Fixed term deposits with the Derbyshire which had not reached full term before the 8th of October.

It would be interesting know how many of us were tied into fixed term deposits with the Derbyshire which had not reached full term before the 8th of October. I think we are a very particular group as we were not willing investors in KSF IoM nor could we withdraw our funds. I don’t think it is taking it too far to say that we were deceived by Derbyshire IoM with the complicity of the Derbyshire Building Society into thinking we were taking out fixed term accounts with Derbyshire IoM when they both knew full well this was not the case.

Mark Todd MP for South Derbyshire has said in the closure debate there is at least a moral issue here and he wrote to me:

“Thank you. In summary the accounts were explicitly guaranteed by a British building society. While building society failure is possible it has never happened - the building society movement absorb each
other's failures (so far). The guarantee transferred to a foreign bank under quite separate regulatory governance. While both subsidiaries were regulated by the IoM authorities I will explore the UK regulatory interest in the acquisition, since it presumably required some oversight from the Building Society perspective.”

I would like pose some questions and propose several ideas (not all original) for your comments.

  1. How many of us were tied into fixed term deposits with the Derbyshire which had not reached full term before the 8th of October.
  2. Are any of us constituents of Mark Todd’s, if not do we know anybody in the same situation as us who is.
  3. Why are we only 34 in this group? Should we perhaps try and contact other victims by taking out newspaper ads?
  4. Would anybody be prepared to co-ordinate the above and provide a telephone number so that those depositors who are not at ease with the internet can contact us?
  5. Do any of us hold Nationwide accounts and if so should we make co-ordinated representations to Nationwide’s CEO with reference to our plight and the responsibilities of the Derbyshire.
  6. Have any of us complained to the financial ombudsman? Should we direct a co-ordinated campaign of complaints in that direction?
  7. Have any of us complained to the FSA? Should we direct a co-ordinated campaign of complaints in that direction?
  8. Should we take legal advice?

I’m prepared to telephone any body who has a landline if they wish.

I know we have all written letters, e-mails and had contact with MPs and journalists but as a small group it should be relatively easy to communicate and co-ordinate our actions and any pressure helps everybody, alors?

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