New action group targets IOM fund industry and regulators for criticism

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2009-01-10 (All day)

A new action group, Premier Shareholders Association (PSA), has commenced a determined lobbying campaign designed to embarrass, among others, the Isle of Man Government and regulators into admitting all has not been well in the establishment, management and regulation of certain parts of the Island’s fund industry; and to pay compensation in the same way as it proposes to for depositors in failed banks.

Much of the group’s criticism has centred on collective investment schemes, and in particular on an Experienced Investor Fund (EIF) - the Premier Low Risk Fund PLC; an IOM registered company and licensed fund.

The group is claiming to have evidence of deception and mis-selling, which it says it has brought to the attention of the company, the fund managers, the auditors, the IOM Financial Supervision Commission (FSC), the IOM Office of Fair Trading, Financial Services Ombudsman, yet they have all rejected any wrong-doing or the need to take any action.

The group has been bombarding officials at the FSC, the Institute of Chartered Accountants (ICAEW), the IOM Financial Crime Unit, the Treasury Minister, Allan Bell and the Chief Minister, Tony Brown with emails setting out their grievances; but it appears their concerns are now falling on deaf ears.