On the 15th of December 2009, Mr Bob Russell put an Early Day Motion before the UK Parliament.
That this House recognises the decision by the Financial Services Authority (FSA) to revoke Kaupthing Singer & Friedlander UK's (KSF UK) deposit-taking licence led to the ultimate collapse of Kaupthing Singer & Friedlander Isle of Man (KSFIOM); notes that the decision taken by KSFIOM's directors to transfer over 50 per cent. of assets to KSF UK, which was approved by the Financial Supervision Commission following extensive consultation with the FSA, contravenes both UK and European banking practice; further recognises that some 3,000 KSFIOM depositors with savings above the £50,000 compensation threshold, many of whom are British pensioners, are yet to be fully recompensed; further notes that British offshore depositors remit tax to the UK via income declaration or withholding tax and are therefore deserving of action by the Government; asks the Government to intervene directly and calls on the Isle of Man authorities to ensure all depositors receive full compensation, in line with UK depositors; further calls on the 10 life companies that mis-sold over 1,000 bondholders in KSFIOM, a product offering capital security, low risk and regular income potential, to re-evaluate their businesses and marketing practices and recompense policyholders accordingly; and requests that the Ministry of Justice further investigates whether the Isle of Man has the necessary skills, experience or processes in place to ensure effective self-regulation, as well as the conflicts of interest of those holding positions in the Isle of Man's political, judicial, regulatory bodies and financial services industry.
The following MP's signed the Early Day Motion, showing their support of this issue. That most were Labour MP's was a damning condemnation of the Brown Darling government, which caused the tragedy in the place. However, it also shows the rampant apathy, laziness and sheer incompetence demonstrated by the MP's attending Parliament during that administration. One MP (Mr Roger Gale, MP) even said that he fully supported the cause but that he 'never ever' signed Early Day Motions; The lie was demonstrated by the EDM's he had signed (and even seconded!!). Mr Bob Russell has opened a new Early Day Motion, to continue this campaign, and we urge people to PLEASE PLEASE PLEASE PLEASE ask their MP's to sign EDM 63. People are STILL suffering badly due to the actions of Alistair Darlings and the lies of Sarah McCarthy-Fry, Ian Pearson and their cohorts but we are being forgotten.