Latest Information
aaa Reply to Linns Lawyer
aa SUNDAY MAIL TONY HETHERINGTON
Aberdeen Global
ALEXANDER ROTHKO
Allied International
Andrew Linn's Fraudulent Companies
Andrew Linn Charterhouse 12 per annum
ANDREW LINN EXPOSED BY UK PRESS
Andrew Linn in Criminal Court
ARROW INTERNATIONAL MANAGEMENT SERVICES LIMITED
Arte y Naturaleza
A ANDREW LINN BANNED
A PUBLIC WARNINGS
A WARNING
Banco de España
Banx
Barclays Bank
Baring Ireland
Blacktower Financial Management Int Ltd
Blevins Franks
Brewin and Dolphin
Brite prey on Brits HAMILTONS
BRITISH EMBASSY
Brooks Macdonald Asset Management
Bulgarian Embassy
Case Histories
CASHMAN CONTINUES FIGHT FOR JUSTICE
Castle in the Sun
Caution
Charterhouse 12 percent plus
Churchills Investments
Close International
CNMV
CNMV Complaint
Corruption Real Estate
Costa Del SCAM
Court Action
CTCU Property Fund Ltd. in compulsory liquidation
CURRENT REGULATIONS
David Vance
Debt Collection Agency
Donald Nott
Equity Release in Spain
Equity Warnings
Estepona Golf
False Adverts
Fidecs
Financial Management Direct
First Class Investments
Forsyth
FSA Advice Equity Release
FSA UK
Fund Insurance Management Corporation
Gibraltar
Gibraltar FSC
Gibraltar FSC - 2
Governor of Gibraltar
Guardian Trust Company
Guernsey FSC
Hamiltons Financial Services SL
Hansards MISS SELLING
Henry Woods
Henry Woods Failed Investments
INLAND REVENUE WARNING
Invesco
Investment Program Management Inc
Ireland FS
Isle of Man FS
Jersey FS
John Doust
John Findlater OBE
Kevin Neal International
Kevin White
Knights Insurance
KSi Costa Consulting Group
Labrow Gibraltar
Landesbanki
Landesbanki in Crisis!
Land Grab
Langtons Guide
LATEST INFORMATION
Law Could Save Homes
Leonard Berney - John Findlater OBE
Leonard Berney
Letters to the Action Group
Luxembourg FS
Mail on Sunday
Misleading Adverts
Money Penny Financial Management SL
Mutual Benefits (Viatical)
MUTUAL BENEFITS LASTES
Names of Unlicenced Advisers
Names of Unlicenced Advisors
Need an Advisor
NORMAN EDWIN STEELE
Offshore Money Managers
Offshore Protection
Offshore World SL
OFTA
Orange Finance
Paul Prew Smith
Pension and Investment Shop
Perils of Equity Release Schemes
Premier Life Henry Woods
Premier Low Risk Fund
Press Articles
Property RIP OFF
Protection
PUBLIC DEMONSTRATION
Remington Growth Fund Andrew Linn
Retiring in Spain
RIP OFF COMMISSIONS
Rock Financial Services
Rothschilds
Savignon Financial Services
Scandals
Scottish Widows
Sensible Options
Sheperds and MBC
Sheperds and MBC latest
Spanish Financial Services
Spanish Regulations
Spanish Stamp Fraud
Stamp Scam
Unlicenced Companies
Unlicenced Financial Advisors
Westhill Investments
Who Are We
Your Future Financial Services SL
Andrew Linn Remington Growth Fund

Baring Ireland

Correspondence to Barings in Ireland

 

To: ian.milton@baring-asset.com
From: David the Dogman <david@thedogman.net>
Subject: Henry Woods (Baring)
Cc:

Baring Asset Managment
Compliance Officer

Dear Mr Milton

Further to my last fax of the 12th of February in which I advised you that my complaint is not only directed about the performance of your fund, more importantly it is directed at you as a regulated organisation using the services of an unregulated broker to sell your products in Spain.

Henry Woods are advertising you and your services. Also they offer people like me independent financial advice, which has resulted in the sale of your products. They informed me that they are authorized to sell your products. No doubt this is why they advertise them.

I need to ask you again if you have authorized Henry Woods to act on your behalf.

I am copying this email to IMRO in view of the fact that you ignored my fax
communication of the 12th of February 01

David Klein

cc Imro
---------------------------------------------------------------------------------------------------------------
To: ian.milton@baring-asset.com
From: David the Dogman <david@thedogman.net>
Subject: Re: Henry Woods (Baring)
Cc:

Barings

Dear Mr Milton

Further to my correspondence I now present the facts to you.

I was given investment advice by Donald Nott of Henry Woods, which led him to mis sell to me various products on the 8th February 2000 which included your product.

Despite my repeated requests to subsequently sell these investments within 2 weeks of purchase Donald Nott refused my instructions and sent me inappropriate letters.
Over the past 12 months I have sent repeated faxes and emails to Henry Woods which resulted in one meeting  on April the 14th 2000. At this time we were 12K down , we begged Mr Nott to put us into something safer stressing again that we considered this high risk. At this stage for the first time Mr Nott mention that this was a 5 year plan, we emphasized we did not want a 5 year plan explaining our requirement for income that we needed to live from day to day.

Donald Nott emphasized very strongly that we must not sell and that the funds would come back and show massive profits. We had to take his advice.

My wife and I were most anxious a few weeks later we were18K  down, a few weeks later 20K then just building up losses. My wife and I became suspicious of his lack of professionalism by his avoidance and when we were able to speak on the telephone his rudeness and abruptness and arrogance which is confirmed in his correspondence which we can produce.

I observed the advertisements in the local press and especially on radio were most misleading and challenged him on this, again he was rude and abrupt. This resulted in me making contact with the  CNMV, the regulatory body in Spain for all investment business conducted on all Spanish territory, who have written to me confirming Henry Woods are not authorized by them  or any other body to conduct investment business in Spain. Within the next week this matter is being referred to the Guardia Civil since I am advised this is a criminal matter.

I refer you to the website of Henry Woods http://www.henrywoods.com/ in this you will observe he is acting for many leading houses. I  have in my possession many misleading advertisements by Henry Woods which unfortunately he gets away with due to the fact that the Consumer Office do not monitor English newspapers in Spain. A report is now being made to the Consumer Office.
Henry Woods take prime time on local radio and has a heavy presence on the Costa Del Sol, and the Costa Blanca capturing the ex pat market.

Donald Nott gave us about one hour to explain what he was going to do with our funds, he also explained to us loud and clear that he does not usually take on clients with such a small amount as 157K and that his clients normally invest 500K upwards. We were grateful that he took us on board. When I asked if we could have a  statement of our funds weekly we were informed in no uncertain terms that he would not do this since it was not good to look at figures weekly. He said he would do this every month, he did, but only after constant calls from us.

Due to bad advice, we have lost one third of our money ( Approx 60K) which will obviously have an enormous effect on our lives. We clearly informed Donald Nott of our affairs and emphasized  we needed  a quarterly income. Donald Nott assured us we would could draw up to  7.5% . We informed Nott that he should bear in mind we would only be able to  rely on my old age pension ( I am 64) and have no company or private pensions. My wife is not entitled to a pension. We explained that we needed income and were informed that we would be able to draw 7.5% pa. from our investments without loosing the capital.  At the time we were changing our investments we wanted to hold on to 15K which we wanted to live off, Donald Nott insisted we pass these funds to him, he informed us this would make more money and we could draw this at anytime.Within a few weeks we had to draw off funds, and we still have to draw off, so we have no chance of monies we draw off, of making profit. The products have been mis sold. We never wanted investment with high risk.
We were led to believe we could not draw funds without Mr Notts approval because he would be switching them from one fund to another.
Our money 157K was in sterling he informed us to change to Dollars and Euro's we were not happy but were informed that we were in Spain and the Euro was needed here.

Mr Nott produced many portfolio's,with the names blanked out showing profits over 40%, obviously we were most impressed. We are now aware he uses this ploy and also informs clients that he is doing them a favour taking funds for investment which are below 500K.

Please note that Imro and The Bank of Ireland are aware of this correspondence and receiving copies.

Finally I would mention that I am looking for full compensation with regard to the losses I have suffered as a direct result of receiving advice and products being mis sold from an unregulated broker acting illegally in Spain, on your behalf.

I look forward to your comments
Yours truly
David Klein
---------------------------------------------------------------------------------------------------------------------------
From: David Hammond <David.Hammond@IFM-Ireland.com>
To: "'david@thedogman.net'" <david@thedogman.net>
Cc: Ian Milton <ian.milton@baring-asset.com>
Subject:

Dear Mr Klein,

Thank you for your e-mail yesterday addressed to Ian Milton, who is travelling at the moment and who has asked me to respond to you on behalf of Baring International Fund Managers (Ireland) Limited, the manager of the Baring Eastern Europe Fund.

I attach a copy of my response to your previous letter to Ian Milton sent to you on 28 February last, which may not yet have reached you. The letter explains that Henry Woods Investment Management is an independent adviser and does not provide advice on behalf of Baring International Fund Managers (Ireland) Limited. We cannot therefore accept any responsibility for any advice you may have received from Henry Woods investment Management.

When agreeing to accept subscriptions for funds we manage from independent advisers such as Henry Woods Investment Management, we require them to agree to a number of contractual terms, among which is included a commitment from the adviser to ensure that it has complied with any necessary regulatory requirements in the locations where it operates. Henry Woods Investment Management has agreed to this contractual requirement. Following receipt of your earlier correspondence, we have asked Henry Woods Investment Management to confirm their regulatory status to us and they have done so.

If you are unhappy with the service you have received from Henry Woods Investment Management, you should direct your queries to them.

Yours sincerely

David Hammond

--------------------------------------------------------------------------------------------------------------------------------------------

To: David Hammond <David.Hammond@IFM-Ireland.com>
From: David the Dogman <david@thedogman.net>
Subject: Re:
Cc: Ian Milton <ian.milton@baring-asset.com>



Dear Mr Hammond
Thank you for your comments.  I have your previous reply.
May I ask what you require your agents to agree to regarding contractual terms?
I would also ask in which manner Henry Woods were able to confirm their regulatory status. This is important for me to know to enable me to contact that authority to address my complaint.
I would be obliged if you would reply to this email today.
Your sincerely
David Klein

cc Imro
     Bank of Ireland
     B Tracy

To: "'david@thedogman.net'" <david@thedogman.net>
Cc: Ian Milton <ian.milton@baring-asset.com>


Dear Mr Klein,

Thank you for your e-mail yesterday addressed to Ian Milton, who is travelling at the moment and who has asked me to respond to you on behalf of Baring International Fund Managers (Ireland) Limited, the manager of the Baring Eastern Europe Fund.

I attach a copy of my response to your previous letter to Ian Milton sent to you on 28 February last, which may not yet have reached you. The letter explains that Henry Woods Investment Management is an independent adviser and does not provide advice on behalf of Baring International Fund Managers (Ireland) Limited. We cannot therefore accept any responsibility for any advice you may have received from Henry Woods investment Management.

When agreeing to accept subscriptions for funds we manage from independent advisers such as Henry Woods Investment Management, we require them to agree to a number of contractual terms, among which is included a commitment from the adviser to ensure that it has complied with any necessary regulatory requirements in the locations where it operates. Henry Woods Investment Management has agreed to this contractual requirement. Following receipt of your earlier correspondence, we have asked Henry Woods Investment Management to confirm their regulatory status to us and they have done so.

If you are unhappy with the service you have received from Henry Woods Investment Management, you should direct your queries to them.

Yours sincerely

David Hammond

-----------------------------------------------------------------------------------------------------------------------------------------------

From: David Hammond <David.Hammond@IFM-Ireland.com>
To: 'David the Dogman' <david@thedogman.net>
Subject: RE:

Dear Mr Klein
 
Regretfully, the terms of our contractual arrangements with Henry Woods Investment Management are subject to commercial confidentiality, as would be arrangements with any third party. Henry Woods are also best placed to give you details of their regulatory arrangements.
 
Please therefore refer your queries directly to them.  
 
Yours sincerely
 
David Hammond
----------------------------------------------------------------------------------------------------------------------------------------------
To: David Hammond <David.Hammond@IFM-Ireland.com>
From: David the Dogman <david@thedogman.net>
Subject: RE: Barings/Henry Woods
Cc:

Barings.

Dear Mr Hammond


You wrote:-
Following receipt of your earlier correspondence, we have asked Henry Woods Investment Management to confirm their regulatory status to us and they have done so.

You have a copy of a letter from the only regulatory organisation in Spain.The Comision Nacional del Mercado de Valores  which clearly state that Henry Woods Investments Management is not registered or authorized to provide investment services in Spain. Therefore I do not accept that he is acting legally in Spain, neither should you. No doubt  his office premises  are licensed with the local Town Hall, but this is not a licence to provide investment services.

I assume in the light of the letter I produced to you  from the CNMV  that either you or I are being deceived by Henry Woods or the CNMV have misinformed me of his legality in Spain.
Can you please comment on this issue?

For the sake of good order upon receipt of your email today,  I made further contact with the CNMV and they re confirm their comments, suggesting that i contact the police for further action, which I will be doing.

It it obvious from your communication that you have contractual agency arrangements with Henry Woods, no doubt your regulators will be able to have sight of this agreement to determine if you have any responsibility in this matter.

Yours sincerely
David Klein
---------------------------------------------------------------------------------------------------------------------------------------------------
To: <david@thedogman.net>
From: David Hammond <David.Hammond@IFM-Ireland.com>(by way of David the Dogman <david@thedogman.net>)
Subject: RE: Barings/Henry Woods

Dear Mr Klein
 
I can only repeat what I said in my previous e-mail - Henry Woods Investment Management are best placed to answer your queries.
 
Yours sincerely,
 
David Hammond 
------------------------------------------------------------------------------------------------------------------------------------------
To: David Hammond <David.Hammond@IFM ...snip... Dogman <david@thedogman.net>)
From: David the Dogman <david@thedogman.net>
Subject: RE: Barings/Henry Woods
Cc:


Dear Mr Hammond
One or two points for the record.
The following came in from the Mercado de Valores yesterday should you wish to get this confirmed their email is <dap@cnmv.es>
_________________
At 18:21 06/03/01 +0100, you wrote:
Further to your fax, we would like to inform that Henry Woods Investment
Management is not registered with this C.N.M.V., either as a Broker
Broker/Dealer or as a representative of any Spanish Broker or Broker Dealer.
Consequently, this company is not authorised to provide investment services
in Spain.
________________
I now have your letter of the 28th of February for which I thank you, however for the record I would comment that at no time have I commented on the funds performance and at no time have I asked for your comments on the fund.

Henry Woods gave your company a thumbs down last November in the English press in Spain, stating that your Baring European was no longer performing well when your managers left to head up Shroeders. Comparisons were made against other companies all showing plus % Baring European was the only fund showing a loss. He put this down to movement of your staff.
Although  I must confess that i do not accept any of the figures stated by Henry Woods as true or accurate regarding profits.

Your sincerely
David Klein
-------------------------------------------------------------------------------------------------------------------------------------------------
 
THEY DID NOT REPLY TO THIS COMMUNICATION
 
To: Henry Woods::Baring/ Hammond
From: David the Dogman <david@thedogman.net>
Subject: Yourselves and Henry Woods
Cc: Henry Woods::FT Isabel.Berwick ...snip... IMRO Roger_Marshall, Irish IFS

Baring
Compliance Officer
David Hammond

Dea Sir

At the time of writing our syndicate has 66 families that have been mis sold investments by Henry Woods most of whom have been caused hardship due to the fact that Donald Nott has no duty of care for his 'Victims'

You are/were culpable in knowingly allowing your products to be distributed and traded in Spain to Spanish resident investors without the proper authority of the Spanish regulator. Any investment traded on behalf of a Spanish resident is required to be authorised by the Spanish regulator. If you would be kind enough to advise me of your appointed fiscal representative in Spain (as is required by the regulatory regime here) I will address my concerns to your appointee. Any investment company domiciled outside of Spain who wishes to sell or trade on behalf of Spanish resident investors is required to appoint a fiscal representative. It is not the case that by limiting sales to foreigners living here that you are excused this responsibility. The regulatory regime covers all residents of Spain regardless of their nationality.

If you do not furnish me with the appointed fiscal representative of your company within the next few days I will instigate an enquiry into your company through the tax authorities in Spain, and Ireland.

 Can you confirm that your company has paid commission to HWIM as an introducer of business? If you have an agreement with HWIM to represent your various funds did you determine at the time of any such agreement that HWIM was properly regulated to represent you in Spain? Does any agreement between you and HWIM require this company to provide Professional Indemnity insurance as required by the Spanish regulator?

As you are aware from my previous communications I was not given the opportunity to read the "small print" of agreements as Donald Nott of HWIM did not allow the opportunity. I realise that this is my responsibility but in a practical sense, as you will appreciate, I was relying upon HWIM to provide appropriate advice in meeting my investment objectives. My concern is that you allowed and possibly still do permit HWIM to represent your investment products.

Your sincerely
David Klein
 
 
 

 

© COSTA DEL SOL ACTION GROUP
Against Unlicenced Financial Advisers & Product Providers that support them.