Last updated: March 2009
Note added: KSFIOM was placed in liquidation in May 2009.
See also Banking Crisis Review Report
What's the issue?
On 9 October 2008, Kaupthing Singer & Friedlander Isle of Man (KSFIOM) was placed into provisional liquidation/administration due to the failure of its sister bank in London, Kaupthing Singer & Friedlander UK (KFSUK). Thousands of British citizens stand to lose their life savings if a solution is not found.
These are the stories of real people who face financial ruin, or at best considerable hardship, as a result of the collapse of Kaupthing, Singer and Friedlander (IoM). These people deposited money with a reputable and highly rated bank for safe keeping and to earn interest. They are not stock market investors who know they can lose when they invest but prudent savers. Most (86%) are British citizens and most (77%) are over 45. 64% of depositors have more than £50,000 at risk. Some of the stories are harrowing; some demonstrate the British "stiff upper lip". Many are understandably angry. Please read them. We welcome your support.
The group operates several websites:
- The ksfiomdag.com site is regularly updated and has both public content and a private depositors-only area. It is administrated independently of ksfiomdepositors.org.
- The ksfiomdepositors.org forum site is in regular use and is primarily intended for depositors only.
- The original ksfiomdepositors.org public site (this site) is intended for all but is now updated only infrequently.
THE FINAL PETITION
We the undersigned, depositors in Kaupthing Singer & Friedlander (IOM) Ltd, contend that the Governments of the United Kingdom, The Isle of Man and Iceland have acted irresponsibly, unfairly and in a discriminatory manner towards depositors in said bank in that: