Brief history of the Action Group
This site was originally created just 36 hours after the collapse of Kaupthing Singer and Friedlander (Isle of Man) and currently has more than 2000 registered members. For a summary of why we exist, please read our position paper.
Who are we?
We are UK residents and expatriate people living all over the world. Many of us are British, but not all. We are women and men, old and young, working and retired. Some of us are business people, some of us are teachers, development workers, environmentalists, just average people who work hard and have seen their money that was placed in a regular IOM bank disappear. Whatever the amount, the impact has been the same; we have lost our life's savings and face a scary and uncertain future. You can read our stories.
Why did we save with KSF (IoM)?
UK residents who deposited with KSF (IoM) generally did so because we were able to obtain a competitive interest rate with a proper tax status, paying UK tax on interest earned. Others had no choice, when their savings were transferred from The Derbyshire Building Society. Kaupthing Singer & Friedlander (IOM) had been seen as a low risk savings institution by all the ratings agencies, recommended by many financial experts. There was no reason to believe that it would collapse and cause the catastrophe that it has.
For those working overseas, it is almost impossible to open accounts in UK mainland banks. As British citizens we wanted our money in a safe place near to home; the Isle of Man therefore seemed a natural home for our savings. Many of us did not choose to save in KSFIOM. Our bank of choice (The Derbyshire) was taken over by KSF at the end of 2007. The impact of the collapse of the bank has been profound; many of us have lost our life savings (be they large or small) and face a very uncertain future.
A few people are working tirelessly to ensure that our plight is not forgotten and justice is done.