David Bamford to Sir Francis Richards, Governor of Gibraltar
Apartado de Correos 168
28th February 2005
Dear Sir Francis,
Thank you for sending me hardcopy of the recent review and to Martin Fenner and his predecessor for their cooperation and help. The FSC,s approach to complainants is the opposite.Perhaps it could be persuaded to treat its clients with more compassion and respect especially those who suffer the consequences of its failure to protect them from unauthorised “introducers”( IFAs, Salesmen ) or whatever name is used for unscrupulous “conmen”. It is acceptable that professionals , be permitted to introduce their clients to regulated companies,but not those like Len Berney, J Findlater etc who “con” vulnerable people into totally unsuitable schemes ruining their lives.
Briefly scanning the report I found 6.47.1 on page 134 evidences our case for compensation. The report says that in Gibraltar “introducers require authorisation”. The FSC claimed that Len Berney and J Findlater etc did not need authorisation in Gibraltar (B. Morris) and Mr Fuggle wrote the FSC approved them.( letters on file). Len Berney, I am informed has done time for fraud and was disallowed by the FSA from operating his “business” in Britain. The FSC has documentation from the CNMV unequivocally declaring both parties unauthorised and illegal.
6.47.1 also says that legislation has been prepared to exempt such introducers from authorisation! Will you please confirm that such legislation would mean that any unqualified, unauthorised, unscrupulous, thief, fraudster, criminal etc.will be allowed to introduce unsuspecting clients to businesses regulated by the FSC in Gibraltar? If this is the case,then I would remind you that this is an abuse of investors and is contrary to European requirements.The FSA in Britain requires that “introducers” such as Findlater and Berney are authorised in Britain and it is a shameful and an inexcusable FSA maintained loophole that companies it regulates use such people in Spain to “con” expatriate pensioners.
If Gibraltar intends to go down this pathway then it is a retrograde step, invalidates the report and recommendations and shows that regulation is about looking after unscrupulous business and “conning” vulnerable investors. Please tell me that I´ve got it wrong and that Gibraltar will not allow unauthorised conmen and criminals to be used by FSC regulated companies to get business from Spain, as does the Financial Services Authority in Britain to its shame.
It is appreciated the loss in Gibraltar of our lifesavings through Len Berney a known criminal and J Findlater his unauthorised “salesman” (“IFA”, “introducer” etc) used with FSC approval by FSC regulated company “Rock Financial Services”, prosecuted shortly afterwards by Gibralter police and liquidated must be an embarrasment for Gibraltars government and the FSC. In light of this, should we be compensated , we will enter into any confidentiality which would help you to bring about the necessary investor friendly changes with the least embarrasment.
David and June Bamford
Ps. Many unauthorised “introducers” including J Findlater await Audiencia International court action in Madrid.Unfortunate delays are down to heavy workload and insufficient legal personnel. Reported to European Commission as unjust delay.