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Scottish Widows



Here is a letter they sent to Gerald Cannon. They were asked for proof of their comments, they did not reply to communications. We do not believe they made due diligent enquiry and believe they acted on correspondence produced by Henry Woods on his own lawyers paper.

How could the regulators say they are satisfied when they publish on their web site that Henry Woods have no licence to operate.

Web site

The Spanish regulators CNMV have a web site and telephone number available for people to check to see if a particular company is registered with them to be able to offer financial advice or services:

Tel:       (0034) 91 585 1500

Fax:      (0034) 91 319 3373


From: Gerry Cannon <>
Subject: RE: your response e mail 9/10/2003
Scottish Widows

Dear Mr. Kennedy,
                           Re: Policy 8833788

Thank you for replying to my e mail of 5th September 2003.

Unfortunately I was not aware that Scottish Widows International Limited and the Jersey branch of Scottish Widows plc., were closed to new business as I was never informed by your company to that effect.I am also surprised that you only have one person handling Scottish
Widows affairs in Jersey.

You mentioned that your company did not print the brochure that Donald Nott (the director of Henry Woods Investment Managment   (HWIM)),  had given to me which had eluded my wife and I into making an investment with your company. Hence, we will lose a considerable amount of money if we desired to cash our investment with you at this present time.Therefore, Donald Nott (director of HWIM), had miss-sold us your product.

In October 12th. 1999, Donald Nott, visited our home to discuss investments.

He had informed my wife and I that if we invested with Scottish Widows, we would be able to withdraw our entire investment with profits after 4 years without occurring a penalty.

Apparently, that was a lie as according to the information we now have from company, our investment would have to be lodged with you for ten years. Had we known that being old age pensioners, we would certainly not have tied up our money for that length of time!

He had also informed us that we would gain not less than 12% p.a. from our investment with Scottish Widows and would easily be able to withdraw 7.5% p.a. which would help to supporting our government pension which we needed to live on. The rest of the percentage would mature and that after 4 years our entire investment plus occurring interest could be cashed.

On that basis, we withdrew our money from other investments which were at that time giving us a guaranteed rate of 7.5% p.a for a period that would exceed four years (which I can easily prove).

Donald Nott, also knew that we were not UK residents but had stated that we were in the blank Scottish Widows proposal form that we had signed (see attached). At that time he said that he was in a hurry to leave our home for another appointment and that he would be completing your proposal form from the information we gave him on a Scottish Mutual proposal form that we completed whilst he was here.
(see attached),so it was quite clear that we were not UK residents.

Apparently,  it was submitted to your company before we had checked it. I am now aware that he asked many other people in our group to sign blank forms. I presume that he knew that you would not have accepted our application if we were not UK residents and that is probably why he completed the application as he did.

Although Donald Nott had misold your product to us we cannot completely blame him for our losses but also your company for dealing with them without first checking whether your company or HWIM were legal to sell investments in Spain with the CNMV in Madrid. Had that been the case then we would not have been in this predicament.

We had invested with your company £34,000  on 11.10.99. From that date until now we have received monthly withdrawals from the
account amounting to £4,650.  According to information given to me by your company by phone on 08.09.03 there was £30,915.04p in our account.

That being the case then all we have accumulated on our investment of £34,0000 over a period of nearly four years is £1,569 which is a
fraction over 1% p.a. That is far less than the bank rate whereupon we would not have had any headaches and could have withdrawn our money whenever we wanted it!

However if we wanted to withdraw our money now, your company would deduct from the £30,915.04p an early withdrawal penalty plus a Market Level Adjustment of £7,419.61p. That would certainly be a great deal of money to lose!

My wife and I are in poor health and very distressed, to say the least and at our age we do not want all this stress as I will soon be 70 years old and my wife 64.

Under these circumstances we would like our initial investment returned plus 7.5% interest without occurring any penalty or Scottish Widows withholding the “market level adjustment”.

As a gesture, your company should seriously consider compensating us for all our aggravation.

In your e mail you had mentioned that you would have to wait approximately one week to receive and review Henry Woods file. I presume
that was to see whether you had given his company permission to print that brochure. However, you promptly had the information that your
company had not printed it so I am sure it would be an easy task to find out whether you had given HWIM permission to print it, without having to wait for the file to arrive!

I now understand that your company has acted unlawfully since the products they sold to us were not licensed by the CNMV to sell in Spain.

I would  inform you that I have joined the Costa Del Sol Action group against unlawful IFA's who apart from being unlawful and unregistered have miss-sold  investment to senior pensioners,  with no duty of care. This matter is in fact being dealt with in the Supreme Criminal Courts in Madrid. At the time of writing I have not as yet included Scottish Widows in the proceedings. This will depend on your answer to this communication.

Could you please phone me to discus this further at 0034 + 952 891080 or mobile 0034 + 666736660.

Thank you,

Gerald Cannon.

From: "Gerry Cannon" gcannon@jet.esubject:
 FW:  Henry Woods Investment Management.

-----Original Message-----

From: Gerry Cannon []
Sent: Friday, September 05, 2003 5:56 AM
To: ''
Subject: Henry Woods Investment Management.
Ian Kennedy
Managing Director
Dear Mr. Kennedy
Ref Enclosed re Policy 8833788   Mr. GJM and Mrs. MYC Cannon
At the present time you might be aware that The Costa Del Sol Investment
Groups, consisting of some 130 families have taken action against the
IFA's who are not licensed by the CNMV, to the Supreme Criminal Courts
in Madrid.
You stated in your letter dated 9 March 2001 (See Attached) that you
have written confirmation that both the CNMV and DGS are satisfied with
the legal status of Henry Woods Investment Management (HWIM). I assume
that during your due diligent enquiry that you have this in writing from
the CNMV and the DGS, and have not been hoodwinked like so many other
product providers by the production of letters from the lawyers acting
for HWIM.
I also ask if your company printed the information booklet (which is
also attached to this email), or if you gave permission to HWIM to
reproduce it?
Yours sincerely
Gerald Cannon
Copy to Richard Pratt Jersey Financial Services. and ISUR lawyers





Against Unlicenced Financial Advisers & Product Providers that support them.