Liquidated bank's compensation scheme to close

A compensation scheme set up after the collapse of and Island bank in 2008 has been closed down.

Kaupthing Singer and Friedlander, which was based in Douglas, went into liquidation during the financial crisis with £800 million worth of people's money.

A special depositors compensation scheme was set up to repay the cash in the wake of the collapse.

That scheme finished in October 2024, and a Manx court has now ordered its closure - the Financial Services Authority says it'll fully close it in July.