Recent reports suggest that as many as 10% of the government’s business support loans have ended up in the hands of criminals, not the intended borrowers. At the same time, there are reports that applications for business support loans in particular, took too long, and that many firms were incorrectly told they weren’t eligible for […]
In yesterday’s Times newspaper, journalist James Hurley contributed an article that helpfully shone a light on problems being faced by small and medium sized enterprises that want to bring a formal complaint against their bank. Prior to changes that came into effect earlier this year, the Financial Ombudsman Service eligibility criteria was that only “micro-enterprises” […]
We recently looked at a case where a farming partnership entered a 25-year fixed rate loan with Agricultural Mortgage Corporation (AMC) 10 years ago. The fixed interest rate being charged is between 5% and 6%. The loan was for the approximate amount of £1,000,000 and it was interest only. With 15 years left to go, […]
Many fixed rate loans were sold negligently by the banks, and a standard response from the banks has been that they “could have done more” to explain the existence of breakage costs on these fixed rate loans. Breakage costs can be as much as 60% of the fixed rate loan itself. We received a recent […]
We have been fighting AMC for several years on its fixed rate loans, with success unless it times a complaint out. Given that AMC wasn’t regulated until more recently, it has been really keen to point out that it can’t be touched by FCA or the Financial Ombudsman Service.So, we have asked BBRS to include […]
With chairman Horta-Osorio leaving Lloyds Bank next year, the question is whether he will coast to the final line, rather than putting his energy into the continued problem of the HBOS and Lloyds fraud. Whilst the Sir Ross review of the bank’s redress scheme reported “serious shortcomings” little appears to have been done to help […]
We have two cases put through the BBRS pilot scheme process against the same bank. All evidence has been entered from our side, and the bank has sent its response. Without BBRS being a governmental body the key question is going to be whether BBRS has the kahooners to make some early decisions that are […]
A case has come to our attention for potential assistance on a loan provided to a farmer by Asset Finance Partners (AFP Assets). The structure and redemption costs look very much like those handed out by UK Acorn Finance, a lender that closed down after examination by both the UK Treasury Select Committee, and the […]
A new alternative dispute mechanism has opened up with the aim of providing an alternative to the Financial Ombudsman Service, for those that don’t meet the eligibility requirements for FoS. The service will look at, and deal with all manner of banking issues faced by small and medium sized partnerships and companies. It has begun […]
3 recent cases for fixed rate loan complaints have been for farmers based in Wales. One was against Nat West, and the other two were against Lloyds Bank, and all three were taken through to the Financial Ombudsman Service, after the bank failed to provide the redress that we sought for our clients. The outcome […]
