Life companies have hit back at action group claims they are not using their weight to pressure the Isle of Man (IoM) Government into returning all bondholders' money trapped in collapsed bank Kaupthing Singer & Friedlander Isle of Man (KSFIOM).
The Manx Insurance Association (MIA), which represents life offices on the IoM, says the life industry "has worked diligently" to represent bondholders. It adds it is in the process of lobbying the IoM Government to ensure any compensation scheme "recognises the full interest of all policyholders". The KSFIOM Depositors Action Group (KSFIOMDAG) had accused life companies of failing to "push to get 100%" of bondholders' trapped money returned. It says life companies have over £300m trapped in the collapsed bank collectively. A decision on a compensation scheme is due today. But Paul ...
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