CliveH Posted September 5, 2012 Share Posted September 5, 2012 This just in:- "Law firm Regulatory Legal is filing 400 complaints against Yorkshire Bank with the Financial Ombudsman Service (FOS), alleging failures related to £60 million failed property investment Arck. The law firm previously launched a complaint against the bank on behalf of 250 investors, alleging negligence in its role as segregated account provider for Arck, but has received no response. It has since taken on a further 150 investors as clients, and plans to submit complaints to the FOS on behalf of all 400. It said the total claim would amount to around £20 million. In a letter sent to the bank, Regulatory Legal said: ‘We note that you have not provided a response to our letter in accordance with the requirements of [dispute resolution rules]. This is disappointing to our clients who had hoped you would deal with their legitimate claims against you. We now have no option but to refer these matters for the attention of the FOS.’ Investors are thought to have placed around £60 million with Arck from 2008 onwards, but in July 2011 the balance of the Yorkshire account that held the money stood at just £25, according to the Financial Services Authority. Regulatory Legal has said money appeared to have been paid out of the account in breach of restrictions. A Yorkshire Bank spokesman said: ‘As this is subject to an ongoing police investigation, it would be inappropriate for us to comment.’ .................. Not good. :-S Link to comment Share on other sites More sharing options...
nowtelse2do Posted September 5, 2012 Share Posted September 5, 2012 CliveH - 2012-09-05 10:15 AM Investors are thought to have placed around £60 million with Arck from 2008 onwards, but in July 2011 the balance of the Yorkshire account that held the money stood at just £25, according to the Financial Services Authority. .................. Not good. :-S Looks good for someone Cive. B-) Dave Link to comment Share on other sites More sharing options...
CliveH Posted September 5, 2012 Author Share Posted September 5, 2012 nowtelse2do - 2012-09-05 1:32 PM CliveH - 2012-09-05 10:15 AM Investors are thought to have placed around £60 million with Arck from 2008 onwards, but in July 2011 the balance of the Yorkshire account that held the money stood at just £25, according to the Financial Services Authority. .................. Not good. :-S Looks good for someone Cive. B-) Dave It wern't me guv (lol) Link to comment Share on other sites More sharing options...
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