• PGS
  • 14/10/08 31/05/09
  • unspecified
  • Offline
Posted: Sun, 16/11/2008 - 11:17

Many thanks to those who manage the site - you're doing a fantastic job keeping us all up to date.

Yesterday my husband and I received a letter from Mike Simpson regarding KSF (IOM) together with a statement regarding our account which showed a nil balance. From what we can ascertain the monies were debited from our account on 12th September under a Transfer Deal Number we knew nothing about nor authorised - what next? Has anyone else experienced this?

Your rating: None

Comment viewing options
Select your preferred way to display the comments and click "Save settings" to activate your changes.

Statement received

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
  • Offline
  • Mon, 17/11/2008 - 10:59

I received today in France the first communication from the LP, together with a correct statement for my instant access account, but nothing as yet for my two fixed term accounts. One of these was opened in July 2008, and the amount transferred is shown as a debit under a 'Transfer to Deal' number.

I am presuming the other statements will follow ...

Thought this info might help others who were asking about deal numbers.

I also noticed that the letter from MS says that the company had 10,000 'customers'. So - unless this is loose language and he means accounts - it seems there may be more rather than less than 8000 depositors?


  • barnie
  • 19/10/08 31/03/10
  • a depositor
  • Offline
  • Mon, 17/11/2008 - 11:35

anrigaut, re your fixed term deposits this is from Mike Simpson's 14th Nov update:

In line with the Bank’s practices we will not be issuing September statements to fixed term deposit holders but as stated in previous updates we will send the statements as at 9 October 2008 to all customers once the accounts have been reconciled.


  • Podcar
  • 13/10/08 n/a (free)
  • a depositor
  • Offline
  • Mon, 17/11/2008 - 10:31

I closed about two-thirds of my deposit for a year in what the bank called a fixed 1-year bond, which means that I could enjoy the interest only at maturity (the bond, not mine), one year later. It really did seem like a good idea at the time.

I've been reading here that bond holders believe themselves to be in a different category which could be potentially problematic in the event of payout or compensation. Does what I describe fall into the same category?



  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Mon, 17/11/2008 - 11:21

There are two types of bonds that re referred to:

Insurance Bonds - these are 'tax planning products' that involved an Insurance contract with an Isle of Man Insurer
deposit Bonds - these are 'just a name' for fixed term deposits with the bank.

Look at the last paragraph of the FSC's press release on this subject - hope it helps


Mike Simpson letter

  • romasanta
  • 16/10/08 02/10/10
  • a depositor
  • Offline
  • Mon, 17/11/2008 - 00:39

I also received a letter & statement - it showed balance of account at 30th September as promised. No surprises. No accrued interest shown. No later transactions shown.

Mike Simpson letter

  • Cocodora
  • 23/10/08 31/05/09
  • a depositor
  • Offline
  • Sun, 16/11/2008 - 23:53

I too received letter and statements from Mike Simpson yesterday. The statements were correct. But they related only to the savings accounts I held with KSFIoM .... there was no mention of the accounts I had with Kaupthing Edge IoM. Does anyone know what is supposed to be happening about Edge statements?

See 14 Nov update

  • Anonymous
  • Offline
  • Mon, 17/11/2008 - 11:47

"..The Bank is in the process of sending statements as at 30 September 2008 to customers who would regularly receive statements..."

Would Edge customers receive statements?

letter from simpson

  • dave
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 16/11/2008 - 12:15

did you have a fixed interest account. Usually a deal no is for this purpose. At some time in the future the fixed ratewill be broken and transferred from your deal to your account.

letter from Mike Simpson & Statement of Account

  • PGS
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 17/11/2008 - 09:40

Dave - thank you for responding. We had a '1 Year Fixed Term Account'' identified as a deal number. On the statement dated 30th September our balance was transferred to a different deal number with a nil balance carried forward. Interestingly, this is the first actual 'statement' we have received since opening the account and previous communications have either been in the form of 'Advice' or 'Confirmation' notes. We also note that there is an instruction on the statement that includes the words "The items and balances shown on this statement should be verified and the Bank notified promptly of any discrepancy". We are inclined therefore to advise the bank accordingly in writing.