Don't bank on the Isle of Man (IoM)

DON'T BANK ON THE ISLE OF MAN
                   here's why you shouldn't

it has no bank of last resort

the island is too small & too vulnerable to shoulder high
risk banking operations

in the financial tsunami of 2008 the IoM & Channel Islands
were the only European countries not to vouchsafe
deposits 100%

it has a seriously flawed Depositors' Compensation Scheme

in time of financial crisis affecting depositors the government acts primarily in the interests of the IoM & not of depositors

the Financial Supervision Commission [FSC] says that
non-core banks should be allowed to fail

the FSC says that deposits, like investments, carry risk

the FSC says that depositors should carry out their own 'due dilligence' & not expect the FSC to protect them

the FSC has obtained legal protection from being sued by
depositors in the event of regulatory failure on its part

the notion of 'trust' & 'duty of care' does not feature as
a moral imperative in the island's banking culture

banks tell depositors what they as banks want them to
know & do not tell them all that they want to know

banks advertise to give the appearance of offering high
returns with the illusion of assured security on money deposited

it has had 3 failed banks in which thousands from all over the world have lost a very large part of their life savings

bank deposits have declined a further £390,000,000,000 since
30 June 2009, a decline of £3.38billion since April 2009

the IoM's 'sacred cow' - its 9 year old AAA Credit rating - is on notice for downgrading by the Moody credit rating agency