Spanish Equity Release Fiasco

It was a few days ago when I was asked by a victim of Nordea’s equity release scheme in Spain, in a mood of disbelief, whether it was possible for a bank of that stature to have got it so wrong as, after all, they had plenty of money to pay for the best advice from top lawyers.

I could bring an argument against his comment relating to having plenty of money, some of it belonging to their clients-turned-victims, and the advice that this money could buy but, on their own, those fresh memories of very large banks going bust for hanky-panky practices allowed to happen by their advisors, would answer the question.

And then, by coincidence, I read on the Danish press (Copenhagen Post Online) that a few days ago the Danish Financial Services Authoriy had reported Nordea to the police for failing to make a full disclosure in relation to a jewelley firm.

http://www.cphpost.dk/business/business/51997-fsa-reports-nordea-to-police.html

Well, soon enough they will be reported to the Spanish authorities via the criminal courts for miselling financial products on the back of a bening pensioner-friendly equity release programme that was supposed to be the panacea to dodge, “legally”, inheritance and wealth taxes in Spain, all-in-one.

This financial herb-allheal to cure British homeowners from inescapable taxes has morphed into a thorn apple plant of undefined toxicity that is now like an albatross around their necks.

About Antonio Flores

Antonio Flores is the head lawyer at Lawbird, a Spanish law firm specialised in property and litigation. More on Antonio Flores.

Uncategorized Equity Release, Equity Release Victims Association, Inheritance tax Spain, Nordea Bank, Wealth Tax Spain