FSC Response: Company / Trust / Charity Accounts

Posted 22/10/2008 - 15:05 by gc

I received a call from the FSC in IoM following an email request for further clarification for companies / trusts etc held with KSF IoM.

The woman from the FSC confirmed that the original increase in compensation to £50k excluded companies and charities.

However, she also confirmed that this was being reviewed by Tynwald at present and that she expected a change in the regulation to come into affect in the next few days which would protect each company to a maximum compensation of £20k.

I am unclear as to how this will be accounted for with regards to possible proceeds from the liquidation - or whether individual depositors will receive liquidation payouts ahead of companies? I would expect the proceeds to be shared equally between all account holders.

If anyone has any further information on this topic I would be interested - the woman from the FSC told me that confirmation of the proposed £20k compensation for companies would be posted on the FSC website by the end of the week / early next week.

Regards GC

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