The Kaupthing Singer & Friedlander Isle of Man Depositors Action Group (KSFIOMDAG) has called for an inquiry into the actions of the FSA and the Isle of Man regulator (FSC), along the lines of the investigation into the collapse of Equitable Life.
Its demand comes in the wake of 'damning evidence' from Tony Shearer, former chief executive of Singer & Friedlander and the Isle of Man authorities, given to the Treasury Select Committee. Shearer claims the FSA rushed through its approval of the bank takeover in 2005 despite the board's concerns about how Kaupthing was run. The action group says many questions remain open and hopes the enquiry will answer: Why did the FSA choose to ignore recommendations from S&F's board that Kaupthing was not an appropriate organisation to take over the British bank? Why did they allow corporate...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
