Non-Edge Retail Deposits


Is my money safe?

Deposits of non-Edge accounts have not been transferred to ING Direct. These depositors will receive their money in full. They will need to apply to the Financial Services Compensation Scheme to receive their deposit. Further detail can be found on the FSCS website www.fscs.org.uk/consumer/ or by phoning 0207 892 7300.

The Financial Services Compensation Scheme ("FSCS") will be working with the Administrators to endeavour to contact these individuals and make payments to them as soon as possible.

What has happened?

On 8 October 2008 the High Court made an Administration Order in relation to Kaupthing Singer and Friedlander Limited. Maggie Mills, Alan Bloom, Patrick Brazzill and Tom Burton of Ernst & Young LLP were appointed as Joint Administrators of Kaupthing Singer and Friedlander Limited.

As Kaupthing Singer and Friedlander Limited is now in administration, its business is being run by the Joint Administrators. This does not mean that Kaupthing Singer and Friedlander Limited's (in Administration) remaining business will be immediately closed down or sold.

Why was administration necessary?

The administration was necessary because of Kaupthing Singer and Friedlander Limited's (in Administration) financial position in order to ensure that Kaupthing Singer and Friedlander Limited could continue to operate. It was also necessary in order to maintain the stability of the UK financial system.

Finally, we would like to re-iterate that your deposit is safe and that our key objective is to ensure business as normal. We will keep you informed as matters progress.

Maggie Mills, Alan Bloom, Patrick Brazzill and Tom Burton
Joint Administrators

The Insolvency Practitioners Association authorise Patrick Joseph Brazzill to act as an Insolvency Practitioner in the UK under section 390(2)(a) of the Insolvency Act 1986 and the Institute of Chartered Accountants of Scotland authorise Thomas Merchant Burton to act as an Insolvency Practitioner in the UK under section 390(2)(a) of the Insolvency Act 1986.

The Institute of Chartered Accountants in England and Wales authorise Alan Robert Bloom and Margaret Elizabeth Mills to act as Insolvency Practitioners in the UK under section 390(2)(a) of the Insolvency Act 1986.

The affairs, business and property of Kaupthing Singer & Friedlander Limited are being managed by the Joint Administrators A R Bloom, M E Mills, T M Burton and P J Brazzill. The Joint Administrators act as agents of the Company only and without personal liability.