Black Horse Case referred to the Illegal Money Lender Team

[saqqara]

I have a case of mis-sold PPI that has gone to the FOS. Even though the agreement says it is with Black Horse and the agreement says that the loan and PPI are both regulated, Black Horse has argued that they are not regulated because both products were sold by an unlicensed money lender and then faxed to Black Horse, and that Black Horse then funded the loan and also funded the PPI cover from the loan.

 

This attempt by Black Horse to subvert the FOS process did derail the adjudicator who called me to say that if Black Horse did not sell the loan, then the FOS had not remit. The FSA said that they only took statistics, the OFT said the same, Trading Standards were having a Kip and did not like being woken up and the Treasury and Bank of England both said that whilst they were shocked by what they heard, they weren't interested.

 

Then, one person advised me, off the record, to refer the matter to the Illegal Money Lending Team who have said that they believe they CAN get involved.

 

So, here's the upshot. My complaint about Black Horse, supposedly regulated, has been referred to the Illegal Money Lending Team, because none of the FSA, FOS, OFT, BOE, Treasury or Trading Standards can find a remit to regulate.

 

How laughable is that. No wonder the banking system is in such a mess if an organisation that chases down illegal loan sharks, criminals and low lifes is picking up a Black Horse case because the regulators who should regulate Black Horse have been caught napping!!!

[kennythecelt]

Very disappointing to be given the runaround, but sadly not surprising.

 

Is the illegal money lending team you refer to part of Trading Standards?

[saqqara]

I believe it is a co-ordinated team of Trading Standards and Police. I went to Direct Gov UK web site and searched for Illegal Money Lending Team.

It was ironic that a regulated bank (sic) is to be investigated by a team set up to deal with loan sharks and organised crime because the regulators have failed in their job - something about which I made an official complaint about the FSA. The person who took the complaint seemed a little concerned about the implications - especially if the press got hold of it.

 

Imagine the headlines:

 

"Regulated Bank to be investigated by Illegal Money Lending Team owing to failures in Government and FSA Regulation..."

or better yet, "Has the Government got a 40% Stake in Organised Crime? Illegal Money Lending Team to investigate..."

 

Either way, I will be interested to see. the Illegal Money Lending Team are to send somebody round to take a statement from myself. So let's see what happens...

[iconoclash]

Hi - I too am struggling with Black Horse and the FOS et al who say they were not regulated at the time - ??? -they sold the loan to me over the telephone along with an insurance product! - I'm wondering if I could use this route of yours?