Sir Michael Foot said nothing that we didn't know already. In acknowledging the role played by the Crown dependencies in attracting money from across the world & funneling it into the City he could only focus on making recommendations that would make that activity conform with total transparency to mandatory international standards.
However, reading between the lines Foot made observations that would make a wise & prudent person think twice before being lured by higher interest rates into depositing offshore. Depositing on the Isle of Man can not be considered safe & secure until there is a new & credible compensation scheme in place that delivers quickly what it promises should the deposit taker be in trouble.
Until then the message is clear, don't bank on the Isle of Man to look after your life savings in a manner that gives you total peace of mind through an unambiguous assurance that your money is in safe hands. As FTAdviser.com said in its article 'Taking a closer look' "do not be seduced by offers of higher rates or guaranteed returns without a healthily cynical view of the small print."
Foot Review Report here