The more we learn about about the Isle of Man the more we come to discover that it has a financial services industry that is built of smoke & mirrors on quicksand foundations. The banks & other fiancial institutions are off-shore for no other reason than to operate with lower costs in order to make higher profits.
The way the Manx banks & finance houses advertise themselves is all smoke & mirrors designed to give the appearance of offering low risk security coupled with high returns on money placed there. The minute the benefits outweigh the cost these banks leave the island not on the next ferry (that's too slow) but on the next plane.
The simple fact is that once you deposit money in the Isle of Man it ceases to be yours; it becomes the property of the bank. You are nothing more than an unsecured creditor, a liability to the bank because it owes you money. The question of trust does not come into it, so if the bank goes bust you can only fall back on a discredited depositors compensation scheme that can not pay out 'on demand' as it is not funded.
Having lost your life savings you discover that there are secured creditors in front of you in the queue who will take what was once your money before you see a penny of it. Then you also discover that there's also those guys in wigs in front of you, & the government itself takes all it can from recovered assets what it has paid you in so-called 'compensation' By the time you get to the cashier there's a huge chunk of your money gone!
The banks' information to potential clients is composed of 'smoke & mirror' advertising. The blurb is written to entice you to part with your money in their favour. You are a 'somebody' until you have parted with your money, then you become a 'nobody'. Unless you live on the IoM you are faceless - just a bank account number, a potential source of more money for them to make big money before you get your bit of interest. Then if it all goes wrong - tough! The bank's interest in you vapourises instantly.
When KSFIOM shut its doors denying depositors their savings, did they get a letter of profuse apology from the bank directors explaining what had happened and assuring them that they would be living on bread & water until they had done everything in their power to see that you got your money back? No! Did they take a salary cut? No! Did they claim a bonus? YES!
So now depositors have learnt at great personal cost, deprivation & suffering that the IoM - its finance houses, its government & its failed Finanial Supervision Commission,& its compensation scheme - is scheming, deceitful, contemptuous & hypocritical.
Dispossessed depositors are saying loud & clear on Youtube.com: DON'T BANK ON THE ISLE OF MAN - it could seriously ruin your wealth:
view HERE
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A very well constructed post with a good insight into the situation. It clearly potrays the Isle of Man as having sunk to the very bottom of hypocrisy, dishonesty and corruption. We need a new world order of decency and honesty. Compare these people in government to the decent, honest, fine upstanding young men who fought on the beaches on D Day and gave their lives for the rats who now run rings round the rest of us.
ReplyDeletesigned: clobbered
Yes, & I feel I am being treated like a criminal for daring to deposit in this rotten little island. How dare that pompous little Aspden tell me I took a risk & I must pay the penalty! How dare the government cover up for the FSC when it knows damn well it failed in its duty to protect depositors money. How dare the directors give themselves bonuses for failing to safeguard my money! It's a total scandal. It stinks like the pong of the UK parliament.
ReplyDeleteswindled
I have to say Jim, that you have clearly stated the awful truth of it all here. It's a huge lesson to learn at this stage in one's life that we lesser beings are so easily discounted; that we can in fact be discounted and ignored; and that in the final analysis, despite the writings and complainings of thousands, they contemptuously turn their backs upon us because they can and no one gives a damn.
ReplyDeleteIce
Thank you for keeping up the on going awareness to the plight x
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