Contact Action Fraud? UK’s national fraud reporting centre

Action Fraud should be your first point of contact if you have been a victim of fraud.

 

Sometimes people choose not to report fraud because they are embarrassed that they fell for a scam,
con, swindle, or any other word used to describe the crime.

Remember that fraud is a crime and that fraudsters will constantly reinvent themselves to find new ways of tricking people. Anyone could be a victim.

Some people also think that fraud is a victimless crime, or that it’s not as serious as other crimes. This is not true. Fraudsters are often part of serious organised criminal gangs - called asset based lenders!

http://www.actionfraud.police.uk/

David Hogg Managing Director at SME Invoice Finance Ltd (former) - looking for case studies

Mr. David Hogg serves as Managing Director at SME Invoice Finance Ltd. Mr. Hogg has extensive industry experience, having worked for a number of bank owned factoring companies for over 15 years. In 1984, David was recruited to set up a new start invoice finance company that grew to a very substantial size and was subsequently sold to a major banking group. Prior to establishing SME David served as a director for a number of small and medium sized manufacturing businesses ...

Please email DavidHogg@rabf.org.uk with any cases 

Chairman called ‘corporate psychopath’ at Balfour Beatty’s annual meeting

Robert Lea, Deirdre Hipwell

TImes - Last updated at 12:01AM, October 29 2014 

 

Shareholders often expect little more diversion than a cup of tea and a sandwich at annual company meetings. Balfour Beatty investors were taken by surprise, therefore, when one called the chairman a “corporate psychopath” and was removed from the meeting.
 
 

 Gavin Palmer, who bought 300 shares in the construction company three weeks ago, attempted to have Steve Marshall stopped from running the meeting to approve the £820 million sale of Parsons Brinckerhoff, Balfour’s American project management division, to WSP Global.

He accused Mr Marshall of having an “appalling track record”.

Nearly all investors in the group, whose share price has.....

Continue reading (subscription required) http://www.thetimes.co.uk/tto/business/industries/construction-property/article4250712.ece

Did you know? Obtaining a business loan is not dependent upon opening an account.'

HSBC censured for 'bundling' small business loans

HSBC and First Trust have been censured by competition authorities for forcing small and medium-sized businesses (SMEs) to open a current account in order to secure loans.

 

According to the Telegraph, the Competition and Markets Authority (CMA) said both banks had breached orders to stop the practice known as 'bundling', which were applied to six other UK lenders by regulators in 2002.

Alex Chisolm, CMA chief executive, said: 'We have directed First Trust Bank and HSBC on the actions they must take to immediately correct the situation – so that it is clear to both their staff and their SME customers that obtaining a business loan is not dependent upon opening an account.'

http://citywire.co.uk/wealth-manager/news/hsbc-censured-for-bundling-small-business-loans/a779355?section=wealth-manager&cwsource=preview#.VEdbPdacdH8.twitter

 

Penalise 'bad apple' traders, suggests Bank of England - What about the rampant fraud in the Asset Based Finance Industry?

Penalise 'bad apple' traders, suggests Bank of England 

ADMIN: THE BANK OF ENGLAND IS TRANSFIXED ON THE CITY - WHILE GOOD SOLVENT BUSINESS AFTER BUSINESS IS PUT INTO INSOLVENCY FOR IT'S ASSETS - #WRONG

More should be done to punish traders who try to manipulate financial markets, the deputy governor of the Bank of England has said. 

Minouche Shafik, the Bank's deputy governor, said more may need to be done to discourage "bad apples"

 Minouche Shafik said the Bank's consultation into rebuilding trust in financial markets, should consider stronger penalties for what she called "bad apples".
Ms Shafik made the suggestion during her first speech as deputy governor.
The Bank's review will focus on fixed income, currency and commodity markets.
The nine-month consultation by the Bank comes in the wake of the Libor scandal which saw banks fined £4bn for manipulating the inter-bank lending - or Libor - rate, which they did to boost profits.
The inquiry - called Making Markets Fair and Effective - was ordered by chancellor George Osborne, who said he wanted to restore the reputation of other UK-based financial markets.
"The integrity of the City matters to Britain. Markets here set the interest rate for people's mortgages, the exchange rates for our exports and holidays, and the commodity prices for the goods we buy," he added.

“More needs to be done to monitor for, and where it is found, punish misconduct”

'Misconduct'

Speaking at the London School of Economics (LSE), Ms Shafik warned that there could easily be a repeat of the Libor scandal.

"The risk is that, as memories of recent enforcement cases fade, bad practices may re-emerge," she said.
"Some say that may already be happening," she added.
And she suggested that the review - which she is heading - should think about increasing sanctions against individuals.
"The review also wants to consider whether more needs to be done to monitor for, and where it is found, punish misconduct," she said.
Any changes as a result of the review would come on top of new laws already brought in by the government.
Under these new laws, senior bank managers could be sent to prison if their conduct leads to the failure of a bank.

Continue Reading: http://www.bbc.co.uk/news/business-29788270

Does any one know any thing about Funding Circle?

 

This organisation is pushing hard through serious marketing - Has any one had any experience?

Worryingly they have won the following awards:

 

If Close Brothers Invoice Finance and SFP have won these awards then they are bought!

Please email: fundingCircle@rabf.org.uk


https://www.fundingcircle.com/

We now know what legislation has to reformed to achieve robust regulation of the Asset Based Finance Industry

In correspondence between the CEO of Prudential Regulatory Authority (PRA) and RABF, Andrew Bailey has clarified for the wholly own subsidiaries of banks to be regulated by the PRA as they are exempt at present is a change to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ('the RAO').

We are adjusting the campaign to achieve what is effectively a minor amendment - this is going to be the hard bit.
 
 Gone will be the crime of banks ripping of their clients and hiding behind it's nothing to do with us!

To all the factoring companies that hide behind their scum solicitors

Confirmed cancelling of Demostration at the Finance Show - Some great ideas came out of yesterday's communications

Dear All,

The demonstration on the 5th November has been cancelled.

The newsletter will be going out today and will be put up on this blog on Monday.

The Close Brothers demonstration at on the 20th will probably now be linked into demonstrating outside the insolvency practitioners SFP whose reputation precedes them later in the day (lunch time).

Different banners and placards will be used on both events.

The Close Brothers demonstration has a clear objective to target directors of Close Brothers Group - As their flouting of normal business practices goes across divisions there. 

The SFP demonstration (to be confirmed) is more about raw anger.

Demostration at the prestigous Finance Professional Show 5th November 2014 - Possible cancelling of the demo

Dear All

I am considering calling off the demostration.  This is for a viariety of reasons - banners and placads have been ordered etc.  There is sufficient interest from a number of people to attend - so attending is no problem logistically.

The demostration at the Finance show is the day before the first meeting of the SME Alliance Ltd in Bristol.  For the long term reform of the industry which event will achieve the most?  In discussion with the team the latter has a lot of potential.

But hitting the industry at it's big event is still a must do.

There has been more interest for the Close Brothers Demostration on the 20th November - That will impact on one of the worst abusing factoring companies and will cause problems for their staff, directors and share holders.  We would like to use this as the template for a number of other factoring companies.

To attend all three events in one month - I can do two - three is a no brainer - simply too much.

Please inbox me at brian.moore@rabf.org.uk with your thoughts or ring on 07825050704

Brian Moore

Complaints about members of the Asset Based Finance Association (ABFA)

There is a complaints procedure from ABFA - this campaign has made its views public on the process and the sanctions that are available to 'punish' those factoring companies that simply believe their clients are there to be sucked dry.

There are two ways of using the Ombudsman service; one is simply to get financial redress of up to £25K which is a drop in the ocean if your company has just been put into insolvency against your wishes.  For smaller contractual complaints - it may have a role?

Secondly if you wish to take either civil or criminal action against your former factoring company then using the Ombudsman service will allow you to put together a case in a format that others can use and on the assumption you win - It is an effective judgement that can be used, especially in bringing criminal proceedings.

Remember if you accept the money you are effectively signing a Non Disclosure Agreement and we beleive agreeing to take no further action against the factoring company - ouch.

 

  About the Ombudsman

Ombudsman Services considers complaints about companies that are members of the Asset Based Finance Association (ABFA) and provide factoring, invoice discounting and asset based lending services to small businesses.

http://www.ombudsman-services.org/abfa.html

If it smells like fraud and it looks like fraud, its fraud!

Fraudsters [asset based lenders, IPs and their 'scum' lawyers] prey on the vulnerable. - The borderline between criminal and civil liability has been crossed by so many employees of factoring companies   

"Prosecutors should guard against the criminal law being used as a debt collection agency or to protect the commercial interests of companies and organisations. However, prosecutors should also remain alert to the fact that such organisations can become the focus of serious and organised criminal offending." The Crown Prosecution Service

"The term "fraudulent purpose" connotes an intention to go "beyond the bounds of what ordinary decent people engaged in business would regard as honest" R v Grantham [1984] 1Q.B. 675; 79 Cr App.R.86.CA; or "involving, according to the current notions of fair trading among commercial men, real moral blame" Re Patrick & Lyon Ltd [1933] Ch. 786, Ch D, per Maugham J. at p.790"

We are advising individuals to go to the police - They are so interested in the with intent part of the fraud act.

Contact RABF at www.rabf.org.uk for advice.

Prudential Regulation Authority (United Kingdom)

We have contacted the PRA with the objective of meeting them.  It is maddness that banks can claim that lending via asset based lending is covered by the Sale of Goods Act 1979.  That the PRA has no say or control over this lending or the banks

It is like claiming that the Bank of England has no control over the PRA!

From Wikipedia, the free encyclopedia

Prudential Regulation Authority

Abbreviation	PRA
Predecessor	Financial Services Authority
Formation	1 April 2013
Headquarters	20 Moorgate London EC2R 6DA
Region served	United Kingdom
Key people	Mark Carney (Governor of the Bank of England) Andrew Bailey (Deputy Governor of the Bank of England and Chief executive)
Main organ	Board of directors
Parent organisation	Bank of England
Website	www.bankofengland.co.uk/pra

^{http://en.wikipedia.org/wiki/Prudential_Regulation_Authority_%28United_Kingdom%29}

Demostration at the prestigous Finance Professional Show 5th November 2014

- Register as a delegate - 

 5th November 2014, Olympia Central

 


After last years highly successful deomstration at Parliament - the Finance Professional Show is where some of the worst factoring companies show their wears to entrap others in the this totally unregulated industry

Please register at the show to gain entrance- http://www.financeprofessionalshow.co.uk/visitors/register/

contact RABF at demostration2014@rabf.org.uk if you are coming - it will be an interesting day

National Crime Agency - cutting serious and organised crime

The NCA is a new crime-fighting agency with national and international reach and the mandate and powers to work in partnership with other law enforcement organisations to bring the full weight of the law to bear in cutting serious and organised crime.

 

 It is fair to say that what we are wittnessing with factoring company after factoring company committing fraud time after time - with individuals making small fortunes let alone the company by committing fraud with the law enforcement agencies (including HMRC) not been given enough cases to go after these criminals.

We have noted the same insolvency practitioners use the same tricks to hide their tracks with the authorirites and the police.

Through RABF we are now picking up on a common MO and the cases studies to back up our allegations.

Builder Clive May to sue RBS for 'mis-sold' loan - Same miss-selling- same PG- same misery- same bank(s)

 A Flintshire builder whose company went under after he claims the RBS mis-sold him a government-backed loan is to sue the banking group.Clive May's firm ceased trading five days before Christmas 2013 with the loss of 17 staff and 13 sub-contractors from the Mold firm.

There are now calls for a review of the Enterprise Finance Guarantee (EFG), which helps small businesses obtain funding they may not get elsewhere. RBS said they could not comment.

"I left school without any qualifications and built a company with a turnover of £2.6 million, and a first class reputation”

Clive May Mr May's firm, C May Brickwork, had been operating over 30 years before it was forced into liquidation because of cash flow problems.

He blames the bank for advising him to reduce his £245,000 overdraft to £70,000 and replace it with a government-supported EFG loan of £150,000.
He says he understood the terms of the loan meant he would be liable for only 25% of the debt if his company failed and was not told that he would effectively be responsible for the full amount.

"If we hadn't lost our overdraft on the back of a mis-sold loan, we'd still be trading," said Mr May.
"I left school without any qualifications and built a company with a turnover of £2.6m, and a first-class reputation.

 
Mr May's firm was involved in building the Welsh government's Llandudno Junction HQ

Mr May's MP, David Hanson, has written to UK Business Secretary Vince Cable calling for a full review of the scheme and North Wales AM Mark Isherwood has also taken up the case. 

http://www.bbc.co.uk/news/uk-wales-north-east-wales-28853145

Regulator penalises firm £250,000 for failure to comply with rules!

Ofcom penalised the firm £250K for failure to comply with its rules - ABFA struggles to fine factoring companies £25K for destroying solvent businesses.

It beggers disbelief when a mobile phone company does not follow the correct escallation process for complaints and gets fine £250K - A factoring company committs fraud and gets a slap on the wrist by ABFA or even worse their support in covering up the crime.

"The fine imposed on Three takes account of the shortcomings in its complaints handling, but reflects that the harm to consumers in this case was limited."

http://news.sky.com/story/1349448/mobile-firm-three-fined-over-complaints

OFCOM said the fine was part of its wider monitor and enforcement programme to make sure providers deal with customer complaints fairly.

Brooks Newmark quits as an MP - A sad day for the campaign

Brooks Newmark who has battled tirelessly for the rights of those affected by the fraudalent activities of asset based lending has been forced to stand down as an MP at the General Election.

Brooks has driven our campaign with a number of great MP's at Westminister and we hope that he remains one of our many champions over the coming years - His knowledge and desire to support our campaign has helped so much.



We wish Brooks and his lovely family private time now so that they can rebuild their lives.

Several people have rung asking if they should send a card or a letter of support - We would ask that you do please addressed to Parliament or his constituency office - http://www.brooksnewmark.com/contact

http://www.bbc.co.uk/news/uk-politics-29586898

Andrew Bailey - Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority - A key man for reform of asset based lending

Andrew Bailey assumed the role of Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority (PRA) on 1 April 2013. As Deputy Governor for Prudential Regulation and CEO of the PRA, Andrew Bailey is also a member of the Bank’s Court of Directors, the PRA Board, the Financial Policy Committee, and the Board of the Financial Conduct Authority.

 

While retaining his role as Executive Director of the Bank, Andrew joined the Financial Services Authority in April 2011 as Deputy Head of the Prudential Business Unit and Director of UK Banks and Building Societies. In July 2012, Andrew became Managing Director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, investment banks and insurance companies. Andrew was appointed as a voting member of the interim Financial Policy Committee at its June 2012 meeting.

Previously, Andrew has worked at the Bank in a number of areas, most recently as Executive Director for Banking Services and Chief Cashier, as well as Head of the Bank's Special Resolution Unit (SRU). Previous roles include Governor's Private Secretary, and Head of the International Economic Analysis Division in Monetary Analysis.

Small Business, Enterprise and Employment Bill 2014-15 - letter sent to Vince Cable MP

Dear Minister,

I note that Small Business, Enterprise and Employment Bill 2014-15 is presently working its way through parliament.  Part of the bill covers asset based lending (factoring and invoice discounting) with the outlawing of clauses preventing the sale of invoices, known as 'bans on assignment'.  These clauses are often demanded by larger businesses, particularly in the retail sector, preventing their SME suppliers from using the invoices they issue to secure funding to grow their businesses for good reason. 

From the Financial Times:

“However, several business owners have told the Financial Times that alarm bells would ring in their finance departments if they discovered that a supplier had employed a factoring company to chase its bills.”
“John Readman, commercial director of Leeds-based Search Laboratory, said news that a factor had taken over a supplier’s order book automatically triggers a “flag” for his accounts department to investigate the company’s viability.”
“Whether it is reality or not it is a perception issue,” he said. “Factoring is where you lose control [of the relationship] with the client.” The client loses control of their own destiny once they sign a factoring agreement http://www.ft.com/cms/s/0/943b3bd0-f446-11e2-a62e-00144feabdc0.html#axzz2bnDdX7KL

Has the Government not learnt any thing from the Tomlinson Report?  Lawrence high lighted those aspects of commercial lending that were supposed to be covered by the regulations applicable to banking.  RBS is having to make wholesale reforms to significant areas of their commercial lending, but does not have to touch its factoring division as the bank alleges it is not covered by any regulation.

The factoring industry has made a poor attempt to paper over wide spread fraud and unacceptable practises in the industry by most of the high street banks and a number of private providers.  Frances Coulson in her testimony to the Treasury Select committee gave an example where a factoring company had charged £2-300K in termination fees, having never leant a penny.  Who was the loser? HMRC

A member of staff when asked at Close Brothers why do you apply termination fees?  Replied “It is better for us [Close Brothers] to get the money than HMRC”.  One factoring company, 70% oif their turnover, not profit was based upon termination fees from companies that they had put into insolvency against the wishes of the directors of their clients.

These companies that are banning assignment of invoices are doing so to protect themselves from suppliers who are forced into insolvency by factoring company for pure greed at the expense of unsecured creditors.  Why would you make £40K a year legitimately when you can make £400K by putting your client into insolvency and applying ‘fraudulent’ termination fees?

Asset based finance industry lends £18.9bn, to over 40,000 companies employing around 1M people in the last quarter, the practice is only covered by the Sale of Goods Act 1979, which was not envisaged to be the only recourse for people who have lost their business, livelihood and possibly their homes.

I have attached one of many letters that RABF has seen from Lloyds Commercial Finance which illustrates graphically the catch 22 that SME’s are in once they sign an asset based contract.

We are therefore requesting that you remove this part of the Bill covering ‘ban on assignments’ as it goes through Parliament.

We would further request a meeting with your self to explain the dire state that asset based lending is in within the UK and the affect that being unregulated is having on UK SME’s.  A significant number of solvent businesses are being closed for greed by their factoring company by a number of questionable clauses in their contracts.

Best wishes

Brian Moore

For and Behalf of

The Campaign for the Regulation of the Asset Based Finance Industry

07825050704

www.rabf.org.uk

NatWest Corporate & Commercial Banking - RBS in disguise

Interestingly if you scratch the thinnest vineer from Nat West you get RBS



We have several interesting cases and we are looking for more

Contact Natwest@rabf.org.uk

Two HSBC directors quit in protest over new conduct rules - the fear of jail!

Two board members at HSBC’s UK unit are preparing to quit as part of a growing pushback against stiff new rules that would jail reckless bankers. 

 

The moves come two months after regulators unveiled proposals for a new regime to stamp out misconduct in the City, which came in the wake of the Libor rate-rigging scandal and the collapse of Royal Bank of Scotland and HBOS.

Responding to the departures, Andrew Tyrie MP, chairman of the Treasury Committee and a driving force behind the new regime, said: “The crisis showed that there must be much greater individual responsibility in banking. A buck that does not stop with an individual often stops nowhere.”

 The move underlines the disquiet in the City over the tougher stance taken by UK regulators in the wake of the financial crisis. Some senior finance executives are warning that more directors could quit over the new regime, which is much tougher than any equivalent in the US or Europe.

http://www.ft.com/cms/s/0/a237eb26-4e12-11e4-bfda-00144feab7de.html?siteedition=uk#axzz3FXM8JLwv

British City banker pleads guilty to fraud securing first conviction in investigation

A senior banker at a British bank has pleaded guilty to charges over the rigging of the Libor interbank lending rate.

The unnamed banker who is currently on bail pleaded guilty to one count of conspiracy to defraud as part of the Serious Fraud Office's (SFO) investigation into alleged Libor rate manipulation.

A sentence will be handed down to the banker in due course after pleading guilty on Friday at Southwark Crown Court. The banker can not be named for legal reasons.  

http://www.cityam.com/1412675109/london-city-banker-pleads-guilty-libor-rate-manipulation

RBS admitted it was wrong, but still won’t compensate

RBS has admitted it was at fault but is yet to put things right. It seems to be another case of a big bank ignoring the plight of at-risk customers.







Derby-based Direct Help and Advice accused RBS of costing it at least £150,000 by mis-selling an interest rate hedging product.

 

The charity – which helps people at risk of being made homeless – had its mis-selling claim hearing in August 2013, but by the turn of the year was still waiting for a decision, forcing it to warn that it might have to shut down some of its services or close altogether, putting 40 staff out of work. After our article, the bank agreed it had mis-sold the product and handed over £150,000. But since then it has dragged its feet over compensation.

ADMIN: THE ONLY WAY TO GET JUSTICE AND RECOURSE IS TO USE THE FRAUD ACT 2006 AGAINST NAMED INDIVIDUALS

http://www.independent.co.uk/money/loans-credit/rbs-admitted-it-was-wrong-but-still-wont-compensate-9774264.html

Sale of Goods Act 1979 - The only legal protection for an asset based finance contract - maddness

The Sale of Goods Act 1979 is the only legal protection that is available for asset based finance contract.  The same act that covers pawn brokers to buying a bag of sweets - Why would any one sign their company and their house over to any factoring company with no one to complain too? Greed and Maddness

 

Part II Formation of the Contract
Contract of sale
2 Contract of sale.

(1)A contract of sale of goods is a contract by which the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration, called the price.

(2)There may be a contract of sale between one part owner and another.

(3)A contract of sale may be absolute or conditional.

(4)Where under a contract of sale the property in the goods is transferred from the seller to the buyer the contract is called a sale.

(5)Where under a contract of sale the transfer of the property in the goods is to take place at a future time or subject to some condition later to be fulfilled the contract is called an agreement to sell.

(6)An agreement to sell becomes a sale when the time elapses or the conditions are fulfilled subject to which the property in the goods is to be transferred.

Continue reading http://www.legislation.gov.uk/ukpga/1979/54

Demostration at the prestigous Finance Professional Show 5th November 2014

  - Register as a delegate - 

 5th November 2014, Olympia Central

After last years highly successful deomstration at Parliament - the Finance Professional Show is where some of the worst factoring companies show their wears to entrap others in the this totally unregulated industry

Please register at the show to gain entrance- http://www.financeprofessionalshow.co.uk/visitors/register/

contact RABF at demostration2014@rabf.org.uk if you are coming - it will be an interesting day

P and A Associates - enquiries keep coming in after the second BIS raid

There have been a number of enquiries with respect to the P & A Associates from a number of individuals since the raid by BIS supported by the police.

 

we are considering set up a conference in Sheffield to move to the next stage with what has been going on at this insolvency practitioner - which is clealy worying.

Please contact ourselves at PandA@rabf.org.uk