Opinions of Isle of Man businesses sought
Isle of Man businesses that hold a class 1 banking licence are being asked if they would like to raise the maximum compensation per investor limit offered under the Depositors Protection Scheme.
Schemes operated in the Isle of Man and the Channel Islands have a £50,000 limit compared with the £85,000 guaranteed under the UK's compensation rules, should a licenced bank fail.
A recent Daily Mail article praised the market leading savings rates offered to customers by Isle of Man based Conister Bank, but drew readers to the fact that the Island's compensation scheme was lower than in the UK.
Treasury Minister, Dr Alex Allinson admits the £50,000 limit has been in place since 2010, but given the stability of the Island's banking sector, he isn't convinced it acts as a disincentive to investors.
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