MHKs want more savings protection

Savers in the Isle of Man should be offered the same financial protection as their UK counterparts, a group of five MHKs have said.

The depositors' compensation scheme (DCS) currently pays out up to 75% of deposits, up to a maximum of £15,000.

But some politicians, led by Rushen MHK Juan Watterson, are proposing the limit should be matched to the UK's, which from Tuesday will rise to £50,000.

The treasury has already said the DCS is "under review".

Mr Watterson is one of five MHKs calling for greater protection for Manx savers, to be funded by the private sector.

He said: "I think the issue is that the treasury has said this is under review for around about six months now.

"We think it's about time they got off the fence and worked out what their position is.

"We're actually pretty disappointed that nothing seems to be happening and this has been under constant review for months."

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