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Good luck! KPMG is running this compensation scheme

A.M. writes: I once held funds in the Derbyshire Building Society (Isle of Man), which was taken over by Kaupthing Singer & Friedlander. I think I am due a payment from the Manx Depositors’ Protection Scheme, following the collapse of KSF. I did enquire and received encouraging replies, but now the scheme does not reply to emails and its phone number goes straight to a recorded message.

YOU are certainly due to receive compensation, but unfortunately payments from the Isle of Man scheme are in the hands of accountancy giant KPMG. I could say that KPMG has a mixed reputation, but that would be optimistic. Its reputation is not mixed, it’s terrible.

Last year, British accountancy firms faced fines totalling £46million. Just over half were fines imposed on KPMG, and a few weeks ago it notched up a further £14million penalty after misleading investigators who looked into its audit of the accounts of the collapsed construction company Carillion. KPMG created forged documents, and four of its top staff have been banned from the profession.

On April 13, writing on behalf of the compensation scheme, KPMG confirmed you are due a payment and asked you to inform it if you had received nothing by June 5.

You did receive nothing, and on June 7, KPMG told you that ‘you should receive a cheque within the next few weeks’. Again, nothing arrived.

I supplied KPMG with your signed authority, allowing it to speak to me, but it claimed that ‘we are unable to verify the signature’. All KPMG will say is that ‘any outstanding payment will be issued as quickly as possible’.

I wonder why the Manx authorities employ them?

Personal Finance

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2022-08-14T07:00:00.0000000Z

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