The Landsbanki Guernsey Depositors Action Group (LGDAG) has welcomed the Treasury Committee's call for better regulatory communication between the Crown Dependencies and the FSA.
The committee says both Guernsey and the Isle of Man expressed concern over the level of the FSA's communications with them during the crisis.
"We note with concern the suggestion that the paucity of information provided by the FSA may have impeded the ability of the regulators in the Crown Dependencies to safeguard their own financial systems," reads the report.
The Treasury Committee recommends the FSA "reviews its existing powers and strategy for dealing with other jurisdictions," a call backed by the LGDAG.
Matthew Dorman, spokesman for LGDAG, says: "I hope we see the evidence of this co-operation in the near future, to prevent further bank failures as a result of poor regulatory communication and inaction on the part of the host administration."
The action group also welcomed the findings of the Treasury Committee report in recommending the Crown Dependencies work closely with the UK to resolve issues surrounding banking practices and the Landsbanki/Guernsey issue.
Depositors in the failed bank are still without 70% of their savings bu the LGDAG hopes the report's findings will push the Guernsey government into "tangible proactive action" resulting in 100% recovery of savers' lost deposits.
"The report largely stated what we expected: a disappointing lack of presented evidence from the States of Guernsey and GFSC when we have been led to believe that both entities have been very supportive behind the scenes in assisting with the recovery our lost savings," says Dorman.
"We hope the States will now show a more realistic face and listen in more detail to the proposals which we expect the Administrator to make in the near future and which would go a long way to resolving this crisis satisfactorily for both savers and the States' Treasury."
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