New investigation into fund that collapsed owing millions; New photos of Hutchy Senior crash; Government's car tax U-turn

By by iomtoday.co.im reporter in Other News

The island’s financial watchdogs are going to investigate a collapsed investment firm that crashed allegedly owing millions of pounds.

The Isle of Man Examiner, which revealed the fund’s collapse in January, this week reports on new developments and the fact that a dossier of allegations is going to be presented to Tynwald.

The front page photo is of Ian Hutchinson a fraction of a second after he lost control of his machine in the Senior TT last week.

We have more pictures of the incident inside plus an eight-page special on the TT.

Also this week:

The government performs a U-turn on proposed car tax rises after a public outcry. The Examiner has the details

A bubble car made in Peel is to be auctioned off in America and the expected price tag is more than some brand new Mercedes S Classes

Catchment areas for some primary schools are being changed. We report on which ones after affected

A teacher who crashed into a biker, after which he was treated in hospital in the UK, has been to court

The legacy of TT 2017

Cyclist Peter Kennaugh celebrates his latest triumph with a brilliant stage victory at the Criterium du Dauphine

How the Isle of Man attracts journalists to write travel features about us

Two pages of politics, including a story saying why a offering cup of tea during an election could land a would-be politician in trouble

More on the continuing row about endoscopy services moving from Ramsey Cottage Hospital

Freedom of Information legislation is going to be extended - and now Manx Radio is affected

RBS International, one of the biggest employers in the island, has confirmed it has officially appointed its new Isle of Man boss. We reveal who it is

A picture special on the The Moddey Dhoo TT Motorcycle show

Farm Sunday celebrations

Latest published waiting times show that patients diagnosed with cancer are receiving their treatment more quickly

Plus two pages of nostalgia, the social diary, 10 pages of business news, your letters and arguably the best photo in the paper on page 2. You have to see it to understand why.

The Isle of Man’s favourite paper is in the shops now.

Add Comment
Add Comment

11 Comments

Comments are not moderated

Manx born (formerl CV) · 14 days ago · Report

Once more Conch you post about matters you know very little or nothing about. I will not waste my time explaining it to you but look up the Financial Services Act 2008. It is an Isle of Man Act so you probably won't like it

Conch · 14 days ago · Report

The real Question is: how come the isle of man has such a high incidence of these types of frauds especially in the recent months/year? the fact we have little legislative backbone to do anything about it just compounds the problem as we always seem to have nil legislation when it comes to absolutely prosecuting anyone or protecting any investors

Conch · 14 days ago · Report

Talking about the fabric of society being hand-knitted and wobbly when you touch it I would say the iom society is particularly wobbly; we have far weaker legislation as it were in terms of the comms commission and roaming charges; we stood outside the EU so had no rights there; the OFT has little teeth but still stands; I could go on.....in Layman's terms if you need protection here your basically stuffed we stand alone

Manx born (formerl CV) · 14 days ago · Report

You still haven't answered my question Spook

Spook · 15 days ago · Report

CV, the FSA could and should have abided by what is set out in the MOU with the UK. That includes supervision.

Manx born (formerl CV) · 15 days ago · Report

Spook, the FSC have no authority to supervise unregulated business. They can't prevent greed and stupidity. They can't prevent all investors all the time. They can't be in every office and every bank. What do you think they could have done any better?

Spook · 15 days ago · Report

CV, the statutory duty of our FSA is stated in the memo of understanding with the UK includes supervision. This patently obviously did not take place.

Manx born (formerl CV) · 15 days ago · Report

UK resident falls off motor cycle during TT. And this is front page news? Why not a photo Peter Kennaugh, a Manxman at that. Why do you say our FSA are utterly inadequate Spook? Should they have prevented this fund from collapsing? That would we like saying our police are useless because they don;t prevent major crimes from occurring.

Spook · 15 days ago · Report

So when it comes down no it even our FSA is a con.

ET · 15 days ago · Report

We have an FSA because we are required to do so. It's not the most powerful financial-fraud vacuum cleaner in the world because that would really suck and that could be a problem. In mitigation it's exactly the same as everybody else's and tick-boxes its way through from Monday to Friday with weekends off and Bank Holidays. The fabric of society really is hand-knitted & quite wobbly when you nudge it.

Spook · 15 days ago · Report

The "fund" should be investigated and probably by the police but the REAL drains up should focus on the utter inadequacies of the FSA.

Add Your Comment

You don't need an account to leave a comment

By posting your comment you agree to our T & C