Evidence

Break cost mis calculation

 

Bank statement 2 Oct 2009.pdf

 

 

BG Consulting 11 Aug 2013.pdf

 

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Internal bank emails

 

Internal emails Feb 08.pdf

 

The bank stated to Herald Scotland on 15th March 2013 that no Tailored Business Loans were micro hedged.

 

However, we have received copies of internal emails between the bank's treasury advisor and the trading floor in the city in respect of one particular case evidencing a commission equal to approximately 5.5% of the loan. Additionally, the emails evidence that the treasury advisor, Kevin Horne, has used falling rates to increase the bank's commission instead of passing the lower rate to the SME.

 

The internal emails evidence a commission deriving from an IRSA, whether a micro hedge or otherwise.

 

A commission equal to 5.5% of the loan paid in one lump sum upon the release of the loan would have precipitated a culture of mis selling if uncontrolled by the bank and which would have required FSA regulation to protect the consumer. 

 

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FCA compliance checklist

 

Compliancy checklist.pdf

 

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Terms & Conditions 2007

 

Terms & Conditions.pdf

 

Section 8.2 (f) evidences the embedding of a swap. Break cost is undefined and instead is left open to the bank to charge as it desires.

 

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