Newsbot Posted February 3, 2009 Share Posted February 3, 2009 The management of a collapsed Manx bank's parent company were "not fit and proper", it is claimed. Source : http://news.bbc.co.uk/go/rss/-/1/hi/business/7866729.stm Link to comment Share on other sites More sharing options...
Port Erin Posted February 3, 2009 Share Posted February 3, 2009 It does make you wonder why the local Failed Supervision Commission didn't pick up on this, and the other failings that have come to light. Link to comment Share on other sites More sharing options...
Declan Posted February 3, 2009 Share Posted February 3, 2009 The FSC probably wasn't aware of it. The information was passed to another regulatory authority and in another juristiction. Link to comment Share on other sites More sharing options...
Port Erin Posted February 3, 2009 Share Posted February 3, 2009 The FSC probably wasn't aware of it. The information was passed to another regulatory authority and in another juristiction. The regulators share information between each other through what are termed as 'gateways', and the purpose of this is to provide robust supervision of entities that cross different borders and jurisdictions. There are no excuses really, given that they knew of problems early last year and failed to act diligently. Link to comment Share on other sites More sharing options...
Tempus Fugit Posted February 3, 2009 Share Posted February 3, 2009 The FSC probably wasn't aware of it. The information was passed to another regulatory authority and in another juristiction. The regulators share information between each other through what are termed as 'gateways', and the purpose of this is to provide robust supervision of entities that cross different borders and jurisdictions. There are no excuses really, given that they knew of problems early last year and failed to act diligently. if you take the time to listen to this you will find that there was a lack of information from the FSA and are still withholding reports which the administrators require to carry out their task Link to comment Share on other sites More sharing options...
manshimajin Posted February 4, 2009 Share Posted February 4, 2009 Mr Shearer resigned from the merged bank Kaupthing Singer & Friedlander (KSF) in November 2005 after the deal went through because he was "not comfortable" running the UK operation under its new owners. In other words it seems to read that whilst he felt the Icelandic bankers were not 'fit and proper' he was very happy to take their money and leave his clients to the 'not fit and proper' bankers he had sold out to. IMO this does not exactly indicate that he was 'fit and proper' either. Link to comment Share on other sites More sharing options...
Freggyragh Posted February 4, 2009 Share Posted February 4, 2009 Mr Shearer resigned from the merged bank Kaupthing Singer & Friedlander (KSF) in November 2005 after the deal went through because he was "not comfortable" running the UK operation under its new owners. In other words it seems to read that whilst he felt the Icelandic bankers were not 'fit and proper' he was very happy to take their money and leave his clients to the 'not fit and proper' bankers he had sold out to. IMO this does not exactly indicate that he was 'fit and proper' either. That's what I thought too after watching the clip. It seemed to me that he was rather used to telling people what they wanted to hear. I also thought the main finding of the whole charade was that the UK FSA acted to protect the UKs interests at the expense of KSF IoM, that the IoM FSC was sold a pup, and that the UK have no idea of our geography or constitutional position. Why are we dependent on these tossers? Link to comment Share on other sites More sharing options...
%age Posted February 4, 2009 Share Posted February 4, 2009 Remind me again . . how much is the head of the Isle of Man FSC paid? (it's a fucken bargain btw) Edited to add: The answer is £225,00 Link to comment Share on other sites More sharing options...
The Old Git Posted February 4, 2009 Share Posted February 4, 2009 Edited to add:The answer is £225,00 You missed a 0 off £225,000 I was a bit gob smacked at the amount Link to comment Share on other sites More sharing options...
Lee54 Posted February 4, 2009 Share Posted February 4, 2009 Without naming the Bank I can tell you that the big Bonuses got paid out this week to staff from top to bottom and £40k at the bottom aint bad Link to comment Share on other sites More sharing options...
Twitch Posted February 4, 2009 Share Posted February 4, 2009 Without naming the Bank I can tell you that the big Bonuses got paid out this week to staff from top to bottom and £40k at the bottom aint bad Is this straight up or just a "heard down the pub off a mate's mate"? If it's true, can you let me know which bank as I wish to submit my CV to them Link to comment Share on other sites More sharing options...
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