Who are the KSFIOM Depositors Action Group (KSFIOMDAG)?
We are UK residents and expatriates, many of us British, but not all. We are women and men, old and young, working and retired. Some of us are business people, some of us are civil servants, teachers, development workers, environmentalists, just average people who work hard and have seen their money that was placed in a regular Isle of Man high street bank disappear on 8 October 2008. Whatever the amount involved, the impact on lives has been unavoidable; we have lost our life's savings and face a scary and uncertain future. You can read our stories.
"If you deposited £100 in a reputable bank and one day you were told you couldn't have access to any of it and nearly a year later you could have just £25 of that hard earned money back - how would you feel? That is the situation that depositors with KSFIOM have had to come to terms with."
UK residents who deposited with KSFIOM generally did so because we were able to obtain a competitive interest rate with a proper tax status, paying UK tax on interest earned. Others had no choice, when their savings were transferred from The Derbyshire Building Society. Kaupthing Singer & Friedlander (IOM) had been seen as a low risk savings institution by all the ratings agencies, recommended by many financial advisers and life companies. There was no reason to believe that it would collapse and cause the catastrophe that has occurred.
For those working overseas, it is almost impossible to open accounts in UK mainland banks. As British citizens we wanted our money in a safe place; the Isle of Man therefore seemed a natural home for our savings. Many of us did not choose to save in KSFIOM. Our bank of choice (The Derbyshire) was taken over by KSF at the end of 2007. The impact of the collapse of the bank has been profound; many of us have lost our life savings (be they large or small) and face a very uncertain future.
The DAG is working tirelessly to ensure that our plight is not forgotten and justice is done. 100% return for all is the only rightful outcome to this financial disaster. In all other European jurisdictions where there was an operating Kaupthing branch, depositors have been rescued in some way or another with the help of their local governments. KSFIOM remains alone in its plight and devastation for depositors.
If you can help us in any way please take the time to look closer at the events that occurred, the political manoeverings in the UK and the Isle of Man that led to the crisis in the first place and the possible regulatory failures and lack of good governance that has led to immense stress and hardship for thousands of people, many UK taxpaying citizens.