Possibility of action against the FSC
Our (the IoM FSC) mission (says their website) is:
"To protect the public interest by providing effective regulation and supervision within the Island's financial services sector.
They obviously failed to either 'effectively regulate' or 'supervise effectively'. Is there a right of action against them for their failure?
(8 votes)
The Isle of Man government relies on your pessimism
Caladonia
The Isle of Man government relies on your pessimism – this is what gives them the confidence to keep screwing you.
Of course it is quite feasible to take legal action against the FSC there are plenty of young, clever and ambitious lawyers who would take the case as a ‘class action’ on a ‘no win no fee basis’.
Make sure that you instruct lawyers outsider the Isle of Man to take action in the UK courts.
Even form a £100 shall company registered in the Caribbean (a favourite Isle of Man trick) to litigate on the group’s behalf – if things go awry simply liquidate and walk.
Don’t be naïve. Start acting like they do!
Not protecting the public interest
The FSC exists to protect the Island’s financial services industry – it is not concerned with protecting the interests of depositors or investors.
By all means sue the FSC, but where? In an Isle of Man Court?
wonder who will win?
I wonder who will win?
Definitely
There is surely a case for it. Whether we will be able to pursue it under the SoA is what worries me most (it's not the only attribute) about the Scheme and why I am in favour of DCS/liquidation
Who will pay the legal fees?
It amuses me to read all these postings suggesting that we sue this one or that one but who is going to pay for the legal fees? Just look at how many depositors have dug deep to support the current costs. Litigation is a very expensive and lengthy undertaking and more often than not does not result in the desired effect. The Lawyers are all for it because they make a bundle. My past experience with liquidations suggest that unless you have a VERY positive case against a party you are far better off not going down that route. I am still very puzzled why some amongst us believe that the DCS will provide better and more effective rights to pursue others. The only answer I have heard to support this is it will allow us to sue the Bank. Do we have a case against the Bank itself? I haven't heard anyone suggest one. There may have been some wrong doings committed by officials in both governments but even the SOA will allow one to sue them or any other third party. However, once you go down the legal route be prepared for a lengthy and costly fight without access to any of your money caught up in KSF.
undone, Elgee has also
undone,
Elgee has also confirmed in another posting that even under liquidation it would not be possible to sue the bank, thats one of the points of putting a business into liquidation, to protect its assets. So in that respect the SoA is no different from the Liquidation/DCS route.
People have also claimed that the SoA is ill defined. Well at nearly 50 pages I really cannot believe that that is the case. It may be difficult to understand and people may not like its content but I would have thought that ill defined is the one claim that could not be aimed at the SoA.
I wonder how well defined the DCS is? If some of comments on this forum are anything to go by I would suggest that it is the DCS that is ill defined!
Someone also pointed out
Someone also pointed out recently that Liquidation may be a tried and tested legal avenue under UK law, but this Liquidation will be under IOM law - will it be as secure?
Legal proceedings against anyone like the FSC will no doubt be long, costly and the outcome unsure .... so often they are a protected species and they close ranks on you They protect one another, just like barristers, notaires, etc etc ...... you seldom win.
I am not trying to be pessimistic, just realistic as we have been down these routes a number of times during our lives with what solicitors considered "clear cut cases" .... did we win? not a chance! only the solicitors won!
I think our hopes of better returns lie from other tactics.
The following is relevant:
http://news.bbc.co.uk/2/hi/business/4401210.stm
making lawyers richer..
you can say that again, .In this terrible case caused by two selfserving politicians money like that should have been spent campaigning and highlighting this injustice, it was never done with dag. Sometimes I wonder what is going on here is this site . I mean sue who? and what do we get our deposits back that way?oh please
FSC can be sued under SoA
Hia uptight, 8.2.2 of SoA allows creditors (us) to pursue the FSC. In fact anyone other than KSF.