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The Whitewash Imperative
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Index
Copyright Notice
Acknowledgements
Introduction
Chapter 1
1.1 The Esteemed Status of Financial Institutions
1.2 The Experts’ Advice and Representations
1.3 The Mortgage Contract Documentation
1.4 Taken for a Fool
1.5 The Untouchables
Chapter 2
2.1 David versus Goliath
2.2 The Terms of a Contract
2.2.1 The Construction of a Contract
2.2.2 The Exemption Clause
2.2.3 The Standard Form Contract (Contract of Adhesion)
2.2.4 Other Limitations at Common Law to the Operation of Exemption Clauses
2.3 Misrepresentation
2.3.1 The Conditions Necessary for the Existence of Misrepresentation
2.3.2 Fraudulent Misrepresentation
2.3.3 Negligent Misrepresentation
2.3.4 The Duty to Disclose and Silence as a Misrepresentation
2.3.5 Statutory Misrepresentation
2.3.6 Fraud and the Conman – U.K. Law and Irish Law
2.4 Other Statutory Interventions
2.4.1 False or Misleading Statements
2.4.2 Misleading Advertising
2.4.3 Supply of Service
2.4.4 Investment Business relating to Consumer Credit Transactions
2.5 Statutory Legislation Governing Investment Business Relating To Consumer Credit Transactions —— THE UNITED KINGDOM POSITION
2.5.1 U.K. Financial Services Act 1986 — Latent Power
2.5.2 Securities and Investments Board — Financial Services Conduct of Business Rules
2.5.3 Safeguards for Investors – LAUTRO and FIMBRA
2.5.4 Financial Services Authority – Personal Investment Authority
2.5.5 Contravention of the Rules is directly actionable through a Court of Law
2.5.6 The U.K. Regulatory Regime
2.5.7 The Whitewash Road
2.5.8 The Appalling Vista
2.6 Statutory Legislation Governing Investment Business Relating To Consumer Credit Transactions – THE IRISH POSITION
2.6.1 False Assurance – Irish Insurance Act 1989
2.6.2 Huffing and Puffing – Irish Investment Intermediaries Act 1995
2.6.3 A Marked Absence of Teeth – Irish Investment Intermediaries Act 1995 and Irish Insurance Act 2000
2.6.4 The Irish Regulatory Regime
2.6.5 Control and Containment – Self Regulation: The Ombudsman Schemes
2.6.6 The Whitewash Imperative
2.6.7 A Stitch-Up in Time
2.6.8 Some Men are More Equal than Others!
2.6.9 From Whitewash to Quicklime
2.7 The Effect Of Agency
2.8 Damages For Misrepresentation
2.9 The Time Limit For Legal Action
2.10 UNTOUCHABLE! : A Preliminary Appraisal
Chapter 3
3.1 An Absolute Trust
3.2 Failure to even Mention the Existence of Onerous Conditions
3.3 No Signature incorporating the Onerous Conditions
3.4 No Sight of the Contract Conditions until After the Time of Contract
3.5 THE PROPOSAL does NOT incorporate the Mortgage Contract Conditions
3.6 A Denial of Responsibility for Misrepresentation
3.7 UNTOUCHABLE! : The Policy Documents
3.7.1 The Absence of Signature
3.7.2 A Contract of Adhesion
3.7.3 No Exemption from Liability for Pre-Contract Representations
3.7.4 An Implied Term of the Contract cannot be Negatived
3.7.5 Failure to Tell the Whole Truth
3.7.6 Breaches of Statute Law
Chapter 4
4.1 Pre-Contract: The Understanding of Investment
4.2 A Totally Trusting and Unsuspicious Mind
4.3 Post – Contract: THE SCHEDULE indicates that All Premium Payments are Invested
4.4 The Encashment Value of the Policy
4.5 Active Concealment
4.6 Investment: A Tortuous Passageway to a Tortured Meaning — The ‘Creaming Off ’ Process
4.7 Contract Conditions totally at variance with the Pre-Contract Representations
4.8 ‘Benefits’ — ‘Sleight of Hand’
4.9 Bonus: An ‘Apparent’ Additional Benefit — More ‘Sleight of Hand’
4.9.1 An ‘Apparent’ Additional Benefit
4.9.2 More ‘Sleight of Hand’
4.10 UNTOUCHABLE ! : The Labyrinth
4.10.1 The Pre-Contract Oral Misrepresentation of Investment
4.10.2 The Pre-Contract Written Misrepresentation of Investment
4.10.3 THE SCHEDULE : An Endorsement of the Pre-Contract Misrepresentations
4.10.4 Clear and Unambiguous Words CANNOT be Modified
4.10.5 Encashment : Active Concealment of Dishonest Intention
4.10.6 Investment : Active Concealment of Dishonest Intention
4.10.7 Benefits : Your Loan WILL BE Repaid
4.10.8 Bonus : An Absolute Necessity — Definitely Not a Gratuity
4.10.9 Further Breaches of Statute Law
Chapter 5
5.1 The Use of Single Payment Formulae
5.2 The Use of Uniform Series Payment Formulae
5.3 The Basic Tools of Investment Analysis
Chapter 6
6.1 APR:The Statutory Yardstick
6.2 The Reasons for Indicating APR
6.3 The Potential to Mislead
6.4 The Potential to Inflict Financial Injury
6.5 UNTOUCHABLE ! : The Cost of Credit
6.5.1 Failure to Indicate APR — In Breach of Statutory Law
6.5.2 Failure to Indicate APR — In Breach of Duty to Disclose
6.5.3 The Absence of an Informed and Voluntary Consent
Chapter 7
7.1 The Expected Return on Investment
7.2 Measuring Risk
7.3 Reward for Taking Risk
7.4 UNTOUCHABLE! : Risk
7.4.1 The Status of the Assumed Growth Rate
7.4.2 The Positive Representations Made
7.4.3 The Duty to provide the Information Necessary to an Informed Decision
7.4.4 Infringements of Statute Law
Chapter 8
8.1 The Case 1 Mortgage Quotation Format
8.2 Case 1: Endowment Mortgage Analysis
8.3 Case 1: Repayment Mortgage Analysis
8.4 Case 1: Financial Chicanery
8.5 Case 1: The Early Repayment Term – More Chicanery
8.6 UNTOUCHABLE! : The Financial Analysis of Case 1
8.6.1 The Real Risks
8.6.2 The Fraudulent Status of the Advice Given
8.6.3 A Truthful Financial Analysis is NEVER Presented
8.6.4 The Should be No Euphesim for Fraud
8.6.5 Misrepresentation Every Which Way
8.6.6 The Independent Financial Adviser
8.6.7 Other Infringements of Statute Law
Chapter 9
9.1 Case 2 Mortgage Quotation Format
9.2 Case 2: Endowment Mortgage Analysis
9.3 Case 2: Repayment Mortgage Analysis
9.4 Case 2: Financial Chicanery
9.5 Case 2: The Early Repayment Term —— More Chicanery
9.6 UNTOUCHABLE! : The Financial Analysis of Case 2
9.6.1 The Real Risks
9.6.2 The Fraudulent Status of the Advice Given
9.6.3 A TruthFinancial Analysis is NEVER Presented
9.6.4 There should be No Euphemism for Fraud
9.6.5 Misrepresentation Every Which Way
9.6.6 The Independent Financial Adviser
9.6.7 Other Infringements of Statute Law
Chapter 10
10.1 The Life Assurance Companies Know the Facts
10.2 The Reason Why
10.3 UNTOUCHABLE! : The Gravy Train
10.3.1 Risks WHOLLY CREATED by the Life Assurance Company
10.3.2 Further Clarification of the Risks associated with DEPENDENCE on Bonus
10.3.3 Conscious Knowledge that a False Impression is being imparted to the Borrower
10.3.4 An Instrument that provides UNEARNED PROFIT for the Life Assurance Company
10.3.5 Material Risks KNOWN to the Life Assurance Company
10.3.6 Exposure to Unreasonable Risk with No Object to be Attained
10.3.7 Breaches of Statute Law
10.3.8 A Disease of the Oldest Profession
Chapter 11
11.1 Epilogue
Appendices Index
Home
Index
Copyright Notice
Acknowledgements
Introduction
Chapter 1
1.1 The Esteemed Status of Financial Institutions
1.2 The Experts’ Advice and Representations
1.3 The Mortgage Contract Documentation
1.4 Taken for a Fool
1.5 The Untouchables
Chapter 2
2.1 David versus Goliath
2.2 The Terms of a Contract
2.2.1 The Construction of a Contract
2.2.2 The Exemption Clause
2.2.3 The Standard Form Contract (Contract of Adhesion)
2.2.4 Other Limitations at Common Law to the Operation of Exemption Clauses
2.3 Misrepresentation
2.3.1 The Conditions Necessary for the Existence of Misrepresentation
2.3.2 Fraudulent Misrepresentation
2.3.3 Negligent Misrepresentation
2.3.4 The Duty to Disclose and Silence as a Misrepresentation
2.3.5 Statutory Misrepresentation
2.3.6 Fraud and the Conman – U.K. Law and Irish Law
2.4 Other Statutory Interventions
2.4.1 False or Misleading Statements
2.4.2 Misleading Advertising
2.4.3 Supply of Service
2.4.4 Investment Business relating to Consumer Credit Transactions
2.5 Statutory Legislation Governing Investment Business Relating To Consumer Credit Transactions —— THE UNITED KINGDOM POSITION
2.5.1 U.K. Financial Services Act 1986 — Latent Power
2.5.2 Securities and Investments Board — Financial Services Conduct of Business Rules
2.5.3 Safeguards for Investors – LAUTRO and FIMBRA
2.5.4 Financial Services Authority – Personal Investment Authority
2.5.5 Contravention of the Rules is directly actionable through a Court of Law
2.5.6 The U.K. Regulatory Regime
2.5.7 The Whitewash Road
2.5.8 The Appalling Vista
2.6 Statutory Legislation Governing Investment Business Relating To Consumer Credit Transactions – THE IRISH POSITION
2.6.1 False Assurance – Irish Insurance Act 1989
2.6.2 Huffing and Puffing – Irish Investment Intermediaries Act 1995
2.6.3 A Marked Absence of Teeth – Irish Investment Intermediaries Act 1995 and Irish Insurance Act 2000
2.6.4 The Irish Regulatory Regime
2.6.5 Control and Containment – Self Regulation: The Ombudsman Schemes
2.6.6 The Whitewash Imperative
2.6.7 A Stitch-Up in Time
2.6.8 Some Men are More Equal than Others!
2.6.9 From Whitewash to Quicklime
2.7 The Effect Of Agency
2.8 Damages For Misrepresentation
2.9 The Time Limit For Legal Action
2.10 UNTOUCHABLE! : A Preliminary Appraisal
Chapter 3
3.1 An Absolute Trust
3.2 Failure to even Mention the Existence of Onerous Conditions
3.3 No Signature incorporating the Onerous Conditions
3.4 No Sight of the Contract Conditions until After the Time of Contract
3.5 THE PROPOSAL does NOT incorporate the Mortgage Contract Conditions
3.6 A Denial of Responsibility for Misrepresentation
3.7 UNTOUCHABLE! : The Policy Documents
3.7.1 The Absence of Signature
3.7.2 A Contract of Adhesion
3.7.3 No Exemption from Liability for Pre-Contract Representations
3.7.4 An Implied Term of the Contract cannot be Negatived
3.7.5 Failure to Tell the Whole Truth
3.7.6 Breaches of Statute Law
Chapter 4
4.1 Pre-Contract: The Understanding of Investment
4.2 A Totally Trusting and Unsuspicious Mind
4.3 Post – Contract: THE SCHEDULE indicates that All Premium Payments are Invested
4.4 The Encashment Value of the Policy
4.5 Active Concealment
4.6 Investment: A Tortuous Passageway to a Tortured Meaning — The ‘Creaming Off ’ Process
4.7 Contract Conditions totally at variance with the Pre-Contract Representations
4.8 ‘Benefits’ — ‘Sleight of Hand’
4.9 Bonus: An ‘Apparent’ Additional Benefit — More ‘Sleight of Hand’
4.9.1 An ‘Apparent’ Additional Benefit
4.9.2 More ‘Sleight of Hand’
4.10 UNTOUCHABLE ! : The Labyrinth
4.10.1 The Pre-Contract Oral Misrepresentation of Investment
4.10.2 The Pre-Contract Written Misrepresentation of Investment
4.10.3 THE SCHEDULE : An Endorsement of the Pre-Contract Misrepresentations
4.10.4 Clear and Unambiguous Words CANNOT be Modified
4.10.5 Encashment : Active Concealment of Dishonest Intention
4.10.6 Investment : Active Concealment of Dishonest Intention
4.10.7 Benefits : Your Loan WILL BE Repaid
4.10.8 Bonus : An Absolute Necessity — Definitely Not a Gratuity
4.10.9 Further Breaches of Statute Law
Chapter 5
5.1 The Use of Single Payment Formulae
5.2 The Use of Uniform Series Payment Formulae
5.3 The Basic Tools of Investment Analysis
Chapter 6
6.1 APR:The Statutory Yardstick
6.2 The Reasons for Indicating APR
6.3 The Potential to Mislead
6.4 The Potential to Inflict Financial Injury
6.5 UNTOUCHABLE ! : The Cost of Credit
6.5.1 Failure to Indicate APR — In Breach of Statutory Law
6.5.2 Failure to Indicate APR — In Breach of Duty to Disclose
6.5.3 The Absence of an Informed and Voluntary Consent
Chapter 7
7.1 The Expected Return on Investment
7.2 Measuring Risk
7.3 Reward for Taking Risk
7.4 UNTOUCHABLE! : Risk
7.4.1 The Status of the Assumed Growth Rate
7.4.2 The Positive Representations Made
7.4.3 The Duty to provide the Information Necessary to an Informed Decision
7.4.4 Infringements of Statute Law
Chapter 8
8.1 The Case 1 Mortgage Quotation Format
8.2 Case 1: Endowment Mortgage Analysis
8.3 Case 1: Repayment Mortgage Analysis
8.4 Case 1: Financial Chicanery
8.5 Case 1: The Early Repayment Term – More Chicanery
8.6 UNTOUCHABLE! : The Financial Analysis of Case 1
8.6.1 The Real Risks
8.6.2 The Fraudulent Status of the Advice Given
8.6.3 A Truthful Financial Analysis is NEVER Presented
8.6.4 The Should be No Euphesim for Fraud
8.6.5 Misrepresentation Every Which Way
8.6.6 The Independent Financial Adviser
8.6.7 Other Infringements of Statute Law
Chapter 9
9.1 Case 2 Mortgage Quotation Format
9.2 Case 2: Endowment Mortgage Analysis
9.3 Case 2: Repayment Mortgage Analysis
9.4 Case 2: Financial Chicanery
9.5 Case 2: The Early Repayment Term —— More Chicanery
9.6 UNTOUCHABLE! : The Financial Analysis of Case 2
9.6.1 The Real Risks
9.6.2 The Fraudulent Status of the Advice Given
9.6.3 A TruthFinancial Analysis is NEVER Presented
9.6.4 There should be No Euphemism for Fraud
9.6.5 Misrepresentation Every Which Way
9.6.6 The Independent Financial Adviser
9.6.7 Other Infringements of Statute Law
Chapter 10
10.1 The Life Assurance Companies Know the Facts
10.2 The Reason Why
10.3 UNTOUCHABLE! : The Gravy Train
10.3.1 Risks WHOLLY CREATED by the Life Assurance Company
10.3.2 Further Clarification of the Risks associated with DEPENDENCE on Bonus
10.3.3 Conscious Knowledge that a False Impression is being imparted to the Borrower
10.3.4 An Instrument that provides UNEARNED PROFIT for the Life Assurance Company
10.3.5 Material Risks KNOWN to the Life Assurance Company
10.3.6 Exposure to Unreasonable Risk with No Object to be Attained
10.3.7 Breaches of Statute Law
10.3.8 A Disease of the Oldest Profession
Chapter 11
11.1 Epilogue
Appendices Index
Appendix 1/6
First National Home-Way Mortgage Plan — Policy Documentation, comprising:
Home
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Appendix 1/6
Appendix 1/6
Document 6A
Cover letter from Irish Life, dated 31st July 1991, accompanying the policy documentation
Document 6B
The Schedule
Document 6C
The First National Home-Way Mortgage Plan - THE CONTRACT - The Provisions, Privileges and Conditions.