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Brewin and Dolphin

 
DAVID KLEIN F.inst.D FDTCB, BPSCA (Hon.)
Phone: (0034) 952 883388  Fax: (0034) 952 885643 Mobile: (0034) 610 868748
E-mail: david@thedogman.net
www.thedogman.net


Brewin Dolphin

Peter Smart

Compliance Officer

9/10/01

Peter
I apologise for the manner in which I spoke to you today. I was very angry when you stated that you had heard that I get paid or charge a fee or indeed get expenses and referred to Mrs Andrea Earl as my client.

For the records sake I do not charge anyone, what I do is absolutely free. I have no self interest as has been indicated by Colin McCready, other that to bring attention to my cause. In fact Mrs Andrea Earl is the first person I have taken on who was not a client of Henry Woods. I did this due to a Masonic mutual friend asking me to help Mrs Andrea Earl who is now desperate for help.

I pay all my expenses and telephone calls and fortunately have a pal who is a lawyer etc. These are not my clients , i do not give financial advice, I certainly am not qualified as my own investments with HWIM show!

 I 'now' use common sense, I see a lady getting on for 81 years, lost half her money, this in any language is lack of duty of care. One does not need an honours degree, to be aware of this. I wonder if Colin MacCreedy of Offshore Money Managers would have put his mother into this! Colin McGreedy had a responsibilty at his initial meeting with Andrea, under normal financial service good faith to take a complete facts find which would in normal circumstances cover her risk requirements for income or growth and if this is the case, she would not be in this position.

Andrea Earl has a small fixed income and now needs to be looking to draw on her capital to live.

It would seem that Colin now wants this matter referred to the Gibraltar Financial Commission, I personally do not think they would have any interest, however I shall find out. If the matter is to go anywhere it certainly should be reported to the DGS to enable them to be aware and for their directions and comments.

For your information I do not act on my own. I am now presenting this matter together with Colin McGreedy's correspondence etc to our little committee of 5 ( all unpaid, all but two, ex clients of Henry Woods who feel they have been mis sold and certainly been caused hardship) to decide on the next course of action. Before taking any action I shall make contact will Colin McGreedy as a matter of courtesy.
Again my sincere apologies for my manner on the telephone.
Sincerely
David Klein

At 15:10 09/10/01 +0100, Smart, Peter wrote:

A "note" read out over the phone in such a manner as to make the content
incomprehensible does not solicit a good response.  I repeat to you my last
comment which you declined to listen to when you spoke over the top of me
before putting the phone down.  Let me see all the correspondence and the
authority and only then can we review the case.

Peter Smart
Divisional Director

Brewin Dolphin Bond Managers
Tel: +44 1534 703110
Fax: +44 1534 731910
E-mail: peter.smart@brewin.co.uk
http://www.brewindolphin.co.uk/

 

To: Brewin Dolphin Peter Smart
From: David the Dogman <david@thedogman.net>
Subject: Mrs Andrea Earl
Cc:

15/10/01


Dear Sirs

Ref Mrs Andrea Earl / Colin McCready Offshore Money Managers


Mrs Earls original application form with Labro Global Funds is dated
16th April 1998. with the IFA Mr Colin McCready. This was later changed to Brewin Global.

Looking at the investment  I fail to understand why Colin McCready allowed this to slip away from 80K down to 43K. One would have thought that he would monitor this and keep in mind that the lady is 80 years old has no other money whatsoever and now not  in good health Surely this investment could have gone into a holding account earning some interest within your organization!

At the initial meeting with Andrea Earl I question if under normal financial service good faith if a complete facts find which would in normal circumstances cover her risk requirements for income or growth was taken.  if one was taken I would certainly like a copy of his.

Colin McCready has a duty of care. I do not believe in this case he has shown a duty of care. My concern is that the value as of today is £43571.00 and this shows that since March of this year until today a loss of some 14K.

I do not think it reasonable to expect at this great age those with no other capital to sit out an investment, I wonder if he would put his mother into such an investment and leave her in it with no other capital available!

The lady is 80 years old, she is unwell and has no other money? How is she to live?

I would mention that I level no complaint at the way the funds have been operated by Brewin, the complaint is simply that this is the wrong investment for a lady with no other capital and with a restricted income of approx £170 a week.

If a full fact find was taken surely in view of her circumstances this was mis sold. It is also not reasonable that an IFA can expect senior people of great age to take vast drops in investments when they have no other capital whatsoever. Old people do not have the years to sit out their investments.

For the records sake Colin McCready has indicated to others that I am getting paid and have an financial interest. This is not true, I have no financial interest and do not charge fees or expenses. I do not give financial advice .

I am seeking a fair compensation for Mrs Earl, I have no doubt she would agree that the funds should stay with Brewin but in a very safe investment and easily available.

I look forward to your comments in this matter.
Your truly

David Klein
 
To: Brewin Dolphin Peter Smart
From: David the Dogman <david@thedogman.net>
Subject: Mrs Andrea Earl
Cc:

Brewin Gobal Compliance Officer.           29 Oct 01

Dear Sirs

Ref Mrs Andrea Earl / Colin McCready Offshore Money Managers

Whilst I am awaiting your comments and a copy of your agents fact find on Mrs Earl. I would inform you that there are now two newspapers that have contacted me stating they have heard i am representing an 80 year old lady who has lost half her money by being put into a high risk equity. As yet I have not indicated the name of the IFA or your company. I have explained that two enquiries are taking place and  promised to contact them when I have your comments.

I would also like to place on record that Mrs Earl is now apart from bad health feeling hardship. Tonight she has informed me that she is now required during the next 12 months to pay the sum of £280 a month to cover rent plus repairs and painting to the building. The apartment must now go up for sale. This does not include rates, taxes, electric, food, phone,  etc.

You are aware that the matter has now been reported to the Gibraltar Financial Commission as per Colin McCready's written request to Mrs Earl dated 8 October.

I look forward to your early communication.

Your truly

David Klein

cc Gibraltar Financial Commission


original complaint.

Mrs Earls original application form with Labro Global Funds is dated
16th April 1998. with the IFA Mr Colin McCready. This was later changed to Brewin Global.

Looking at the investment  I fail to understand why Colin McCready allowed this to slip away from 80K down to 43K. One would have thought that he would monitor this and keep in mind that the lady is 80 years old has no other money whatsoever and now not  in good health Surely this investment could have gone into a holding account earning some interest within your organization!

At the initial meeting with Andrea Earl I question if under normal financial service good faith if a complete facts find which would in normal circumstances cover her risk requirements for income or growth was taken.  if one was taken I would certainly like a copy of his.

Colin McCready has a duty of care. I do not believe in this case he has shown a duty of care. My concern is that the value as of today is £43571.00 and this shows that since March of this year until today a loss of some 14K.

I do not think it reasonable to expect at this great age those with no other capital to sit out an investment, I wonder if he would put his mother into such an investment and leave her in it with no other capital available!

The lady is 80 years old, she is unwell and has no other money? How is she to live?

I would mention that I level no complaint at the way the funds have been operated by Brewin, the complaint is simply that this is the wrong investment for a lady with no other capital and with a restricted income of approx £170 a week.

If a full fact find was taken surely in view of her circumstances this was mis sold. It is also not reasonable that an IFA can expect senior people of great age to take vast drops in investments when they have no other capital whatsoever. Old people do not have the years to sit out their investments.

For the records sake Colin McCready has indicated to others that I am getting paid and have an financial interest. This is not true, I have no financial interest and do not charge fees or expenses. I do not give financial advice .

I am seeking a fair compensation for Mrs Earl, I have no doubt she would agree that the funds should stay with Brewin but in a very safe investment and easily available.

I look forward to your comments in this matter.
Your truly

David Klein
 
To: Henry Woods::Brewin Dolphin...snip... Gibraltar FSC Brian Morris
From: David the Dogman <david@thedogman.net>
Subject: Re OMM and Andrea Earl
Cc:


In spite of my requests Colin MaCready continues to harass and bully Mrs Earl.
I draw your attention to the court threat in this recent letter, and I am able to inform you that this communication caused Mrs Earl great stress and a certain amount of fear.
 I am of the opinion that this matter has gone beyond an accusation of mis selling and a lack of duty of care. This is in my opinion is unprofessional and certainly could not happen if a person was answerable to the Financial Services in the UK.

I again stress that we do not hold Brewin Global responsible for poor management of the fund. I certainly do not hold McCready responsible for this either. However I hold McCready responsible for mis selling the product originally and for a lack of duty in allowing the investment to slip away to half its value. I am still eager to read McCready's 'fact find' and his general assessment of Mrs Earl.
I now invite McCready to instruct his solicitors to proceed against me should he so wish to do so.

I am passing a copy of this to the Gibraltar Financial Commission who are currently investigating this matter. I am also considering passing this matter to the press.
Your faithfully

David Klein

 

From: "PETER SMART, BREWIN DOLPHIN SECUR" <PSMART@bloomberg.net>
To: david@thedogman.net
Subject: Re: Re OMM and Andrea Earl ( 2nd request)

I AM SORRY, BUT I AM AT A LOSS AS TO WHAT YOU WANT ME TO NOW DO?
I HAVE SPOKEN TO YOU.  I HAVE SPOKEN TO GIBRALTAR FINANCIAL SERVICES.  THE FUND HAS PERFORMED IN LINE WITH MARKET CONDITIONS.  I DO NOT HAVE AN ADVISORY OR DISC RETIONARY RELATIONSHIP WITH MRS EARL.  I DO NOT BELIEVE I HAVE EVER MET MRS EARL OR ADVISED HER IN ANY WAY.
YOU WANT ME TO COMPENSATE MRS EARL FOR MARKET MOVEMENTS?
PLEASE CLEARLY LET ME KNOW WHAT YOU ARE LOOKING FOR?
I AM OUT THE OFFICE UNTIL THURSDAY AND LOOK FORWARD TO YOUR REPLY ON MY RETURN.
PLEASE SEND ALL FURTHER E MAIL TO MY COMPANY ADDRESS. PETER.SMART@BREWIN.CO.UK.
THANK YOU.
 
To: PETER.SMART@BREWIN.CO.UK
From: David the Dogman <david@thedogman.net>
Subject: What do you think
Cc:

Mr Smart

Writing in Capitals is considered abusive on email, and is interpreted as shouting.
I do not consider you are writing with the courtesy that Brewin Dolphin normally afford, if you continue to write in an aggressive manner I shall bring this to the attention of your Board of Directors in London with copies of our correspondence. It is normal to address a person by their name.

I was of the opinion that you had passed this matter to your compliance. I do not need advice from you.
I am aware that you did not advise Mrs Earl, where have I mentioned that you gave advice?

It is normal to reply from where an email has been sent, yours state "PETER SMART, BREWIN DOLPHIN SECUR" <PSMART@bloomberg.net>, your request to reply to PETER.SMART@BREWIN.CO.UK is adhered.

I have never stated that I am seeking compensation  due to market movements, I have stated at all times that I do not hold your company responsible for poor results. Read my original complaints.
As far as I am concerned your agent who is unlawful and operates without a licence, mis sold the product to Mrs Earl, this is not a product for an 80 year old. You no doubt have a copy of your agents fact file, do you agree with it?

I am of the opinion that McCready has not had a duty of care, no honest person would have put his old mother into this, and left her to loose over 40K
I am seeking a full refund of Mrs Earls losses.
Whilst I am awaiting your reply please send me the email address of your regulators.

David Klein
 
To: "Mariani, Philippa" <Philippa.Mariani@Brewin.co.uk>
From: David the Dogman <david@thedogman.net>
Subject: Re: Andrea Earl
Cc: "'r.pratt@jerseyfsc.org'" <r.pratt@jerseyfsc.org>

Dear Mr Sangan

Thank you for your reply.
I was of the opinion that you had accepted the fact that I was acting for Mrs Earl since she spoke to you personally to confirm this.
I now send you her written authority and have no objection if you wish to call her to again confirm I am acting  for her.

I would also go on record and state that i act for her free of charge as indeed does the IFA Kevin Neal in the UK, whom I understand has made contact with both your company and Colin McCready, which has not been acknowledged by either of you.

The claim is simple. You have an obligation to ensure that your company makes due diligent enquiries before appointing agents to act for you. International Money Marketing is unregistered in Spain and therefore has no licence to operate, or give any form of financial advice. They are not answerable and do not carry PI Insurance. There are no rules with this company, which is under current investigation by the Bank of España and the DGS.

The CNMV the sole regulators in Spain inform me that your products are not registered in Spain, and according to Spanish law must be registered. If your products were registered you would also be obligated to use an approved CNMV., IFA. You would not be allowed to sell your product to a Spanish Resident or Spanish National. Mrs Earl is a Spanish Resident.

If OMM had insurance then you can be assured that a claim would have been made to their insurance company.
Your product is not in the opinion of other registered UK IFA's suitable for a lady in her senior years that lives off a small pension. The product was mis sold and certainly not monitored to ensure that Mrs Earl did not suffer losses.

I feel certain that you will agree that it is unreasonable to assume that people of this great age, who need the capital to live off, should be informed to 'sit it out'.

You are aware that it is the norm for IFA's to take a fact find. Have you requested a copy of this from your agent Colin McCready? This would make interesting reading since a true fact find would prove beyond doubt that your product was not the correct investment for this particular lady. Had Mrs Earl been advised to take income, there would have been little difference on the capital amount today. Taking capital would have made life a lot easier for her.

Mrs Earl lives alone and is not in good health. She cannot continue to live alone in Spain due to medical and her financial position,  and is trying to make arrangements to return to the UK so that she can end her days and be cared for.

Mrs Earl has lost 40K out of an 80K investment, in view of her present stress and financial problems I am seeking compensation by way of hardship on behalf of her.
Should you decide to go along this route I will gladly agree to a confidentially agreement.

Due to the way your Mr Smart has 'mishandled me' our communications have not got off to a good start. However I would very much welcome a telephone conversation with you with a view to concluding this matter quickly, since this all takes time and is costly to all concerned.
Regards
David Klein


David Klein

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