Tag archives for Jyske Bank Equity Release

Pensioner wins Equity Release case against Jyske Bank and SEB LIFE International Assurance Company (previously Irish Life)!

Great news for a British pensioner who has just won his equity release case against Jyske Bank and SEB Life.

In a 20-page ruling, the judge in Court 5 of Fuengirola has determined that the equity release contract entered into by the claimant and the named defendants, through Offshore Money Managers (OMM), has to be rendered null and void due to gross miselling and violation of public policy.

According to the ruling the following happened:

All publicity communicated to the plaintiff by OMM staff revolves around the enormous benefits for a foreign pensioner with a house in Spain and without a prior mortgage, and that JYSKE BANK grants a fresh new mortgage loan and delivers the amount of the same -except for a small amount derived from the pensioner- to an investment fund previously selected by the lender. And correlatively, the disadvantage that means not doing so, given the extremely burdensome progressivity of IHT (Inheritance Tax) concluding that, if nothing is done, they could be end up paying taxes of up to 81.60% of the value of the home, or its tax base.

The judge also determined that the insurance policy did not comply with the minimum standards for it to be classed as real insurance, demanding the following:

…that the insurer assumes a certain risk, that the contract has an actuarial basis and that there is adequacy between the content of the contract and the profile of the policyholder.

The Court has now ordered the land registry to remove the mortgage loan and for SEB Insurance to refund the policy sum.

Lawbird Legal Services have been the lawyers acting for the claimant.

Same Man Behind Jyske and Landsbanki Equity Release

The man of the picture is unique in that he has sold Equity Release for not one, but two banks!

His first post was with Landsbanki Marbella wherefrom his scaremongering tactics bought immense success to his company.

When the s**t was about to hit the fan, he jumped ship and found cover in Gibraltar, working for a no less amoral company: Jyske Bank.

Although years have passed since this young-ish looking gallant banker posed for the defunct magazine, you may still be able to guess who he is within this list.

Have a guess!

Following an ERVA posting, Jyske Bank Gibraltar is Slammed By Spanish Press

The most influential Spanish online news site, El Confidencial has written a damning article about the dubious practices of Jyske Bank Gibraltar, in Spain.

The piece, clearly inspired -and acknowledged twice- by a post published on ERVA, questions the activities of Jyske Bank Gibraltar in Spain and reminds that the bank was recently fined 1,7 million Euros for refusing to disclose sensitive information demanded by Spanish authorities pursuant to  anti-money laundering legislation.

The article considers Jyske Bank to be “suspicious” of acting in breach of Spanish tax and anti-money laundering provisions, just what Switzerland was accused of doing for years, but on a worldwide basis (only to finally budge under very serious pressure from the U.S.).

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