The credibility of the Financial Supervision Commission has been called into question over its handling of Island depositors' money in Kaupthing Singer and Friedlander.
Jonathan Smalley, a partner at solicitors Stuart Smalley and Co, says the FSC failed to act appropriately following warnings about the impending risks facing the bank.
Chief executive of the FSC John Aspden has described how funds were switched from Reykjavik to London, when the liquidity of the Icelandic bank was called into question.
But 'the gate came down', the funds were frozen in the UK, and are now effectively trapped there.
Mr Smalley says the FSC had the opportunity to save depositors' money and didn't.
He believes it's time for certain FSC members to acknowledge their responsibility, and relinquish their positions:
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