Please advise re. 3,427 pounds in transfer fees - illegal?

  • Julie
  • 03/12/08 14/07/09
  • a depositor
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Posted: Sat, 17/01/2009 - 22:02

This is my problem. I have written to Mike Simpson recently without any response. On 02/10/08 at approx 12.00 midday I hand delivered an instruction to KSF IoM at their Samuel Harris House address to transfer 200K to my UK mortgage company. It took them until 03/10/08 to send it and guess what it was returned on 06/10 08 as they forgot to include my account number(how convenient) and during that week they never made any effort to re send the funds, even though the hand delivered letter gave them the correct information. They gave me a copy of the swift wire which shows it leaving and returning, but without any dates, but they have assured me, verbally, that these were the dates. They charged me 3,427.39 for the priveledge of doing the aforementioned transaction and are refusing to refund the 3,427.39 to my account. Possibly this is an advantage to myself as this must show that they must have had the necessary intructions to break my 12 months deal and the money should now be allocated to my account.

As I am not a lawyer and will be 70 years of age this year, I am wondering if you can suggest any contacts who could advise me as to where I go from here. Also could you advise me about the funding situation. I did send an amount of money a few weeks ago and I notice that we are being asked for more monies for the IT. Is it two kitties or is it one? I would like to know so that I can take the neccesary steps if required.

I did also write to Mike Simpson, early days, when he did state that all monies would come back to KSF and that all charges would be credited. This recent correspondence to him is since I received my statement which only shows money coming back into my account on 08/10/08 reading TFR- returned PYT returned Barclays 200K but no refund of the 3,427,39 that was taken out as a breaker fee on 03/10/08. How can they charge for a deal that they refused to complete?

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You need to play dirty enough

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 19/01/2009 - 03:52

You need to play dirty enough to prove the dates and that account numbers were correct - do whatever is necessary and don't worry about dropping banking employees right in it.
Do that first and I would think you will have a certain chance of recovering the deal breaking fee, and a better than middling chance of seeing something positive out of the rest - talk to a damned good lawyer soonest.

Julie, You have my greatest

  • SgKZ
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 19/01/2009 - 03:39


You have my greatest sympathy. It's just a shame that that has no real value. I was aghast as I read through your post.

You would have to question the intent of the employee at the time as they appear to be treating your money as if it was their own. It might be interesting to see if Mike Simpson can confirm the number of apparent 'administration errors' in the run up to the 8th October for transfer requests. I bet the increase in forgetting to fill out basic information increased by triple digits compared to the proceedings months. And maybe, just maybe, someone from up high ordered people to start making more errors. If that was the case, it will only be a matter of time before a whistle-blower appears.

A for the charge to 'not send' your money. That's just plain criminal.


Grateful but may not reply

  • ng
  • 11/10/08 31/12/20
  • a depositor
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  • Mon, 19/01/2009 - 01:22

Just a note that I know that julie may not reply here due to limited computer skills, but will be grateful to see replies.

terrible situation

  • IsleofMuppets
  • 13/10/08 31/05/09
  • unspecified
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  • Sun, 18/01/2009 - 22:49

they are ruining you twice. outrageous. i have a similar situation, but my view is that any legal fees incurred to advance my position are academic, i await a political solution, or loss of cash, and cant afford to compound that with further loss of cash on legal fees

Break Fee

  • Done like a Kipper
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Sun, 18/01/2009 - 08:35

I believe it is possibly a 'break fee' consisting of the interest earned up until the point of the break and therefore I take it that you had a fixed term deposit? We had a fixed term deposit but argued with the staff regarding breaking the term and the Ops Manager agreed to the break on 6 October. The difference being that we were credited with all the interest earned up until the break and we were not charged any fee. We then became one of the infamous inflight transactions which now sit within KSFUK and the rest is history.

I would telephone the KSFIOM and speak with one of the managers who are currently still being paid by all of us.


  • user1123
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 18/01/2009 - 09:42

No comment for over an hour, must be a record, hope this means everyone is working for the group effort.

I'm going out now to try and stimulate some influential people, would hope there is some DIRECTION for us all from DIVER when I get back.


ramsey peel

  • hippychickrobbed
  • 03/11/08 31/05/09
  • a depositor
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  • Sun, 18/01/2009 - 09:56

I take it these jjb shares have been credited back to ksfiom but what is the amount again? am I wrong