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More than 200,000 investors into the arms of filing for the Kaupthing IceSave do not have access to their money when the Bank collapsed in October 2008

The FSA has always refused to confirm that he studied the collapse of the. 5bn ￡ 2 arm of UK's Kaupthing, which has been placed in administration, in October 2008.

However, it is understood that the regulator attempted to negotiate a small ￡ 35,000 fine Sigurdur Einarsson and Hreidar Mar Sigurdsson, the leaders of the former co - chief .the two men could pay the fine without accepting any responsibility for causing the failure of the Bank and gain immunity from further prosecution.

Mr. Einarsson, based in London and Mr. Sigurdsson, a resident of Luxembourg, are still considering whether to accept the fine, but it is probably raw that they reject the offer and take their case before a Court of the FSA.

A source said: "they both still consider completely innocent of any wrongdoing."

Kaupthing and its former directors are always confronted with separate applications of the Serious Fraud Office and the Icelandic authorities on excessive allegations of abuse of market and loans to related parties.Earlier this year, Mr. Einarsson was being sought by Interpol, suspicion of forgery, fraud and embezzlement.Afterwards, he returned to the Iceland to face questioning.

More than 200,000 investors into the arms of filing for the Kaupthing IceSave do not have access to their money when the Bank collapsed in October 2008.The British Government intervened to guarantee client savings, but the Board is still waiting in a queue for the creditors to be compensated.

"A fine of ￡ 35,000 is terrible," said Tony Shearer, a former Chief Executive of singer & Friedlander Bank, which was purchased by Kaupthing in 2006.

"How is this course to help applicants who do not always have their money back? what this justice for British taxpayers? and why should the FSA money while he was complicit in it, because it doesn't have to stop what Kaupthing."

Mr. Einarsson refused to comment on Mr. Sigurdsson doesnt return calls for comment.

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