Nykredit and Sydbank Break Every Possible Law
Convicted conman John Doust was right in one thing, when reflecting on the reasons why he had become exposed as one of the longest-serving crooks around: “internet is a terrible thing”. It definetely proved awful to him, to the point that even a relative of his found out about his latest scam via the cyberspace!
For Nykredit and Sydbank, Internet can administer the coup de grace for equity release contracts, signed with otherwise happy British unencumbered property owners, that invariably failed to achieve what was intended from them, leaving the supposedly happy beneficiaries in dire financial ruin.
It is not known how many people actually signed with them but what is clear is that Nykredit and Sydbank, in the process of recruiting their clients and getting them to sign up for their losing financial product, broke every existing law, regulation, norm, code of conduct, you name it. So since my previous post was boring enough with all the laws that these guys infringed, I will just outline 2 decisive aspects of their actions that would define their activities:
- They arrived in Spain through the back door: if the first stop for any entity or person who wishes to legally and properly advise on financial products or services in Spain is the CNMV (Spanish regulator), then the duet Nykredit/Sydbank must have swam in from Mediterranean to reach the Costa del Sol, or perhaps used the vehicle of the photo. If you go to the CNMV website you will not find trace of any of the two Danish banks…
- They arrived in Spain through the back door and actually knew they were doing so. You see, the WayBackMachine.org site tells us that back in 2007, Nykredit was selling equity release in Spain but were aware that they could not do so, and to warn people they actually posted a warning on their website that read:
“Please note that due to legal barriers, we currently only offer mortgage loans in France and Spain to Scandinavian retail customers.”
Because once you get into the habit of breaking the laws and other inconvenient regulations implemented by a different country , you end up doing the same with self-imposed prohibitions like the one above. Nykredit and Sydbank were just never allowed/authorised/cleared/legally entitled offer or sell equity release programmes to anyone in Spain, whether Scandis or not.
Shortly after realizing how wrong they were, they removed the equity release page…
And my clients, all over 60, British, and retired, have had to rent their property, start working (a lady in particular is now cleaning other people’s homes) and suffer untold levels of stress since having the misfortune of crossing paths with the chap on the picture…