KE - IOM - Simple explanation please?

nigelF

Banking huh - hardest game in the world....

Well, I invested some savings in Kaupthing Edge - IOM because I'm a non-resident and wanted a sterling savings account and this fitted the bill nicely. Opened the account and asked about the safety of my savings. I receive a couple of emails from a very nice lady saying that all of my investments was safe and covered not only by FS/KE security but also the IOM FSA - every last penny....

Two weeks later - BANG!!!

Not amused, but I'd get my money back so no worries....:rolleyes:

Can anyone, in layman terms tell me why the IOM FSA cannot pay me back my savings like we were promised?

They're still chasing liquidation and I don't like that word at all - it says to me - 10p in the £ if your lucky.

And do they contact you, or do you have to continually chase them from pillar to post every day until you get a result?

Anyone?

Please?

Ta

PremierFella_2

http://chat.ksfiomdepositors.org/news-item/latest-news-ksf-liquidation

Layman terms: As I understand it, the IOM FSA scheme has not activated yet as KEIOM has not yet entered liquidation (recently delayed for another 60 days pending ongoing negotiations). Hence, the IOM FSA have not technically broken their promise to you.

Liquidation would potentially be very bad news for you if you have savings in excess of GBP50k. If the FSA scheme kicks in at some point, it is open to question how much and how quickly you would receive payments under the scheme.

I suggest you have a read through the above link and other information and posts on that website if you have not already to see what actions if any others in your position are taking.

nigelF

Thanks for that. Luckily it's not bad news as I have a small amount in there - but it could have been much worse - phew.