 01/11/09
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  • Thu, 27/11/2008 - 20:18

I have not received one yet either. I am becoming highly suspicious regarding possible interception (official or unofficial) of certain mail from the Adminstrators of these offshore banking crises. I say this because I am also a victim of the Landsbanki debacle in Guernsey and I had to request a second copy of the information and Reclaim Form from the Administrators there too. In my 13 years as an expat I have never had a communication lost in the post from the UK to Switzerland. Once they agreed to send another copy I received it the next day! All too much of a coincidence don't you think, or am I now becoming paranoid?


Yes, got one, but it seemed

  • Ross.M.
  • 14/10/08 31/05/09
  • unspecified
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  • Wed, 26/11/2008 - 06:42

Yes, got one, but it seemed to be incomplete, showing zero funds, so I've written to the Man. Also got a reply from my MP..he's Labour, so of course won't crit the junta, but here it is...is it the same as everybody else got. Thank you for your email sent on 5 November regarding Icelandic bank deposits located offshore in the Isle of Man.
It has been suggested that action by the UK authorities caused the failure of Kaupthing Singer & Friedlander (KSF) in the Isle of Man, by requiring funds to be moved to the UK sister company, which it promptly shut down. I have been assured that this is not what occurred and I would like to explain how events unfolded.
First, the business models of many banking operations in the Crown dependencies involve the practice of up-streaming deposits for Treasury management by the parent company. Before 8 October, KSF Isle of Man had taken to depositing funds with KSF UK, a practice that resulted from concerns that the Isle of Man authorities had about the position of KSF Isle of Man’s parent company in Iceland. That is to say, KSF Isle of Man appears to have determined that placing money with the UK sister company was more prudent than placing it directly with the parent in Iceland.
I understand that this action was taken following discussions with the FSA in which certain aspects of the regime applied by the FSA to KSF UK were described. The Government is clear that the FSA did not advise or require these deposits to be made. Furthermore, I have been told that those discussions did not extend to the giving of any specific assurances by the FSA—for example, that KSF UK would be able to
repay the money, or that KSF Isle of Man would be treated preferentially in the case of insolvency. At all times, the supervision of KSF Isle of Man remained the responsibility of the Isle of Man authorities. The FSA had no power over it.

KSF Isle of Man had some £532 million of deposits in KSF UK, and can be expected to
recover a proportion of this from the insolvency process. It is my view that, given the lack of clarity that remains about the winding up of KSF in Iceland, depositors of KSF Isle of Man are likely to be better off than if those sums had been deposited with the parent company. However, under UK insolvency law, KSF Isle of Man ranks like any other creditor of KSF. KSF Isle of Man will have been fully aware of this. It could have chosen to put its money elsewhere.
Indeed, KSF Isle of Man was only one of a number of depositors with KSF UK that was not protected by the UK Financial Services Compensation Scheme. Other depositors included local authorities, building societies and charities. The FSA could not have given KSF Isle of Man advance warning of events, any more than it could have done so for other parties, as to have done so would have been highly inappropriate.

On the question whether depositors in the Isle of Man had any choice in the matter of opening offshore accounts, or whether non-UK residents are forced to open accounts offshore, I have been told that this is not the case. There is no legal bar under UK financial services regulation that would prevent a non-UK resident from opening a new bank account here. When an account is opened remotely, more onerous anti-money laundering checks are, quite properly, required because of the increased risks involved. This might well be a factor in the willingness of some UK banks to offer new accounts to non-residents. However, this would not be a burden for customers who move offshore but wish to retain existing accounts.

Corporate bonds and similar debt securities issued by banks are not covered under deposit rules, because they are investments rather than deposits. If a bondholder suffers a loss as a result of the failure of the bank that issued the security, they may, for example, have a claim against an adviser who gave advice in relation to the purchase of the bond. If that adviser were in default and unable to meet that claim, there would be a protected claim under the investment business rules of the FSCS, which would be paid by the FSCS, subject to the relevant limits and the normal eligibility conditions being met.
KSF Isle of Man is a matter for the Isle of Man authorities and, as you may be aware, PricewaterhouseCoopers has been appointed as the provisional liquidator. It is engaging directly with the administrators of KSF in the United Kingdom. I suggest you contact the provisional liquidator. You can do so by writing to:

Michael Simpson
PricewaterhouseCoopers
Sixty Circular Road
Douglas
Isle of Man

I hope that this information is helpful.

Yours sincerely

>


Keeping existing UK bank accounts

  • ianhkhi
  • 12/10/08 31/05/09
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  • Fri, 28/11/2008 - 10:15

Do you have the email address of your MP? He's spinning.

You can't open a UK account in practice if you haven't a UK address - he agrees that much.

However, he goes on to say that expats can keep their existing UK accounts. Yes, it happens. I've got one myself. It's a current account and when my cheques ran out a few years ago the NatWest wouldn't give me any more as I was overseas. Is that what your MP means by a UK account? I'd like to ask him to open a current account and put all his family's savings into it, a current account that is, with no cheque book. Is this what he's advocating? Is he serious?

[And of course they wouldn't let me open a savings account for my funds which were/are lodged with them. They invited me to bank offshore with them if I wanted my savings to earn any interest at all. (RBS)]

I'd like to ask your MP if this is what he means by of course we can keep existing UK accounts.


Statements

  • yorkshirelass
  • 13/10/08 31/05/09
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  • Wed, 26/11/2008 - 06:05

I rang yesterday and spoke to Hilary. She told me that if your account was originally with the Derbyshire - as mine was - the statements will be sent out within the next couple of weeks. She did confirm my balance for me.


No nothing yet - HK post only

  • jot
  • 12/10/08 31/05/09
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  • Wed, 26/11/2008 - 01:57

No nothing yet - HK post only normally takes a week from UK....


statements

  • sad
  • 10/10/08 31/10/09
  • a depositor
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  • Wed, 26/11/2008 - 01:59

same here....still waiting in singapore!


Statement

  • rhbbpd
  • 12/10/08 31/05/09
  • a depositor
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  • Tue, 25/11/2008 - 15:24

I too received a statement with regard to my moneymarket account with KSF. However I have not received a statement with regard to my 2 year fixed bond - statements of which were normally sent monthly as interest was being paid monthly. I have written to ask them whether I am due to receive a statement about the fixed bond, and await their reply.


In-flight money returned to Edge account

  • Anonymous
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  • Tue, 25/11/2008 - 13:32

I have just called KSF IOM, and spoken to a very helpful lady - Jane. In fact the line went dead halfway through the conversation (trouble when ringing from abroad) and she rang me back! What service - I thought.
Anyway, I have NOT received the promised statement, however she was able get our account on-screen and my in-flight money (I sent 2 £ BACS payments to nominated UK bank) has all returned to our Kaupthing Edge internet account. She said they were still compiling statements and I should receive it within 10 days.
She also said - interestingly - that my account was still accruing interest...... Now that was a surprise!! Still it can be receiving 100% interest - what's it worth if I can't get at it??

Still, I thought this info might help others, waiting and wondering where their in-flight money is. Although arriving in my nominated account would have been a much more preferable option.


Helpful phone call on 'wrong' address

  • expatvictim
  • 10/10/08 01/11/10
  • a depositor
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  • Mon, 01/12/2008 - 23:58

Received a letter today from KSF(IOM) - signed on behalf of Mr Simpson and dated 29th October telling me my faxed request to withdraw funds on the 7th October never made it. It had been sent to my previous address (still on their files as my home address since I am unable to show proof of a home address anywhere at the moment) rather than my correspondence address. Time lag likely due to having to cross the world twice and through mail forwarding systems.

Spoke to the very helpful Jane at KSF (IOM) who checked and explained that the letters was not sent out using their automated system - addresses were manually transcribed from the computer system and the home address on file was used rather than the correspondence address.

I'm not due a statement until next May so I wasn't included in the end Novemeber mailing but Jane was able to tell me my balance (and the amount of accrued interest). 8th October statements are due to be mailed out in the next couple of weeks.


in flight

  • rippedoff
  • 12/10/08 31/05/09
  • a depositor
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  • Tue, 25/11/2008 - 14:06

I've just spoken to the bank and I was informed they are not able to give a balance until Thursday at the earliest. The in flights are currently being re-credited to account balances and that is some manual work around as they do not have access to a "proper banking system".


First time they've answered me

  • Anonymous
  • Offline
  • Tue, 25/11/2008 - 14:24

Hi Rippedoff.
I know what you mean, this is the first time I've got any answers from the bank. I've rang before (especially after seeing other depositors on here saying they had called and managed to get answers!) Try again tomorrow and see if you get somebody else. My account was a KE internet account, was yours? I mean, perhaps yours was different and they are reconciling your type of account on Thursday.


HMRC

  • expatps
  • 19/10/08 31/05/09
  • a depositor
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  • Tue, 25/11/2008 - 13:01

I've just reported as suspicious an email from HMRC saying that they have discovered that they owe me a tax refund of £207 or so.

In the process of checking out whether there really was an taxrefund department, which possibly there is, which sends out emails, I discovered www.hmrcisshite.com. It's very entertaining - particularly as it refers to offshore depositors generally on the Isle of Man being tracked down by the Government as possible tax dodgers. Perhaps it might be useful for KSIOM depositors to add to the blogs.


HMRC

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
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  • Tue, 25/11/2008 - 14:29

I would suggest you ring the non resident dept of HMRC on +441159742083 based in Nottingham they are very helpful although according to Mr Darling why HMRC need such a Dept ??????


HMRC

  • expatps
  • 19/10/08 31/05/09
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  • Tue, 25/11/2008 - 15:03

Thanks for the phone number, I'll try it. So you can understand why I thought it was a scam! The tax department actually offering me money - despite the best efforts of Mr D!!!!


Statements

  • shellshocked
  • 23/10/08 31/05/09
  • a depositor
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  • Tue, 25/11/2008 - 10:48

We have 3 accounts which were all originally with The Derbyshire. We're in the UAE and to date we haven't received a single thing. Having said that post here is a bit hit and miss and when I phoned KSF (IOM) a short while after this debacle our account balances were confirmed.


No statement of account

  • Done like a Kipper
  • 10/10/08 n/a (free)
  • a depositor
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  • Tue, 25/11/2008 - 06:32

No statement of account received nor a response to a formal letter to PWC requesting answers to questions regarding conflicting statements made by Simpson


Account Statement

  • Stunned Mullet
  • 17/10/08 n/a (free)
  • a depositor
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  • Tue, 25/11/2008 - 05:56

I have 3 fixed rate bonds and one small ordinary deposit account but received only one statement for a bond that matured a short while before the axe fell.


Recieved in Thailand

  • Mekong
  • 14/10/08 31/05/09
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  • Tue, 25/11/2008 - 01:26

Recieved my account statements on Money Market Currency Accounts up to 30th September 08.

The accompanying PWC letter was dated 6th November but is probably just a generic letter, the postmark was 13th November and it arrived in Bangkok on the 18th November.


I just received mine on Friday Nov 21

  • SusanfromBC
  • 10/10/08 31/05/09
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  • Tue, 25/11/2008 - 00:47

It was postmarked November 13th and I just got on November 21. I live in Canada, so that's not too bad. It was accurate in that they showed the correct account information and amount with interest earned up to Sept 30/08 as I had a 90 day base rate tracker account. They didn't pay high interest like IceSave accounts- just the UK base rate...


No statements received

  • ng
  • 11/10/08 31/12/20
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  • Mon, 24/11/2008 - 21:54

I have/had Edge accounts only - no statements yet received, but post take anything up to 10 days to arrive from the UK, so from IoM probably longer.


We have also not received a statement from PWC

  • David9J
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 24/11/2008 - 21:33

And I just found out that there does not seem to be the option to delete a post after it has been made, only to edit it. I thought this was possible on the old website. Can anyone advise how to do this now?


Account Statements from PWC

  • steelwood
  • 24/10/08 31/05/09
  • a depositor
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  • Mon, 24/11/2008 - 18:00

Yes I do have received during this week. PWC are not sending statements for every account at this time but only certain type of accounts which were previously sending statements once a quater. There are some accounts which were receiving statements every six months . check your accounts previous statements , do you previously was receiving quaterly if yes you will receive otherwise not.
PWC also indicated that they will send update statements up to 8-9 October the last day of operation of KSF. which I do not have received yet.
This is just for clarification, also you can refer to KSF update 14 Nov on the web site.


Super - I know what I had on

  • go mann
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 24/11/2008 - 17:42

Super - I know what I had on 30 Sep.
I also know that I subsequently got £20k out just before the doors closed on 6 Oct.
I'd actually like to know whether they've got £11k or £6k, and where the in-flight £5k might be, and when I'll see any of it again. Still, that's a minor problem for me - unlike so many of you folks.


I received my statement last

  • ahorsley
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 24/11/2008 - 16:23

I received my statement last week, with a covering letter from PWC. I also received a separate letter warning me of dire consequences if I tried to use my VISA debit card.


Statements

  • iak1655
  • 13/10/08 31/05/09
  • a depositor
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  • Mon, 24/11/2008 - 16:08

I just rang them in IOM using the number 01624-4699222. We have a 5 yr bond and a deferred interest account. They said statements have only been sent for account types which would normally get a statement at this time of year, which excluded what we had, and that everyone rgegardless of account type would get a statement around the end of this month (i think - forgotten already - how sad). The phone was answered quite promptly and i'd recommend anyone who has any concerns do the same. i did email them last week but had no reply to this. I asked if there was any other news they could share and she said not until after the meeting later this week.


Statements

  • Tricky Dicky
  • 24/10/08 30/05/09
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  • Mon, 24/11/2008 - 16:26

I just rang them as well, Hilary must be bored with us by now, she did however say that the Court Hearing was at 10:00 IOM time Thursday (27th Nov 2008) and to 'expect an update from PWC on the web site from about 14:00 the same afternoon)


No bank statement

  • Yogi
  • 18/10/08 31/05/09
  • a depositor
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  • Mon, 24/11/2008 - 16:01

I too was hoping for a statement, but had read the 'only those who usually receive statements' bit, so I rang Kaupthing IOM today to ask and I was told that I would not be due a statement now as I was KE (IoM) internet, but should receive one (to 9th Oct), in December.

I was however most upset that they were unable to find any record of me by my account number. I asked her why and was told 'I can't give you any information'.

I do not have the energy to worry any more than I already have and just hope this is simply because PWC have MY money and plan to return it to me. (I refuse to consider any other options)


BANK STATEMENTS FOR INTERNET ACCOUNTS

  • BobWashington
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 24/11/2008 - 18:49

Hi Yogi, I have a Kaupthing Edge IOM Internet account and the bank was in the process of transferring my money to a Platinum Offshore Access (POA) account when the bank stopped operating. (The original Edge account was deemed as 'inappropriate' for some reason never adequately explained) This transfer never occurred despite constant pressure from me over a 2 week period up to the bust. So they just sent me a statement showing zero balance for the POA account only with absolutely no mention of my 60 k pounds in the Edge account! Totally useless and uncoordinated.

I e-mailed a strong complaint than called them.
A sympathetic Kaupthing employee, who also has 'lost' money tied up, took pity on me and gave me the Edge balance over the phone. Very helpful guy. Then Hilary called me later in the day in response to my e-mail with the same basic info that she gave to you i.e. that the Kaupthing Edge internet accounts would be sent out in December.

You might want to call them again to try and get your balance over the phone.

Good luck!


Bank Statements

  • Carol Mathers
  • 02/11/08 31/05/09
  • a depositor
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  • Mon, 24/11/2008 - 15:40

I'm still waiting. I too am beginning to find it a little disconcerting that nothing has appeared.


Depends on the type of account

  • Anonymous
  • Offline
  • Mon, 24/11/2008 - 15:03

"...The Bank is in the process of sending statements as at 30 September 2008 to customers who would regularly receive statements...." - by implication not to those who had internet accounts, I assume


Statements

  • Mandy_Italy
  • 13/10/08 31/03/10
  • a depositor
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  • Mon, 24/11/2008 - 16:02

I received my statements as of September 30th 4 days ago (in Italy).


Statements

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
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  • Mon, 24/11/2008 - 15:11

I finally received one (out of 3) here in Bahrain 2 days ago.


Statements

  • october
  • 20/10/08 31/12/09
  • a depositor
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  • Mon, 24/11/2008 - 15:48

I'm in Bahrain too and I haven't received a statement yet. When I phoned and spoke to Hilary at KSFIoM on 20.11.08 she said its because my account was transferred from the Derbyshire and that I should receive a statement within the next 10 days.


Statements

  • Pitarolle
  • 03/11/08 n/a (free)
  • a depositor
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  • Tue, 25/11/2008 - 03:11

We are in France and received a statement last week - our account was with the Derbyshire.


Statements

  • homeless
  • 18/10/08 01/01/16
  • a depositor
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  • Mon, 24/11/2008 - 20:57

My account was also transferred from the Derbyshire and I have received nothing in respect of a statement. Will see if one arrives in the next ten days.


Statement

  • Devastated
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 24/11/2008 - 20:42

I am also in Bahrain and I received 1 of 3 statements a couple of days ago.
One thing I noticed was no interest was added upto that date. So once again we are penalised for asking for annual interest in stead of monthly. The last interest paid to the account was in March.


Then it seems like we would

  • popotla
  • 23/10/08 31/05/09
  • unspecified
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  • Fri, 28/11/2008 - 06:55

Then it seems like we would be in the same boat. It was yearly interest (never thought that one through: why not monthly?), which would have last been paid in March. Up to this point I was figuring that interest would be paid up to the date of ceasing business; guess that was undue optimism (and again not thought through).