KSF IOM is a UK company!

  • sami
  • 10/10/08 31/05/09
  • a depositor
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Posted: Thu, 06/11/2008 - 05:32

Well that may not be true exactly? But if you look at www.kaupthingsingers.co.uk/about-us/uk-offices, the IOM office is listed.

The heading clearly indicates "UK Office Locations".

But I think we should remember, if we explore the legal route, it could easily be argued that a potential customer looking to deposit his or her savings, would interpret that web page and have certain expectations from the IOM office, as a result of it being listed under the UK Office Locations.

It clearly implies that the IOM office is part of the UK operation and therefore one could argue that it wrongly provides assurances that deposits would be protected by the UK FSA.

Do you all agree?

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Iceland seems to think so too

  • hardyboyz
  • 13/10/08 01/03/10
  • a depositor
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  • Thu, 06/11/2008 - 21:38

Surprisingly to me, Iceland also seems to be claiming that KSF (IOM) was a subsidary of the UK - see my post at http://www.ksfiomdepositors.org/?q=node/401 with an E Mail from the Iceland info center,


sorry - no

  • Anonymous
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  • Thu, 06/11/2008 - 14:22

Sorry, but I do not think that argument about being misled as to jurisdiction in which the company is registered by statements on the website has the remotest prospect of being successful in any legal proceedings.


KSF IOM is not a UK Company

  • Manxman
  • 12/10/08 31/05/09
  • unspecified
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  • Thu, 06/11/2008 - 11:53

KSF IOM is an IoM registered legal entity and regulated by the IoM FSC. You will not find any reference to it at Companies House in the UK. The fact that it is grouped under UK offices on a website means nothing.


It isn't what it looks like

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
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  • Thu, 06/11/2008 - 11:48

Click on 'Organisations' in the left column of the page & you will read at the top:

"Kaupthing Singer & Friedlander Ltd (KSF) is a wholly-owned subsidiary
of the Northern European Investment Bank, Kaupthing Bank hf (KB),
which is registered in Iceland."

Kaupthing Bank hf (KB) was the hub of the wheel, that's why when it collapsed it
took everything at the end of its spokes with it


KAUPTHING EDGE IOM is a UK bank

  • expatps
  • 19/10/08 31/05/09
  • a depositor
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  • Thu, 06/11/2008 - 09:10

This was certainly my understanding when I applied for an account, that Kaupthing Edge was registered in UK with full UK protection as I wrote to my MP when I sent the letter asking for help.
I haven't yet received a reply, but the information is out there!
And thanks as well for all your sterling efforts to reclaim our funds.


KSF IOM is a UK Company/Offshore Centers

  • Jean-Charles Marlier
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 06/11/2008 - 06:49

I would most definitly agree with that,further more,most leading mainland UK Banks based, like Barclay's,HSBC,to name but a few, do have branches in most Offshore Financial Centers,like,Hong-Kong,Switzerland,Luxembourg,UAE,Monaco,ect ect......
Can you think of any one including Gordon Brown and his counter parts in Europe,trying to "revise"the status of those places?Does every body knows that Hong-Kong happen to be the most important financial center in all of Asia!
So,those critisising those places,should sweep their own backyards,before pointing the finger at so called "Tax-dodgers".There are plenty of people residing on mainland UK,trying year after year, to dodge the Tax authorities,without having an account in Offshore Centers.So,let's stop this"Tax-dodgers" non sense,and hurry to get us our money back,so wrongly taken away from us!


KSF IOM is a UK Company?

  • timeout
  • 22/10/08 22/06/09
  • a depositor
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  • Thu, 06/11/2008 - 08:38

I agree with the assertion above that KSF IOM was being listed as an extension of the UK presence. One can also extend the argument further and allege that the IOM itself is a part of the UK. The fact that the UK Government has responsibility for the IOM is the normal perception and therefore implied responsibility.

It is only this situation that has added further precision to the role of the UK Government as simply the main body that represents IOM internationally. None of the account opening papers that I signed with Derbyshire and later KSF IOM told me this. Had I known this I would not have opened the account.

Also, up until now the preception in the Financial Advisory community was that the IOM is a special location for the UK government to attract financial inflows that would otherwise go to other countries and the UK would lose its main source of revenues, namely Financial Services. Suddenly, for Mr Darling, these facts are not worth mentioning because he does not want to endorse the fact that it is the UK Government that has allowed these jurisdictions to thrive as good locations for savers and financial investors.


IoM is not part of the UK

  • dawes
  • 24/10/08 31/05/09
  • unspecified
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  • Thu, 06/11/2008 - 12:14

You could extend the argument that France is part of the UK, after all its hovered around offshore for millennia. Ireland, they even speak the same language, lets call it part England shall we?

You arguments are ridiculous.


dawes YOUR comments are

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
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  • Thu, 06/11/2008 - 15:33

dawes YOUR comments are totally ridiculous! Whilst TECHNICALLY not part of the UK the Isle of Man is a british crown colony,its inhabitants are british citizens and believe it or not they speak english. Can this be said of france ?

Many many people,including a large percentage using this site, assume that IOM is part of the UK,and why wouldn't they? It is a very common misconception. You should think before you start ridiculing others !!


But its still isn't part of the UK

  • dawes
  • 24/10/08 31/05/09
  • unspecified
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  • Thu, 06/11/2008 - 18:34

I don't see the point of wishing it was or claiming that you didn't know, it isn't going to count in court.
That 'technicality' is the reason why the IoM regulates its own banks and attracts business.


UK / IOM Bank

  • jr
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 06/11/2008 - 19:13

I feel that depositors can certainly be influenced to view UK/IOM banks to be in some way connected. When I went to UK banks asking to open a US account, the response was typically 'you need to use our IOM bank to do this.'

Hence a prospective depositor could be led to believe that the UK and IOM bank are operating under the same umbrella, and so feel any protection from one is also applicable to the other.


UK / IOM Bank

  • jr
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 06/11/2008 - 19:11

I feel that depositors can certainly be influenced to view UK/IOM banks to be in some way connected. When I went to UK banks asking to open a US account, the response was typically 'you need to use our IOM bank to do this.'

Hence a prospective depositor could be led to believe that the UK and IOM bank are operating under the same umbrella, and so feel any protection from one is also applicable to the other.