Regulators from Guernsey and the Isle of Man have voiced their disappointment over the FSA's dealing with the jurisdictions at the height of the Icelandic banking crisis.
Landsbanki and Kaupthing's offshore arms were threatened as their parents went into administration last October. Subsequently, many depositors have not received 100% of their savings back and the search for solutions to the crisis continues. Peter Neville, director general of the Guernsey Financial Services Commission (FSC), told the Treasury Select Committee probing the banking crisis he had expected the FSA to supply the Guernsey regulator with any worrying information concerning Landsbanki. "We believed we could rely on the FSA because they had greater information and greater influ...
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