Six Erva.es associates have just launched a claim against Nordea Bank Luxembourg for misleading advertising, pursuant to the 2009 Unfair Competition and Publicity Act.
Anyone interested what the Act says can access a summary of it offered by a top UK law firm, or the contents of it, as published by the number 1 law firm in Spain (and who incidentally happens to represent one of the Equity Release banks, one which is willing to negotiate though).
And anyone curious to know which advertising is considered misleading can go to the Exhibits section of the writ, where a coloured full-copy of the law-infringing brochures are displayed.
The message Nordea put out to people was clear: if you have property in Spain and don’t have a mortgage registered against it, you are endangering the future of the generations to come. On the contrary, if you take out a mortgage loan and invest it with Nordea Luxembourg, you will enjoy the life of Riley, just as the Nordea satisfied family placidly enjoying a catch up and a picnic day out.
So much for the Nordic Values…that differentiate Nordea from their competitors.
http://bit.ly/TRxYjx
The above link relates to the ABBL – Luxembourg Bankers Association. As stated in a previous comment Nordea have signed up to a “CODE OF CONDUCT” full details can be found in this link. There seems little doubt that Nordea have not only breached the laws of Spain yet again, but also the ethics of their own Association which they have signed up to. Yet again they think that they are above the law and that they can go around will nilly ruining British pensioners lives as well as a few in France I suspect. This type of juvenile delinquent behavour by a small number of bank employees including I suspect some (full of his own importance) manager have breached their own rules, either knowingly or through negligence, must be causing such damage to his own profession and to the once good reputation of banks and financial centres and more importantly to his own banking association who appear to be trying to claw back some of the trust from the public. Both Nordea & Danske Bank should be expelled as a warning to others who stray from the straight and narrow. Lets get back to the old days where your bank was your friend and someone you would trust with your life, where transparecy was the norm. Now it is so opaque you can never get to the bottom of it. Full dossiers wil be sent to the ABBL.
As I have said in previous posts the message to me was exactly that printed above…they worry you into thinking Inheritance Tax will leave your family with very little and Nordea have the magic solution. Well done to Antonio and his team for putting together this case and I am certain we all wish the six ERVA associates true justice.