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Cyprus taking a percentage of people's savings


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23 replies to this topic

#21 Futtocks

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Posted 18 March 2013 - 05:01 PM

Haven't they stopped transfers?


Internet transactions have been limited, and there's only so much cash that you can get out of an ATM per day.

A mind is like a parachute. It doesn’t work if it isn’t open. Frank Zappa (1940 - 1993)


#22 JohnM

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Posted 18 March 2013 - 06:10 PM

As an IFA at the time, the FSA made it quite plain that we had to recommend Equitable Life (non-paying commission firm) unless we could fully justify otherwise. This, along with other financial issues, left the FSA totally embarrassed. Yet they are immune from being taken to task!

As for the savings 'raid', it will send a clear message across the world that your savings are not even secure in a bank in certain countries.


Good grief! What is it with regulators who don't regulate and who get away with it. EL's actions has left me thousands out of pocket.

#23 Saint Billinge

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Posted 18 March 2013 - 06:50 PM

Good grief! What is it with regulators who don't regulate and who get away with it. EL's actions has left me thousands out of pocket.


As far as IFAs are concerned, they haven't a good word to say about the FSA who ruled with an iron fist. Many have called it a day, whereas the banks escaped with 'light' regulation and a scandal it was.

With regard to Equitable Life, the FSA made a huge mistake in thinking that commission was a dirty word. The shame is, many people invested only to be let down badly. No wonder there is a new regulator about to take over. The previous Labour Government failed also in this respect.

Edited by Saint Billinge, 18 March 2013 - 09:19 PM.

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#24 chuffer

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Posted 18 March 2013 - 11:20 PM

Haven't they stopped transfers?


Haha looks like it....




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