Tag archives for Equity Release Spain

Limitation of Liability Clause Used by Banks

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Most of the banks are using the “limitation of liability” clause to argue that, whilst “every endeavour has been made to ensure the accuracy of the information provide, we cannot take any responsibility for losses sustained as a result of relying total or partially on it”.

This dishonest clause, an indipensable tool in the sales kit of any dishonest business operator worth his salt, was for example used by Nordea Bank Luxembourg S.A. to say that although loads of tax advice was given, they can never be held responsible for it.

But then, article 130 of the Consumer Protection Act states the following:

Inefficacy of limitation or exoneration of liability clauses: clauses limiting or exonerating from responsibility in respect of instances of civil responsibility under this Act are not applicable and thus, inefficacious.

See what NORDEA says about their booklet:

inheritance Рthe available possibilities of ensuring that your descendants prosper;

And also: 

life assurance may be the optimal way to mitigate the impact of inheritance tax.

This, and more, in 2013 and for Spain.

 


 

Experienced investor funds-buyers beware!

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Mark Davis, from Brooks Macdonald Asset Management, warned pensioners back in 2004 of what he thought was an extremely dangerous scenario:

The situation in Spain however when dealing through unregulated advisers is much like the funds themselves; not subject to any form of regulation or approval and investors are not protected by any statutory compensation arrangements in the event of miss-selling.

The 2004 article¬†did not have the benefit of hindsight nor can now be dismissed as the typical “I knew-it-all-along” rubbish: it was happening there and then but almost no one saw it happening!¬†In fact, we can say that it was all just starting…and still he publicly warned of this very uncomfortable yet dangerous scenario.

Good for you Mark but shame not many people read your piece.

And the winner is…Sydbank

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Sydbank is the worst Equity Release offender, by far, in terms of lack of regulatory compliance for the laws in Spain.

The list below shows the shocking contempt displayed¬†by Sydbank for the host country’s laws when offering the tax-evading Equity Release to British unencumbered properties owners living in Spain:

  1. Never registered in Spain, at all, to provide any service, banking or otherwise.
  2. Opened office in Fuengirola without authorization.
  3. Used unregulated unqualified agents to capture customers.
  4. Sold tax-cheating products pretending they were fully regulated for Spain, when this was totally untrue.
  5. Offered customers Belize-based companies to conceal the investments from the Spanish authorities, a la Lord Ashcroft, operating from the Sydbank Switzerland base, but made it out to be that it was the customer who was instructing the bank to do so.

All of this has already cost them dearly: the Sydbank branch who signed the attached last page of the risible missive was closed down following the spate of damning articles, openly accusing the entity of tax evasion, published in the Danish press.

 

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