Well Done to all - Latest News
Icelandic bank hearing postponed
© ITN 2008
People who have savings in an Icelandic bank received a boost when its liquidation hearing was postponed.
Kaupthing Singer & Friedlander Isle of Man (KSFIOM), part of Iceland's biggest bank Kaupthing, was due to be put into liquidation, after being placed in provisional liquidation on October 9.
But the Isle of Man Treasury successfully applied for the winding-up hearing to be postponed until November 27 so that high-level negotiations to recover the bank's assets could continue.
The move is welcome news for the 10,000 savers who collectively have £840 million deposited with the bank.
If KSFIOM had gone into liquidation, the Isle of Man depositor protection scheme would have kicked in, guaranteeing people payments of only the first £50,000 they had lost, plus anything else the liquidator was able to recover in due course.
Action groups representing savers had called for the hearing to be postponed while work continues to recover the group's assets.
It is understood that £550 million of savers money was being held in the UK and was frozen by the UK Government alongside other assets belonging to Icelandic banks. The Isle of Man Treasury said this action forced KSFIOM to close.
Seized not Frozen
Unfortunately our money was not frozen (as it seems it should have been) but seized, have emailed ITN correcting them - and sent them the latest Press Release. Great job by the bunker team.
yes i suppose
Too tired to think
too worried to sleep
PLEASE PICK YOURSELF UP...ITS NOT ALL BAD
Now, I have read a few of your posts, I am concerned about you. But at the same time I am hoping that you are actually doing something to help us recover your money, like writing emails to all your old MP's. To as many newspapers that you can and anyone else that is mentiond on this site under the MEDIA Button.
I started a thread about the COMPENSATION, and this has proved to be a most useful thread and has some very good calculations therein, from some edcuated people, please take the time to read all of this section and you will see that you may, with luck and our determination of writing emails and keeping our case in the public eye all of the time. In this way, WE WILL get all of our maoiney back....never give up and keep strong and write, wrote write, I send out at the very least 60 emails everyday. Most different telling a different story, so please try and be active in this and we will get all and everything returned to us.
Click here: or copy and paste into your browser to read the hope here.
http://www.ksfiomdepositors.org/node/528
Regards Calpespain
Dont get down. 100% back
Guys. Dont lets start losing heart. Forget talk of losing. Forget talk of compensation. 100% back within a short fixed timescale. Full stop.
Right from day one, this site has taken the stance of 100% monies back within a short timescale. Tynwald know that, FSA knows that, Liquidator knows that, and the UK Goverment, Treasury and FSC know that.
We will not waver from and we will stay united as one. All depositors - individuals, charities and businesses - will get 100% of their moneys returned within a short fixed timescale.
There is no other way. Politically, morally, probably legally and if UK offshore financial centres do not want to collapse. We just need to give the people involved time to sort it. This we have done. 28 days.
If there is no guarantee given to depositors of KSF IOM within 28 days then we will all ensure all hell breaks loose. If the IOM & UK Governments think they have a fight on their hands now, then we dare them to leave it until day 28 - will not be pretty.
So. Stop the navel gazing. Stop this talk of compensation. Start supporting folk like elpasout, dave, expat, ziggy, bblair, diver and sleeplessnight (and lots of others!!!) and GET SENDING THOSE EMAILS!! THE GROUND TEAMS NEED US!!!
Mat
Good fighting talk! We want
Good fighting talk!
We want ALL our money back and we have the high moral ground. We will not be beaten.
focus on success.....!
You are right Calpespain. Take a deep breath everyone, get some sleep , and then pick up momentum again so that you can keep writing , keep spreading the facts , stay effective. Make the retrieval of our money your clear intention, fuelled by informed thinking.
And keep the jokes coming....! Laughing at 3 am when pani......- dont want to spell the word and let the feeling in again - can be overwhelming is such a tonic. Thank you to those who are down but not out !
focus on success.....!
You are right Calpespain. Take a deep breath everyone, get some sleep , and then pick up momentum again so that you can keep writing , keep spreading the facts , stay effective. Make the retrieval of our money your clear intention, fuelled by informed thinking.
And keep the jokes coming....! Laughing at 3 am when pani......- dont want to spell the word and let the feeling in again - can be overwhelming is such a tonic. Thank you to those who are down but not out !
we want ALL our money back
I want all our money back. i am not intersted in compensation or guarantees. our money, like yours, is our life time savings, we are over 60 years old and nobody has the right to steel it from us. if a uk citizen can have their money which they thought safe, stolen from them by political means, what an utter disgrace this is. we will not rest until we get it all back and whilst we are hopeful that there will be a good result, we are not prepared to wait and are taking private action against the ifa whose advice we took. our money was only deposited in this bank in may 08 by which time icelantic banks were already having bad press.
there seems to be a cloud over us, we are scared and upset and our retirement is threatened. we had planned to have such a nice time having worked for 40 years to save this money.
our solicitors messrs Pannone of manchester uk [michael kennedy] have made us feel very much supported and we have started the ball rolling. we cannot wait for governments to make their mind up what to do about our money, we are going to fight for it ourselves.
Desperate - but don't despair !
Barbara dear, all is not lost:
on 23 Oct. you were at risk of only having compensation;
Now you have the chance of justice being done - the possibility of
you getting your money back.
Consider this:
- the moral argument for doing so is overwhelming;
- the political necessity is compelling;
- the legal case is convincing.
Once we were all bobbing around in the cruel sea, but this Forum is a lifeboat. Those in it have horrendous tales to tell, many are at their wits end & are having to turn to 'the social' (the net their taxes helped to pay for to catch them should all else fail!), some are only surviving by taking out second mortgages on their off-shore properties (ironic -- they are helping to get the banks lending again!) ....
Hang on ! Post your story if you haven't yet done so (click on 'Our Stories' in the black menu bar at the top of the page) ...& keep us posted!
no compensation for us!
Thanks Lucky Jim, your post cheered me up a bit, but you are wrong about us receiving any compensation as our fund is in a SIPP and therefore there is no compensation.
i realise much is being done but in my heart of hearts i believe the uk government cares little for the iom and will not bend over backwards to help. and we cannot wait for other people to save us. we have to save ourselves.
but i am full of admiration for this brave army of iom depositors who have certainly brought our plight to the attention of the media and are looking everywhere they can for bits of information which may help us. i hope all this hard work will not be in vain. my heart aches with all the suffering we are all experiencing in this loss of what is our lifetimes savings.
its like we are all grieving, this is life changing in such a bad way. such an unfair way. such an immoral way.
so my heart goes out to each and everyone who is fighting for justice.
what about the adviser to the SIPP
Hi,
There is always the option of recourse against the SIPP trustee for neligence.
Did they appoint an investment adviser
Did they diversify the assets
Is it a Manx or UK proper law trust
Does the trustee have PI COver
what about the adviser to the SIPP
Sipp trustees have a fiduciary duty to the scheme member under the Trustee Act 2000 - I'd be getting very angry with them first.
Action against trustees
Its actually the trustee act 2001 in the isle of man, and the act is really about duty of care and delegation and restriction of powers.
The fiduciary duty is principally derived from common law
Action against trustees
No its not a UK Sipp (which is what she said she has) is Governed by the UK 2000 Act not our 2001 copy in the IOM.
sipp advisor
it is all so complicated, however, that is why we have taken legal action against our ifa and are happy to leave it to our solicitor to sue under their insurance for professional negligence.
although this is a lengthy process, we are very sure we have a good case and are prepared to wait.
I would also ask your lawyers
I would also ask your lawyers about the possibility about making a parallel complaint to the Ombudsmen; this may be quicker - but he will advise whether it would prejudice yr civil action
sipp advisor
You've been well advised and done exactly the right thing. Even if the IFA goes bust you can claim against the FSCS.