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Life offices make bulk claims on KSF

Skandia and Clerical Medical International have lodged bulk claims on behalf of individual KSF Isle of Man bondholders in case a challenge against the IoM depositor compensation scheme’s exclusion of bondholders is successful.

Aegon also says it is likely to lodge a claim ahead of the November 27 deadline.

Last week, Money Marketing revealed that barrister and former Financial Ombudsman Service adjudicator Jane Sanders is challenging the DCS’s ruling that bondholders are not entitled to compensation payouts.

Isle of Man Financial Supervision Commission chief executive John Aspden says any concerned depositors, including bondholders, can submit a claim.

In a note to bondholders, Skandia says: “You may have seen press coverage recently suggesting individual policyholders are able to make individual claims. Our initial legal advice is that any individual claims will be rejected. However, to ensure your interests have been protected, Royal Skandia has registered a claim on your behalf.”

Aegon Ireland technical manager Margaret Jago says it is questionable whether bondholders’ claims will be successful but she adds: “Aegon will be writing to the compensation scheme in the Isle of Man, indicating that we want to put in a claim to protect the position of policyholders in the event that the litigation is successful.”

Legal & General says it has not made a claim for bondholders, based on legal advice.

Royal London 360 would not comment on the issue.

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  1. I think that Clerical Medical should bear a lot of the blame for continuing to offer investment in Kaupthing when, as financial experts, and neighbours in the IOM they should have been aware of the banks problems.

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