View more on these topics

KSFIoM action group urge govt to clarify scheme of arrangement

The KSFIoM depositors action group have urged the Manx government to outline the benefits offered by its proposed scheme of arrangement versus a liquidation of the bank.

It says: “Can The IoMG and the huge team of consultants retained for the last four months to develop this complicated scheme of arrangement please tell depositors what benefits it offers when compared to initiating liquidation?”

The action group says the Manx government has failed to clarify whether depositors would retain their legal rights to pursue any parties who may have been potentially culpable in Kaupthing debarcle.

It has also questioned the life insurance industry’s support of the arrangement, when it “holds no benefits for individual bondholders.”

It says: “The only benefit being promoted is ‘certainty’ and ‘accelerated payment’. Depositors do not feel that the prospect of 60 per cent return of their money offers certainty.

“Can the Isle of Man government recognise that the only solution for depositors is to find a way of returning 100 per cent of their money immediately?”


Sense of gilt

Gilts may have had a popular year in 2008 but it turns out that they have done better for longer than just that. According to the latest Barclays Capital Gilt & Equity study, they have provided the best average annual rate of return for the past 20 years, returning 5.5 per cent a year compared with a 4.6 per cent gain from the FTSE All-Share and 3.5 per cent for cash.


MPAA consultation

By Fiona Tait, pensions specialist The chancellor’s announcement of proposed cuts to the Money Purchase Annual Allowance means it will be more important than ever to be able to tell your PCLS from your UFPLS What was in the statement? Not much. The chancellor spared three sentences to inform us that the Money Purchase Annual Allowance will be reduced […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm