KSF Megathread 2

[bellyup]

http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/7803089/Offshore-savings-market-contracts-dramatically.html

 

Looks like the IOM will be losing out on offshore banking.

 

But no doubt will be glad to get rid of those troublesome depositors.

[Albert Tatlock]

http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/7803089/Offshore-savings-market-contracts-dramatically.html

 

Looks like the IOM will be losing out on offshore banking.

 

But no doubt will be glad to get rid of those troublesome depositors.

We've just locally patented another couple of loopholes...so not to worry.

[bellyup]

http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/7803089/Offshore-savings-market-contracts-dramatically.html

 

Looks like the IOM will be losing out on offshore banking.

 

But no doubt will be glad to get rid of those troublesome depositors.

We've just locally patented another couple of loopholes...so not to worry.

 

 

What would those be Albert?

[bellyup]

Looks like the IOM is still anxious ( despite veiws to the contrary on this forum)to encourage depositors to deposit their savings in the island

 

 

 

http://www.shelteroffshore.com/index.php/offshore/more/british-offshore-tax-haven-update-10852

[Gladys]

Well, if you pay credence to a site that offers an opinion of tax havens, what do you expect? The IOM is not a tax haven in the old fashioned sense of the word.

 

Why did you invest your money in the Derbyshire (latterly KSF)? What were you trying to achieve and did you take proper tax, legal and investment advice?

[Gladys]

Just really fecked off with the majority of the world thinking that 'offshore' really means a parallel universe. Viz - 'put it offshore, it isn't real'. Then when you wake up these guys, they are kind of affronted and uncertain. I think the IOM has a very real grasp, but the rest of the less regulated but more 'respectable' (because they are bigger) jurisdictions do not understand at all.

[Theodolite]

That's the money, money, Finance thing thing sorted out then Gladys. Clean, whitewashed, respectable and morally in line with the rest of the world.

 

I wonder does the Isle of Man have any other aspects and attributes that could be considered skeletons in the cupboard?

[bellyup]

Well, if you pay credence to a site that offers an opinion of tax havens, what do you expect? The IOM is not a tax haven in the old fashioned sense of the word.

 

Why did you invest your money in the Derbyshire (latterly KSF)? What were you trying to achieve and did you take proper tax, legal and investment advice?

 

Becuase i am an expatriate working overseas.

I am not resident for tax purposes although i do pay tax on any income arising from the UK.

As an expatriate it is almost impossible to open a UK bank account.(although liars will tell you otherwise banks just do not allow it)

The Derbyshire Building society IOM was a well estatblished BS , it conducted its bussiness and had connections to the UK.

All Tax advisers advise those not resident for tax purposes to have their savings off shore.

There is nothing illegal about this it is completely legitimate.

This has been a mainstay of the IOMs financial bussiness and the IOM was formally considered a safe and secure place to put ones savings.

[jimbms]

Well, if you pay credence to a site that offers an opinion of tax havens, what do you expect? The IOM is not a tax haven in the old fashioned sense of the word.

 

Why did you invest your money in the Derbyshire (latterly KSF)? What were you trying to achieve and did you take proper tax, legal and investment advice?

 

Becuase i am an expatriate working overseas.

I am not resident for tax purposes although i do pay tax on any income arising from the UK.

As an expatriate it is almost impossible to open a UK bank account.(although liars will tell you otherwise banks just do not allow it)

The Derbyshire Building society IOM was a well estatblished BS , it conducted its bussiness and had connections to the UK.

All Tax advisers advise those not resident for tax purposes to have their savings off shore.

There is nothing illegal about this it is completely legitimate.

This has been a mainstay of the IOMs financial bussiness and the IOM was formally considered a safe and secure place to put ones savings.

 

What you failed to add was that virtualy all financial advisors tell you to spread your investments to ensure that should a bank etc collapse that you will get your deposit back due to it being under the cap and that that way there is only the risk of a lesser percentage being suspended or lost, they also advice that putting all your savings into one institution no matter how stable it appears, just to gain a small percentage is sheer stupidity.

[bellyup]

Well, if you pay credence to a site that offers an opinion of tax havens, what do you expect? The IOM is not a tax haven in the old fashioned sense of the word.

 

Why did you invest your money in the Derbyshire (latterly KSF)? What were you trying to achieve and did you take proper tax, legal and investment advice?

 

Becuase i am an expatriate working overseas.

I am not resident for tax purposes although i do pay tax on any income arising from the UK.

As an expatriate it is almost impossible to open a UK bank account.(although liars will tell you otherwise banks just do not allow it)

The Derbyshire Building society IOM was a well estatblished BS , it conducted its bussiness and had connections to the UK.

All Tax advisers advise those not resident for tax purposes to have their savings off shore.

There is nothing illegal about this it is completely legitimate.

This has been a mainstay of the IOMs financial bussiness and the IOM was formally considered a safe and secure place to put ones savings.

 

What you failed to add was that virtualy all financial advisors tell you to spread your investments to ensure that should a bank etc collapse that you will get your deposit back due to it being under the cap and that that way there is only the risk of a lesser percentage being suspended or lost, they also advice that putting all your savings into one institution no matter how stable it appears, just to gain a small percentage is sheer stupidity.

 

I didnt add it because I know that.

But a BANK is not generally considered as an INVESTMENT.

 

How many people would put money into a bank if they thought that they would never see it again?

Making excuses for BAD BANKING Practices and poor regulation just wont wash

Nor does allowing a licensed bank to entice people to leave their savings by giving a 100% guarantee pass muster in any creditable financial institution.

 

I expect the IOM government wishes this too as they had 10 million deposited with the bank .

But governments are one thing they can afford to wait for the returns or leave it to the mext lot in to deal with.

Elderly people who put their TRUST in a supposedly secure financial environment like the IOM have been let down and have had to struggle to make themselves heard against the incredible statements from the arrogant regulators and such as yourself telling them they are stupid for putting their money in a bank in the IOM.

 

This has resounded throughout the expatriate world and that is why deposits in the IOM are down.

[jimbms]

Ah so as it was a bank you are now saying you did not put your money into it to gain any extra interest but because you saw it as a more secure bank than the major ones to store your money in. Don't talk bollocks you put your all your into KSF as an investment because of greed in getting an larger percentage when the safe way would have been to spread it, admit it you was a greedy bastard and didn't think and your greed came back and bit you. All banks have investment sections so all banks can be considered as an investment, you put your money into them and in effect lend it to them, in return they reward you for your loan with a little bit of interest. The lederly people as you say put their trust into Iceland if anything not the IoM, or you could say they put it into the UK as KSF in the IoM was only a subsiduary branch of the UK branch. if you wnted 100% security then you should have put it somewhere that didn't pay interest and only held the monies securely without any right of use on it, you gambled you lost get over it.

[bellyup]

Ah so as it was a bank you are now saying you did not put your money into it to gain any extra interest but because you saw it as a more secure bank than the major ones to store your money in. Don't talk bollocks you put your all your into KSF as an investment because of greed in getting an larger percentage when the safe way would have been to spread it, admit it you was a greedy bastard and didn't think and your greed came back and bit you. All banks have investment sections so all banks can be considered as an investment, you put your money into them and in effect lend it to them, in return they reward you for your loan with a little bit of interest. The lederly people as you say put their trust into Iceland if anything not the IoM, or you could say they put it into the UK as KSF in the IoM was only a subsiduary branch of the UK branch. if you wnted 100% security then you should have put it somewhere that didn't pay interest and only held the monies securely without any right of use on it, you gambled you lost get over it.

 

Its easy to spot a weak argument its when people start throwing insults around .

Are you a schoolboy or have you always been immature?

Playground insults and other childish remarks are generally the domain of these two groups.

 

Actually many people like myself have worked abroad for years .

For over 30 years i have maintained a bank account in the IOM. In my case the Derbyshire Building society.

Puting money into a bank is not generally considered a gamble.

That is NOT what the banking industry Of the IOM advertises.

 

it doesnt say COME GAMBLE YOUR MONEY IN THE IOM

 

No it uses words like SAFE SECURE .

 

Have you anything at all to add that is NOT an EXCUSE for Bad Banking Procedures and regulatory negligence?

 

Do you think that the IOM government were GAMBLING with 10 million pounds worth of tax payer money when they put it with KSF?

[jimbms]

how do we get it through your thick skull KSF in the IoM was only classed a branch of the UK section and not in fact classed as a IoM based division of that bank, it matters not what the Derbyshire was that is history, I used to be with the Midland bank many years ago but I don't expect that HSBC will now hold me to the same conditions I had with them. If you wanted an IoM based bank why did you not use one instead of a UK branch of an Icelandic bank that was never advertised as anything else. and yes IoMG did gamble putting monies into KSF and they knew that they was gambling by putting money into a bank outside their control just to make a few more percent just as you did.

[- Paul -]

Bellyup, as reporting on this seems to have diminished lately, can you inform us what the current state of play is as regards depositors getting their money back.

What stage are refunds at now?

[triskelion]

An 11% distribution is expected in July:

 

http://www.kaupthingsingers.co.im/Pages/2010/June/9June2010.asp