Treasury Minister Eddie Teare says a final notice served on Kaupthing Singer and Friedlander’s UK parent company shows the Isle of Man played no part in the Manx bank’s collapse.
Yesterday, the Financial Services Authority officially ended its investigation of the UK company, saying it hadn’t been run with the necessary degree of care and diligence.
Three directors of the British arm have agreed not to hold senior positions in British banks at the end of a three-and-a-half year regulatory investigation.
Mr Teare says the FSA notice shows the Isle of Man operation was doomed because of decisions taken off-Island:
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