Extract
Commercial Update - February 2009.
Increased Protection For Isle Of Man Depositors
Most jurisdictions have by now felt the effects of the credit crunch to a certain degree and are having to make adjustments to protect themselves and their businesses from its effects. To counter these effects as far as possible the Isle of Man has taken steps to ensure that its reputation is maintained and that its financial services industry remains strong. In part this has been achieved by the overhaul of the Isle of Man depositors compensation scheme. The compensation of depositors is an issue prevalent in the minds of many savers in the current climate and the ability of a jurisdiction to protect those using the services of its licensed deposit takers has become of paramount importance. In the Isle of Man a depositors compensation scheme has been in existence since 1991. However, in view of the current economic climate it was decided to update the scheme in order to provide better protection for depositors, both local and international. The consultation process had been progressing throughout 2008 but in light ...See the full content of this document
Sponsored links
