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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: NAB CUSTOMER SUPPORT GROUP United Kingdom - SME's

Posted by on in Bankers A Law Unto Themselves
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This Group has been set up in the UK re SME complaints re NAB.  Someone needs to pay attention as to the misery these banks are causing globally  to ordinary hard working people.  Australian Banks are right in the thick of it..........................................we need a Royal Commission into Australian Banking System and its non active regulators.  

He has similar problems:  "The banks here in England are in very weak condition at present and the government owns a stake in two of them. Unfortunately, the government controls the regulators."

www.nabcustomersupportgroup.org  Perhaps you can offer your support or words of encouragement..........................

John has written to me re his support/campaign group for Clydesdale and Yorkshire Bank business customers over 18 months ago. He says: "We now have 102 members; 90 of which have been mis sold embedded swaps in their fixed rate loans which have crippled their businesses. Of these, 84 are customers of Clydesdale and Yorkshire Banks, subsidiaries of National Australia Bank.

Our group members report a total of 438 job losses as a result of the mis selling of the fixed rate loans. The reported job losses are accurate and have not been exaggerated. All members provide copies of loan documents and are carefully checked before admission to the group. When our group loan total of £123,777,458 is compared with the bank's CRE loan total of £6.2 billion, we calculate 21,914 UK job losses as a result of the mis selling of the loans.

All are subject to enormous breakage penalties (up to 40%) which prevent them from rebanking or selling their properties. National Australia Bank has decided to exit the UK and break up and dispose of their commercial portfolio of 4,000 SMEs with loans totalling £6.2 billion. The portfolio has been "shrunk" to £3.6 billion over 2 years through foreclosures and forced sales and continues to shrink as properties are seized and sold.

 National Australia Bank used Clydesdale and Yorkshire banks to force the businesses, many in Scotland, into long term fixed rate loans containing embedded swaps from which the bank received instant commissions in excess of 5% of the loan. This created a "toxic" portfolio which is now being broken up and liquidated. The businesses are being run efficiently by responsible business people, but are being destroyed by the loans. Without parent company intervention, the subsidiary banks would have collapsed.

 During a Treasury meeting in October, John Thurso (Lib Dem, Caithness & Easter Ross) requested copies of letters that Martin Wheatley of the FCA sent to Greg Clark of HM Treasury warning of the mis selling and indicating that there may have been as many as 60,000 similar loans issued since 2001. After 63 days, Martin Wheatley supplied copies of the letters after receiving a final demand from Andrew Tyrie, the chair of the Treasury Select Committee, in which it was stated that copies of his letter and that of his reply would be made available to the public. Here is a link to the letters :-

 http://www.parliament.uk/documents/commons-committees/treasury/131112-Mar.pdf!docid=1620477!.pdf

 

An Early Day Motion has been tabled by John Thurso to have the issued discussed in Parliament :-

http://www.parliament.uk/edm/2013-14/874

HM Treasury must instruct the FCA to implement a compulsory FCA invigilated review into the mis selling of fixed rate business loans embedding swaps in respect of all banks in order to prevent this disaster from ever happening again.

John

Nab Customer Support Group
www.nabcustomersupportgroup.org

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Guest Saturday, 31 October 2020