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CHAPTER 10

THE GRAVY TRAIN

10.3.7Breaches of Statute Law
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(a)

Supply of Services


First National, directly, and Irish Life by reason of First National being their tied agent, supply the service of giving financial advice. Regardless of whether one is an existing or a potential customer, they put themselves forward as supplying this service. Clearly, from the contents of this Chapter, they are in breach of terms implied under statute.


(See Section 2.4.3: Supply of Services, (1) Implied Terms.)

 

(b)

Investment Business relating to Consumer Credit Transactions


In the context of Statutory Legislation Governing Investment Business Relating To Consumer Credit Transactions —— THE UNITED KINGDOM POSITION: the conduct of Irish Life and First National, as exposed in this Chapter, flouts the Principles applicable to the ‘conduct of business rules’, both in the matter of Standards and in the matter of Disclosure, as defined in Schedule 8 of the U.K. Financial Services Act 1986. Such conduct would also contravene the specific requirements of the Conduct of Business Rules introduced in compliance with the provisions of this Act.

Also, in the course of conducting ‘investment business’ / ‘insurance business’, both Irish Life and First National would be guilty of offences under Sections 47 and 133 of the U.K. Financial Services Act 1986, and their senior personnel, who have condoned or colluded with the committing of such offences, would also be guilty of those offences.


In the context of Statutory Legislation Governing Investment Business Relating To Consumer Credit Transactions —— THE IRISH POSITION: the contents of this Chapter have shown, once again, that
Irish Life and First National are guilty of offences under Section 32 of the Larceny Act 1916. (See Section 2.3.6: Fraud and the Conman ——  U.K. Law and Irish Law.)

And again, the conduct of the First National Building Society mocks the stated tenets in the Code of Conduct for Insurance Intermediaries as issued under title of the Irish Insurance Act 1989 and imparts, to their ostensibly proclaimed compliance with these tenets, the status of fraudulent misrepresentation.



(See Section 2.5 and Section 2.6: Statutory Legislation governing Investment Business relating to Consumer Credit Transactions.)

 

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