A partner in an Island law firm is calling for an inquiry into the collapse the Icelandic bank, Kaupthing Singer and Friedlander Isle of Man.
Jonathan Smalley has been speaking following criticism by a number of the bank's depositors of the performance of chief minister Tony Brown when he appeared before a United Kingdom Treasury Select Committee, examinng the UK banking crisis, in London last week.
Mr Smalley also believes sentiment among depositors is rapidly changing over the delay in winding-up the bank, or returning funds by some other mechanism.
He told Manx Radio:
"It's normal in the case of a bank collapse to have an inquiry, to see whether there was any regulatory failure.
"It seems to me it would be a jolly good idea for the Financial Supervision Commission to have somebody in from the outside to inquire into these circumstances, as to whether there was a regulatory failure.
"Guernsey decided right away that they needed one, had the inquiry, the inquiry has reported and everybody can see what it says - why wait?"
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