Friday, 4 April 2014

Estimates and Equanimity

Stoic philosopher of service and duty, champion of equanimity in the face of conflict and the last of the five good Roman Emperors, Marcus Aurelius once said, “If you are distressed by anything external, the pain is not due to the thing itself, but to your estimate of it: and this you have the power to revoke at any moment” and, in the face of the  Financial Ombudsman Services painfully disappointing decision to reject my Bank of Scotland mortgage fraud compliant, I have spent the past few weeks revoking its power to distress by investigating and collating my evidence in readiness to give to the police.

During the process of making inquiries aimed at presenting the clearest of pictures, I have discovered the following,
  • The Financial Ombudsman Service is not empowered to comment or rule on mortgage fraud and, according to the Financial Conduct Authority, should have made this clear to me from the outset.
  • My local Serious Fraud Office are currently dealing with numerous broker driven mortgage frauds which are almost identical in nature to that of my own case. 
  • Inland Revenue records show our taxable income for the preceding three years to our mortgage application was a mere 17% of that stated by the broker on our mortgage application.
  • The mortgage application submitted to HBOS in March 2006 was not (as I originally assumed) self-certified but instead a full status application offering our company’s accounts as evidence of income and,
  • Mortgage fraud can only be reported to the Serious Fraud Office in the district where the crime was committed.
Convinced this type of mortgage fraud was expertly designed by HBOS and merely implemented by the broker intermediary who introduced it, I made another request to HBOS’ executive team, this time asking them why they chose to remove the broker intermediary from their panel during the underwriting of my mortgage.

This was their response,

“With regards to your concerns about the removal of KMS from our intermediary panel, I have been in contact with our Credit Team and they have confirmed that both KMS and ******* ****** are still on our panel for intermediary business through the Halifax Brand under panel number***********...[and] the broker panel number [used previously] was not cancelled until October 2010 and was deleted as Arrangement Ended. This usually indicates a change of FSA status (such as principal) but is more likely to be due to the fact that the Bank of Scotland brand ceased taking introducer business in 2010. Therefore, our systems would update to show that the intermediary related to the panel number applicable to your application would no longer be on our panel as at today’s date.”

However, this lengthy and seemingly plausible explanation once again takes no account of the Bank of Scotland’s own underwriting screen notes for 2006 which clearly state,“The intermediary keyed for this application has been taken off the panel. Please refer to explain it for the appropriate course of action to take” which does not sound the least bit like a 2010 system update to me.Needless to say, I have now shared this information with Antonio Horta Osario’s executive team and am hoping they might  finally see fit to furnish me with a more meaningful reply.

British Indian novelist, essayist and author of Satanic Verses, Salman Rushdie once asked, “How do you defeat terrorism?” His answer was, “Don’t be terrorized” and after six years of living with the terrifying consequences of a financial holocaust in which the Banksters of Scotland have played a significant part, I now live in hope that it will be information which finally sets me free.

As ever, I wait without patience for some results!