ALTERNATIVE MONEY SYSTEMS AND THE IOM

Mr Teare’s reply to the question of whether community banking could be practised in the island concluded that:

I would stress to anyone considering this type of venture, that a peer-to-peer
lending company would not be licensed by the FSC. It would not be regulated by the FSC and
perhaps most importantly, anyone who provided money under a peer-to-peer model would not be
protected by regulatory capital requirements, or by the Depositors’ Compensation Scheme.

Not regulated by the FSC? So the FSC protects us from failing banks?

Mr T also commented that the term ‘bank’ would not be permissable. Otherwise nothing standing in the way then? Let’s take a look at alternative money systems:

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2 comments on “ALTERNATIVE MONEY SYSTEMS AND THE IOM

  1. Fully agree with you, regulators stop legitimate small Financial service companies from doing their best for clients with change for the sake of change, MHK’s hand their powers to quangos and senior Civil servants to do as they please without the authority of the voters. Meanwhile allowing the banks to break every rule in the book, take ex and serving MHK’s and MLC’s on to the boards of the banks. The regulators also have mostly bankers and Lawyers on their boards which are not reflective of the Industry as a whole. It needs to change, people need to regain the power from those who they vote for, if those in power do not stick to their manifesto they should be voted out.
    Eddie T was disingenuous a couple of weeks ago when at Romin Comin he stated that the Peter Louise funds were not regulated. The companies involved WERE regulated, the funds which were set up weren’t (known as none regulated funds) are not regulated because those managing them are and have to abide by the regulations set by the FSC.

  2. ‘It needs to change, people need to regain the power from those who they vote for, if those in power do not stick to their manifesto they should be voted out.’ That is how things should work but the PTB (not necessarily government!) will always ensure that ‘safe hands’ are in charge. In other words those who will do as directed….. Blogpost about this global issue coming up shortly.

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