Kaupthing Singer & Friedlander Isle Of Man Depositors And Bondholders

EDM number 474A1 in 2009-10, proposed by Mark Todd on 05/01/2010.
Categorised under the topic of Financial institutions.

leave out from `following' to end and add `consultation with the FSA, contravenes both UK and European banking practice; further recognises that some 3,000 KSFIOM depositors with savings above the £50,000 compensation threshold, many of whom are British pensioners, are yet to be fully recompensed; further notes that British offshore depositors remit tax to the UK via income declaration or withholding tax and calls on the Isle of Man authorities to ensure all depositors receive full compensation, in line with UK depositors; further calls on the 10 life companies that mis-sold over 1,000 bondholders in KSFIOM, a product offering capital security, low risk and regular income potential, to re-evaluate their businesses and marketing practices and recompense policyholders accordingly; and requests that the Isle of Man authorities investigate whether the Isle of Man has the necessary skills, experience or processes in place to ensure effective regulation, as well as the avoidance of conflicts of interest between those holding positions in the Isle of Man's political, judicial, regulatory bodies and the financial services industry.'.

This is a ammendment to 474.

This motion has been signed by a total of 4 MPs.