Wednesday, September 9, 2009

Isle of Man continues to be scheming, deceitful, contemptuous & hypocritical

Depositors were told that payments under the compensation scheme or liquidation would be made 4th. September. Allen Bell, Treasury Minister, has told the media that everything was on target for a rapid repayment under the scheme of all deposits up to £50k, with those up to £201,613 receiving £50k under the scheme. Now the scheme manager is complaining that he has been inundated with mail; his staff can't cope so there is going to be delay in getting payments to all claimants under the DCS. Guess what? yes! he blames depositors!

This is a total disgrace. The scheme manager has failed to provide the communication that was promised between himself & the depositors. He has a dedicated website but doesn't know how to use it. What direct communication there has been with depositors has been insensitive & often incomprehensible. The scheme manager seems to be totally blind to the terrible stress that he is creating. He might well have problems but he isn't suffering the terrible deprivation that the depositors have been enduring, & their desperate desire to get something of their money back after 11 months of sheer hell.

This incredible beurocratic shambles just reinforces the perception made in this blog back on 11 June that the Isle of Man continues to be scheming, deceitful, contemptuous & hypocritical.

If anyone had any doubts hitherto about the wisdom of depositing offshore here, the answer is clear: DONT BANK ON THE ISLE OF MAN as it could seriously damage your wealth and ruin your health at the same time.


  1. I have suffered a complete nervous breakdown because of this shambles. It's a living nightmare. Thank God for this blog which reassures me that I am not alone in this hellhole. Without it I would be in a mental hospital by now.

    Sandra W (Suffolk)

  2. I cannot understand why the Isle of Man cannot get anything right. Surely it is not too difficult to get the money across to our UK bank account. They sent it to the KSF UK with no problems. They promised us this money, for the 4th Sept 2009, we have promised the Inland revenue that we will pay them as soon as it arrives, before the HMRC balifs do. We have had, like other depositors 11 months of torture. I think that the Isle of Man intended to delay these payments until October one year after the event for legal reasons. Can all you depositors reading this write to the Queen and inform her of this terrible situation that we find ourselves in. And the more that writes the better. She will reply but she takes a while. Explain your situation and how it has affected you. At the end of the day it is her Island and she could do something about it if she so wished. It is absolutely disgusting the way the Isle of Man had handled this situation. They were instrumental in causing this problem in the first place. Also write to the Lt Gov on the Isle of Man, in the early days, he said that everything was being done on the Island to help these depositors, well is he aware of the position 11 months on? Surely he could find some competent staff to process the paperwork, he could interviene and shake up the government offices to help depositors.

  3. It is absolutely disgraceful that the first dividebd has been paid out BEFORE the DCS. The DCS now has the funds from the first dividend but have not paid it to the depositors. The IOM seem to use every possible opportunity to make life hell for the victims of this disaster. They truly are a useless wunch of bankers.


  4. The DCS is managed by one of the top 4 companies in this business, but comes bottom in performance. It has a website but fails to tell depositors what's going on. Now he says his firm's electronic transfare software can't handle the 11 month's late compensation payments. It beggars belief that such an outfit is so unfit.

    This Crown dependency is an embarrassment to the Queen. She should be shut of it.

    Very Angry Depositor

  5. The PSG represents (another) group of pensioner’s who were misled by claims and other ‘advice’ to transfer their life savings to the Isle of Man.

    Now many elderly people are facing extreme financial difficulties at a time in their lives when they have earned (through sheer hard work) the right to a secure retirement.

    This suggests that over the years the Isle of Man government regulatory services may have fobbed-off thousands of other depositors/investors with shabby excuses - and that we are just the tip of an iceberg.

    The PSG fully endorses the slogan – ‘Don’t Bank on the Isle of Man’ and is helping to spread this message across the world.