For many woes in the UK, people automatically blame the Government. Wrongly. It seems that the Government is an automatic target for blame when things go wrong. This is not case here, the UK Government both created the circumstances for the disaster and instigated the primary cause. Most Labour MPs have stuck to the party line, despite the damning evidence that proves the UK Labour Government is to blame, and just return the standard Governmental edict that is it for the IoM Government to sort out. In fact, many responses to savers were just a copy of the standard line showing that the MPs didnt even investigate the issue and come to their own conclusions. By doing so they have failed their constituents and simply taken the route of least resistance. Shame on these MPs.
The disaster started in 2007 when the Government changed the banking 'Know Your Customer' legislation to make it much harder for banks to comply when the potential customer (or existing customer changing their address) has no UK address. Of all the UK high street banks, only two appear to accept non-domiciled customers and these require the customer to be physically present at a branch when opening the account or changing their address. The result is that British Citizens moving abroad, for whatever reason, are forced to move their savings out of the UK. In most circumstances, people move their money to a UK dependancy, such as the Isle of Man, to avoid the need (and huge costs & risks!) of exchanging for their local currency. This is what had happened in this case, which i why a very large proportion of the people affected were British Citizens.
In the months leading up to the 7th of October 2008, the UK Financial Services Authority (the FSA) became wary of the Icelandic economy and worked with the Isle of Man Financial Services Commission to advise Kaupthing Singer and Freidlander to put large deposits with the UK sister bank Kaupthing HF. This was despite the knowledge within the UK FSA that Kaupthing HF itself was a risky bank. Under pressure from the Isle of Man financial regulator and the UK FSA, Kaupthing Singer and Freidlander put over half a billion pounds of its savers money with Kaupthing HF.
On the 7th of October 2008, the UK Chancellor Mr Alistair Darling (with approval from the fake Prime Minister and ex Chancellor, Gordon Brown) took the sole decision to place Kaupthing HF into liquidation. This was done using legislation that had not yet been placed on the statute books and without any consultation to evaluate the wider consequences of his actions. As he placed the bank into liquidation, he moved the accounts of the UK resident savers to the dutch bank ING. He was either unaware, or didnt care about, the consequences to non-domiciled British Citizens that his Government had forced into this predicament in the first place.
Since the 7th of October 2008, the UK Government (indeed Parliament as a whole!) have denied any wrong doing, that any mistake was made and that by taking that action they saved British Citizens from a bank collapse. This is a cynical attempt to coverup the consequences and avoid any investigation into the Chancellors actions. Despite seeing thousands of British Citizens lives collapse the Government have stood by and watched with no remorse or any move to help. These British Citizens include retirees who relied on their savings for income, citizens serving in the British Forces overseas, Charity workers working in some of the most remote areas of the world and overseas British workers bringing foreign revenue to Britain.
So, in this particular case, the UK Government and Messers Gordon Brown, Alistair Darling and their apologists Ian Pearson and Hector Sants among many others are 100% entirely to blame for the destruction pof thousands of British lives. And this website shall ensure future historians know about these shameful days in British politics.