A depositor who had pension savings in failed bank Kaupthing Singer and Friedlander (Isle of Man) says he is appalled that Tynwald has approved a two-tier system of compensation.
Steve Gebbett from Epsom in Surrey saved for 38 years into a pension which could only be deposited by law through a pension trustee account.
Under the new rules agreed yesterday, Mr Gebbett's fund would be deemed "non individual" and therefore only eligible for ?20,000 compensation rather than the full ?50,000.
He believes the scheme will be detrimental to the Island, and now thinks offshore centres such as the Isle of Man wouldn't be a safe place for his savings (audio file attached):
(Picture: Manx flags on Douglas promenade).
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