NEXT TSC HEARING WITH FSA

  • banna
  • 15/10/08 01/03/10
  • a depositor
  • Offline
Posted: Thu, 05/02/2009 - 17:49

I believe that the TSC is planning to question the FSA again on February 25th.
I also believe that the TSC is the only body in Parliament, apart from a few individual MPs, who can help us open up the can of worms that is the FSA. I therefore think we should encourage them and help to put forward our information needs to them.

If we ever need to take legal action against any body in future FSA seems to me to be one of the prime candidates. I have already received from them - the FSA- an agreement to provide me with a record of all discussions between them and the FSC under the Freedom of Information Act, but we need everything we can get from the TSC.

I have emailed all members of the TSC as attached. Can I suggest that others add their own list of points and comments to the committee.

> Subject: The Banking Crisis
> To: mcfallj(?)parliament [dot] uk
> Cc: fallonm(?)parliament [dot] uk
> Date: Wednesday, 4 February, 2009, 8:23 PM Dear Mr Mc Fall,
>
> I should like to congratulate you and all your colleagues on the
> Treasury Select Committee for the way in which you have obviously
> prepared for and carried out the investigation into the banking
> crisis.
> Faced with the wall of silence from the UK Government, and desperate
> for some solution to our terrible problems, it is heartening for we
> KSF IOM depositors to see that there are people in Parliament willing
> to try to get at the truth.And although our problems are only a small
> part of the mess in which all of us in society are enmeshed, few other
> fellow citizens have as yet been so directly and dramatically touched
> by this crisis.
> The worst part of our tragedy is that it was so unneccessary. It is
> clear that the FSA was fully aware of the funds our bank had deposited
> in London and yet callously seized them and caused the collapse of a
> perfectly solvent IOM bank. Had a non Governmental concern acted in
> this way with this effect there would certainly have been charges of
> criminal negligence.
>
> I UNDERSTAND THAT THE COMMITTEE WILL BE QUESTIONING THE FSA AGAIN ON
> 25 FEBRUARY AND THERE ARE TWO ISSUES WHICH I SHOULD LIKE TO SUGGEST
> FOR INVESTIGATION AT THAT HEARING.
>
> 1.When did discussions first start concerning the need to put KSF
> London
> into administration? There must have been a planning period.What
> specific facts triggered that discussion?
> Why was the IOM FSC not consulted or warned of this possibility?
> Was the FSA aware that KSF IOM had deposited funds in the London
> bank?
> If so, why did it not take steps to avoid trapping those funds?
> 2.Why was the whole operation cloaked in secrecy. Why is it still
> cloaked
> in secrecy? Why has the FSA/Treasury specifically ordered that no
> funds
> shall leave KSF London without prior Treasury approval?
> Why has
> the Treasury/FSA deliberately refused to allow the trapped funds to
> be
> returned as requested by the IOM bank on October 8th? Why did
> the FSA/FSCS deliberately vote to exclude the IOM creditors from
> the London creditors' committee although those creditors have
> more deposits at risk than all the other members of the
> committee combined (FSCS excepted)?
>
> I do not know whether a Treasury representative will be present during
> the planned hearing, but from what I understand of the situation the
> actions of October 8th were planned and carried out jointly by these
> two bodies.
>
> I am impressed by your capacity to absorb the volume of reading matter
> which you receive from those who come before you - although some of it
> is very imteresting - and am sorry to add to that mass.
>
> yours sincerely
> banna
>
> KSF IOM depositor

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