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Financial Services

SYSTEMIC  FRAUD  EXPOSED

 

CONTENTS

COPYRIGHT NOTICE

ACKNOWLEDGEMENTS

INTRODUCTION

A Betrayal of Trust — NOT ACTIVATED YET

Foul Play IS Suspected — NOT ACTIVATED YET

What this Website Book is About — NOT ACTIVATED YET

Who this Website Book is For — NOT ACTIVATED YET

How this Website Book is Structured — NOT ACTIVATED YET

CHAPTER 1

GUILTY OF BEING NAIVE

1.1

The Esteemed Status of Financial Institutions

1.2

The Experts' Advice and Representations

1.3

The Mortgage Contract Documentation

1.4

Taken for a Fool

1.5

The Untouchables

CHAPTER 2

THE WEAPONS OF LAW

2.1

David versus Goliath

2.2

THE TERMS OF A CONTRACT

2.2.1

The Construction of a Contract

2.2.2

The Exemption Clause

2.2.3

The Standard Form Contract (Contract of Adhesion)

2.2.4

Other Limitations at Common Law to the Operation of Exemption Clauses

2.3

MISREPRESENTATION

2.3.1

The Conditions Necessary for the Existence of Misrepresentation

2.3.2

Fraudulent Misrepresentation

2.3.3

Negligent Misrepresentation

2.3.4

The Duty to Disclose and Silence as a Misrepresentation

2.3.5

Statutory Misrepresentation

2.3.6

Fraud and the Conman - U.K. Law and Irish Law

2.4

OTHER STATUTORY INTERVENTIONS

2.4.1

False or Misleading Statements

2.4.2

Misleading Advertising

2.4.3

Supply of Services

2.4.4

Investment Business relating to Consumer Credit Transactions

2.5

Statutory Legislation Governing Investment Business Relating To Consumer Credit Transactions —— THE UNITED KINGDOM POSITION

2.5.1

U.K. Financial Services Act 1986 —— Latent Power

2.5.2

Securities and Investments Board —— Financial Services Conduct of Business Rules

2.5.3

Safeguards for Investors —— LAUTRO and FIMBRA

2.5.4

Personal Investment Authority —— Financial Services Authority

2.5.5

Contravention of the Rules is directly actionable through a Court of Law

2.5.6

The U.K.Regulatory Regime

2.5.7

The Whitewash Road

2.5.8

The Appalling Vista

2.6

Statutory Legislation Governing Investment Business Relating To Consumer Credit Transactions —— THE IRISH POSITION

2.6.1

False Assurance ——— Irish Insurance Act 1989

2.6.2

Huffing and Puffing ——— Irish Investment Intermediaries Act 1995 and Irish Consumer Credit Act 1995

2.6.3

A Marked Absence of Teeth ——— Irish Investment Intermediaries Act 1995 and Irish Insurance Act 2000

2.6.4

The Irish Regulatory Regime

2.6.5

Control and Containment ——— Self Regulation: The Ombudsman Schemes

2.6.6

The Whitewash Imperative

2.6.7

A Stitch-Up in Time — NOT ACTIVATED YET

2.6.8

Some Men are More Equal than Others! — NOT ACTIVATED YET

2.6.9

From Whitewash to Quicklime -- Proactive Concealment — NOT ACTIVATED YET

2.7

THE EFFECT OF AGENCY

2.8

DAMAGES FOR MISREPRESENTATION

2.8.1

The Right to Revoke the Contract

2.8.2

The Measure of Damages as a result of a successful Action based on the Common Law liability under Fraudulent Misrepresentation

2.8.3

The Measure of Damages as a result of a successful Action based on the Common Law liability under Negligent Misrepresentation

2.8.4

The Measure of Damages as a result of a successful Action based on the Statute Law liability under Misrepresentation

2.8.5

Crime and Punishment

2.9

THE TIME LIMIT FOR LEGAL ACTION

2.10

UNTOUCHABLE! : A Preliminary Appraisal

2.10.1

The Endowment Mortgage Contract

2.10.2

The Pre-Contract Representations and Disclosures

2.10.3

The Contractual Relationships

CHAPTER 3

THE POLICY DOCUMENTS

3.1

An Absolute Trust

3.2

Failure to even Mention the Existence of Onerous Conditions

3.3

No Signature incorporating the Onerous Conditions

3.4

No Sight of the Contract Conditions until After the Time of Contract

3.5

THE PROPOSAL does NOT incorporate the Mortgage Contract Conditions

3.6

A Denial of Responsibility for Misrepresentation

3.7

UNTOUCHABLE ! : The Policy Documents

3.7.1

The Absence of Signature

3.7.2

A Contract of Adhesion

3.7.3

No Exemption from Liability for Pre-Contract Representations

3.7.4

An Implied Term of the Contract cannot be Negatived

3.7.5

Failure to Tell the Whole Truth

3.7.6

Breaches of Statute Law

 

CHAPTER 4

THE LABYRINTH

4.1

PreContract: The Understanding of Investment

4.2

A Totally Trusting and Unsuspicious Mind

4.3

Post–Contract: THE SCHEDULE indicates that All Premium Payments are Invested

4.4

The Encashment Value of the Policy

4.5

Active Concealment

4.6

Investment: A Tortuous Passageway to a Tortured Meaning —— The ‘Creaming Off ’ Process

4.7

Contract Conditions totally at variance with the PreContract Representations

4.8

‘Benefits’ — ‘Sleight of Hand’

4.9

Bonus: An ‘Apparent’ Additional Benefit — More ‘Sleight of Hand’

4.9.1

An ‘Apparent’ Additional Benefit

4.9.2

More ‘Sleight of Hand’

4.10

UNTOUCHABLE ! : The Labyrinth

4.10.1

The PreContract Oral Misrepresentation of Investment

4.10.2

The PreContract Written Misrepresentation of Investment

4.10.3

THE SCHEDULE : An Endorsement of the Pre-Contract Misrepresentations

4.10.4

Clear and Unambiguous Words CANNOT be Modified

4.10.5

Encashment : Active Concealment of Dishonest Intention

4.10.6

Investment : Active Concealment of Dishonest Intention

4.10.7

Benefits : Your Loan WILL BE Repaid

4.10.8

Bonus : An Absolute Necessity Definitely Not a Gratuity

4.10.9

Further Breaches of Statute Law

CHAPTER 5

HOW MONEY WORKS

5.1

The Use of Single Payment Formulae

5.2

The Use of Uniform Series Payment Formulae

5.3

The Basic Tools of Investment Analysis

CHAPTER 6

THE COST OF CREDIT

6.1

APR:The Statutory Yardstick

6.2

The Reasons for Indicating APR

6.3

The Potential to Mislead

6.4

The Potential to Inflict Financial Injury

6.5

UNTOUCHABLE ! : The Cost of Credit

6.5.1

Failure to Indicate APR — In Breach of Statutory Law

6.5.2

Failure to Indicate APR — In Breach of Duty to Disclose

6.5.3

The Absence of an Informed and Voluntary Consent

CHAPTER 7

RISK

7.1

The Expected Return on Investment

7.2

Measuring Risk

7.3

Reward for Taking Risk

7.4

UNTOUCHABLE! : Risk

7.4.1

The Status of the Assumed Growth Rate

7.4.2

The Positive Representations Made

7.4.3

The Duty to provide the Information Necessary to an Informed Decision

7.4.4

Infringements of Statute Law

CHAPTER 8

THE FINANCIAL ANALYSIS OF CASE 1

EXPOSING FRAUD

8.1

The Case 1 Mortgage Quotation Format

8.2

Case 1: Endowment Mortgage Analysis

8.3

Case 1: Repayment Mortgage Analysis

8.4

Case 1: Financial Chicanery

8.5

Case 1: The Early Repayment Term —— More Chicanery

8.6

UNTOUCHABLE! : The Financial Analysis of Case 1

8.6.1

The Real Risks

8.6.2

The Fraudulent Status of the Advice Given

8.6.3

A Truthful Financial Analysis is NEVER Presented

8.6.4

There should be No Euphemism for Fraud

8.6.5

Misrepresentation Every Which Way

8.6.6

The Independent Financial Adviser

8.6.7

Other Infringements of Statute Law

 

CHAPTER 9

THE FINANCIAL ANALYSIS OF CASE 2

EXPOSING FRAUD

9.1

The Case 2 Mortgage Quotation Format

9.2

Case 2: Endowment Mortgage Analysis

9.3

Case 2: Repayment Mortgage Analysis

9.4

Case 2: Financial Chicanery

9.5

Case 2: The Early Repayment Term —— More Chicanery

9.6

UNTOUCHABLE! : The Financial Analysis of Case 2

9.6.1

The Real Risks

9.6.2

The Fraudulent Status of the Advice Given

9.6.3

A Truthful Financial Analysis is NEVER Presented

9.6.4

There should be No Euphemism for Fraud

9.6.5

Misrepresentation Every Which Way

9.6.6

The Independent Financial Adviser

9.6.7

Other Infringements of Statute Law

CHAPTER 10

THE GRAVY TRAIN

10.1

The Life Assurance Companies Know the Facts

10.2

The Reason Why

10.3

UNTOUCHABLE! : The Gravy Train

10.3.1

Risks WHOLLY CREATED by the Life Assurance Company

10.3.2

Further Clarification of the Risks associated with DEPENDENCE on Bonus

10.3.3

Conscious Knowledge that a False Impression is being imparted to the Borrower

10.3.4

An Instrument that provides UNEARNED PROFIT for the Life Assurance Company

10.3.5

Material Risks KNOWN to the Life Assurance Company

10.3.6

Exposure to Unreasonable Risk with No Object to be Attained

10.3.7

Breaches of Statute Law

10.3.8

A Disease of the Oldest Profession

CHAPTER 11

EPILOGUE

11.1

Epilogue 1

 

 

 

 

 

Copyright © 2013, 2014 John O'Meara. All Rights Reserved.