Albert Tatlock Posted April 6, 2009 Share Posted April 6, 2009 There are some wider ramifiations here for the remaining fund admin firms in the IOM....HSBC's decision, particularly in light of the draconian fund legislation over here, is going to make a few others look at their operational base I am sure. Yes they've been told but they (FSC/GOVT) won't/can't comprehend it. They're too busy playing politics with the OECD/G20/etc to realise we need to be just behind the curve on legislation not at the forefront. We have no competitive advantage. Fund Managers don't want the hassle that comes with the IOM. Better to be grey and make things pay, than white and in the shite. Link to comment Share on other sites More sharing options...
fubar Posted April 6, 2009 Share Posted April 6, 2009 There are some wider ramifiations here for the remaining fund admin firms in the IOM....HSBC's decision, particularly in light of the draconian fund legislation over here, is going to make a few others look at their operational base I am sure. Yes they've been told but they (FSC/GOVT) won't/can't comprehend it. They're too busy playing politics with the OECD/G20/etc to realise we need to be just behind the curve on legislation not at the forefront. We have no competitive advantage. Fund Managers don't want the hassle that comes with the IOM. Better to be grey and make things pay, than white and in the shite. Hear Hear Mutley. The a*******s that work in the FSC seem to think all is rosy over here when as you quite rightly say, their incomprehension on how funds should and could work in the IoM merely makes up the minds of big fund managers/administrators to look at more friendly jurisdictions and I don't mean those that are happy to ask no questions! Look at the fiasco with KSF & the DCS, the words manage, p*** up and brewery spring to mind! Link to comment Share on other sites More sharing options...
pongo Posted April 6, 2009 Share Posted April 6, 2009 makes up the minds of big fund managers/administrators to look at more friendly jurisdictions and I don't mean those that are happy to ask no questions! Which other jurisdictions for example ? Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted April 6, 2009 Share Posted April 6, 2009 makes up the minds of big fund managers/administrators to look at more friendly jurisdictions and I don't mean those that are happy to ask no questions! Which other jurisdictions for example ? Ireland. Link to comment Share on other sites More sharing options...
GD4ELI Posted April 6, 2009 Author Share Posted April 6, 2009 Ireland. Luxemburg. Link to comment Share on other sites More sharing options...
Slim Posted April 6, 2009 Share Posted April 6, 2009 Plus it's too cheap to make people redundant here. Statutory redundancy is only 1 week per year of employment capped at £420. So if you worked for a company for 5 years you'd get £2,100. Some companies have their own policy in place of a month or more per year but a lot don't. This means when Head offices are looking round for a cheap way to reduce staff the IOM is a natural first choice. From what I've heard, HSBC are to be given some credit here. The packages appear to be very generous. Link to comment Share on other sites More sharing options...
slinkydevil Posted April 6, 2009 Share Posted April 6, 2009 Plus it's too cheap to make people redundant here. Statutory redundancy is only 1 week per year of employment capped at £420. So if you worked for a company for 5 years you'd get £2,100. Some companies have their own policy in place of a month or more per year but a lot don't. This means when Head offices are looking round for a cheap way to reduce staff the IOM is a natural first choice. From what I've heard, HSBC are to be given some credit here. The packages appear to be very generous. Same - very good redundancy packages. Link to comment Share on other sites More sharing options...
Lee54 Posted April 6, 2009 Share Posted April 6, 2009 Some good news, the old Bank of Scotland building on Prospect hill has just been leased out to another finance house from the UK all 5 floors are to be occupied once the refurbishment has been completed. Link to comment Share on other sites More sharing options...
Mutley Posted April 6, 2009 Share Posted April 6, 2009 Is that a new company coming over or just an internal move over here? Link to comment Share on other sites More sharing options...
manshimajin Posted April 6, 2009 Share Posted April 6, 2009 Plus it's too cheap to make people redundant here. Statutory redundancy is only 1 week per year of employment capped at £420. So if you worked for a company for 5 years you'd get £2,100. Some companies have their own policy in place of a month or more per year but a lot don't. This means when Head offices are looking round for a cheap way to reduce staff the IOM is a natural first choice. From what I've heard, HSBC are to be given some credit here. The packages appear to be very generous. Same - very good redundancy packages. As good as Sir (for services to banking) Fred got for going? Link to comment Share on other sites More sharing options...
Rog Posted April 6, 2009 Share Posted April 6, 2009 This post shows your ignorance. These job losses are fund administration and asset management, not banking. And how long before those jobs go to the Far East? Not long. Especially without the prospect of money laundering and tax dodging in the present domains. I'm not meaning to be nasty but seriously, you guys need to open the paradigm that you consider the future prospects in. Link to comment Share on other sites More sharing options...
Tugger Posted April 6, 2009 Share Posted April 6, 2009 Rog I'm afraid you're a fucking dickhead. You are, for some reason, desperate for people in the Isle of Man to feel pain. I'm sorry to tell you that, while nobody is escaping from this recession scot free, so far we're doing all right, all things considered. We got on the white list (which must have been like a dagger through your heart), and the private sector at least has a fair idea of what it needs to do to stay in the game (and, for the moment, there is a Treasury Minister who listens). We're not doing too badly in the round. Go wallow in your own misery - none of us want to share it Link to comment Share on other sites More sharing options...
Klimp Posted April 6, 2009 Share Posted April 6, 2009 At least HSBC have given the branch notice!.... the staff can plan their future. Link to comment Share on other sites More sharing options...
GD4ELI Posted April 6, 2009 Author Share Posted April 6, 2009 You're such a nasty, uninformed, ignorant twat. Specifically what money laundering? It was decisively proven last week that our standards are on par with the UK which means your talking completely through your arsehole. The UK is hardly a shining example. Plenty of tax avoidance managed from the Island as reported recently in the press. Link to comment Share on other sites More sharing options...
GD4ELI Posted April 6, 2009 Author Share Posted April 6, 2009 and he specifically mentions jobs moving to Asia because of the IoM's risk of money laundering without accepting or realising that Hong Kong fails on all counts to come up to minimum OECD standards which means he's taking through his arse. I agree with you - I do not see any jobs heading east, rather a general downturn in the industry (if you can call it that). For an unimportant rock the Island's economy is well-diversified and healthy, kudos to Alan Bell and previous finance ministers. Link to comment Share on other sites More sharing options...
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