If you feel uneasy about the financial position of your offshore bank, read on.
It has come to my attention that the Financial Supervision Commission of the Isle of Man (which forms a part of the British Isles) has just this week (Wednesday the 15th ) launched a compensation scheme aimed at protecting both local (Manx) and foreign (everyone else) depositors who have balances in Manx domiciled bank accounts.
The scheme has a maximum limit of £50,000 per depositor. That means that you will be protected up to that amount, no matter how many accounts you may have with that bank.
This scheme does not apply to Jersey and Guernsey domiciled bank accounts as the Isle of Man decided to take this step and not the British government.
For further information, you can go to the Isle of Man’s FSC’s website, www.gov.im/fsc
