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Consultation likely to trigger DCS update

Compensation scheme under scrutiny

A review of the Isle of Man's Depositors' Compensation Scheme is on-going the Treasury minister has confirmed.

Members of the public and the banking industry are among those giving views in an official consultation, which continues until 24 March.

Alfred Cannan said there was no doubt the scheme - which is designed to protect customers' money when banks become insolvent - needed updating and a new framework established.

Government has indicated it wants to put depositors higher on the list of creditors for payouts during a liquidation process.

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