Another Financial Scandal – Where Is The FCU?

NEWS FROM THE CELTIC LEAGUE

The Chief Minister, Allan Bell MHK, should really try to stop throwing stones around in a greenhouse! Within days of his blathering about how well regulated the Isle of Man and its financial services industry is a major storm breaks and this time over the hitherto untroubled insurance sector.

The whole complex story is set out in some detail in this excellent news report by Adrian Darbyshire at IOM Newspapers:

https://www.iomtoday.co.im/…/manx-financial-regulator-s-mass…

The big focus today has been on whether or not the FSA Chief (Karen Badgerowq) was right to refuse to attend a Westminster hearing (scheduled for tomorrow) my personal view is she was perfectly correct not to attend. Westminster whether it likes it or not has as much jurisdiction here as the Papua New Guinea assembly – unless of course Cameron and his government want to flex their muscles.

No Ms Badgerow’s place is here where both she and the FSA should be helping the Financial Crime Unit (FCU) with their enquiries – has anybody woken them up!

It is past time that Bell, Teare and the rest of our government took the FSA and the FCU by the scruff of the neck and gave them a good shake-up. Instead of shrieking at others who question regulation here he should question whether existing agencies are fit for purpose.

It’s also past time that senior figures in Tynwald or Government were barred from business interests outside of politics (and for a reasonable period after they leave politics). For goodness sake you would have thought KSF was a wake-up call – but no!

Quite frankly on an Island that has ‘hitched its wagon’ to offshore finance and insurance there is just too much ‘tar’ for these political ‘babies’ to get stuck in.

A Manx Radio report says the UK Serious Fraud Office has launched an investigation so where is our FCU on this still ‘in the locker room putting their trainers on’?

Never mind every story has a hint of humorous irony check the final para in the Darbyshire article!

Photo: Karen Badgerow FSA Head

BERNARD MOFFATT

Issued by: The Celtic News

02/02/16

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