Following consultation with the Isle of Man Financial Supervision Commission, the Board of Kaupthing Singer & Friedlander IoM has announced the company will be wound up.
“The Commission has suspended the banking licence of Kaupthing Singer & Friedlander (Isle of Man) Limited with immediate effect,” it said. According to the Commission, in order to protect the interests of UK retail savers, a joint petition will be presented to the Court for the appointment of a liquidator, provisionally. “The Scheme Manager of the Depositors’ Compensation Scheme will meet as appropriate to consider the activation of the Scheme,” it said. Depositors will be contacted and invited to make a claim, once the scheme is activated, added the Commission. The Isle of Man Deposito...
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
