Banking Dispute
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DSD2016
Posts: 10 Forumite
Ok, so i'll try and be concise with this but it may go on some, am looking for some advice or even better, help.
Back in Jan this year, our company bank account was frozen, without warning, approximately £50,000 was in the account.
To this day, the bank have refused to say why or give us any reasoning behind this decision.
We, as a company have been through the FCA (cant do anything/have no power over the bank) and the Banking Ombudsman, where they have basically ignored their requests for the files etc that are held about us and the reasoning behind their decision. When this first happened , the bank in question requested details of where the funds had come from and any AML that we had performed as due diligence, which we duly provided, there is 101% nothing to hide. This bank are now using this information to contact our customers and advise them that they believe we are a scam company and that they shouldn't be dealing with us as it's unsafe. Some of these customers are re-investing money with us for a second time! so they are well aware we are not a scam. So there is also now a data protection breach issue, along with mis-use of client data on the banks part (as confirmed by the ombudsman).
Even the ombudsman now seems unsure as to what way to proceed as they are not getting any returns from the banks fraud team or anything.
Anyone got any ideas as to where to go next??
Back in Jan this year, our company bank account was frozen, without warning, approximately £50,000 was in the account.
To this day, the bank have refused to say why or give us any reasoning behind this decision.
We, as a company have been through the FCA (cant do anything/have no power over the bank) and the Banking Ombudsman, where they have basically ignored their requests for the files etc that are held about us and the reasoning behind their decision. When this first happened , the bank in question requested details of where the funds had come from and any AML that we had performed as due diligence, which we duly provided, there is 101% nothing to hide. This bank are now using this information to contact our customers and advise them that they believe we are a scam company and that they shouldn't be dealing with us as it's unsafe. Some of these customers are re-investing money with us for a second time! so they are well aware we are not a scam. So there is also now a data protection breach issue, along with mis-use of client data on the banks part (as confirmed by the ombudsman).
Even the ombudsman now seems unsure as to what way to proceed as they are not getting any returns from the banks fraud team or anything.
Anyone got any ideas as to where to go next??
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Ok, so i'll try and be concise with this but it may go on some, am looking for some advice or even better, help.
Back in Jan this year, our company bank account was frozen, without warning, approximately £50,000 was in the account.
To this day, the bank have refused to say why or give us any reasoning behind this decision.
We, as a company have been through the FCA (cant do anything/have no power over the bank) and the Banking Ombudsman, where they have basically ignored their requests for the files etc that are held about us and the reasoning behind their decision. When this first happened , the bank in question requested details of where the funds had come from and any AML that we had performed as due diligence, which we duly provided, there is 101% nothing to hide. This bank are now using this information to contact our customers and advise them that they believe we are a scam company and that they shouldn't be dealing with us as it's unsafe. Some of these customers are re-investing money with us for a second time! so they are well aware we are not a scam. So there is also now a data protection breach issue, along with mis-use of client data on the banks part (as confirmed by the ombudsman).
Even the ombudsman now seems unsure as to what way to proceed as they are not getting any returns from the banks fraud team or anything.
Anyone got any ideas as to where to go next??
What was the reason the bank gave to the ombudsman service for ignoring their requests for the files, etc?
If anyone is contacting others saying you are a scam outfit, that sounds like potentially libel or slander (unless of course it is true). How does the bank know who your customers are???
(unless they all coincidentally bank with the same people as you)
Seek independent legal advice if you want to attempt to defend the reputation of your business.0 -
I suggest you arrange a face to face meeting with th e bank and a very senior manager to discuss the problem, make sure at least two of you go from your side and ask why etc.Breast Cancer Now 2022 100 miles October 100 / 100milesSun, Sea
2024 7/28 lbs to go.0 -
The bank won't entertain that option. just play dumb in that "they don't know whats going on" and "can't contact the team that deals with this". It's SO frustrating. Their attitude shows in that they don't even bother meeting the Ombudsman time scales and are way out of their own guaranteed response times.0
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What was the reason the bank gave to the ombudsman service for ignoring their requests for the files, etc?
If anyone is contacting others saying you are a scam outfit, that sounds like potentially libel or slander (unless of course it is true). How does the bank know who your customers are???
(unless they all coincidentally bank with the same people as you)
Seek independent legal advice if you want to attempt to defend the reputation of your business.
The bank haven't given the ombudsman any info at all let alone reasons. They have not responded within the allotted timespan, yet the ombudsman seem powerless to intervene. we get a daily email from our representative at the ombudsman, basically apologising fr not get anywhere or having any response.
The bank know who our clients are as they have used the AML information that they asked for from us, this is how they are now contacting them, advising them to approach "Action Fraud" to represent them!
As for being a scam or fraud, I certainly wouldn't be on here broadcasting our plight if we were!
The quandry that we have regarding legal representation is take a look at the larger city legal firms....20 out of 30 instructed by the major banks, and as such, cannot/will not take legal representation against them as it is seen as a conflict of interest. It's been quoted that it "would be professional suicide" to take any of them on head to head in the courts too.0 -
You need legal assistance. Keep trying big firms until you find one that will take the case.
I would imagine you will eventually have a good case for very significant damages, assuming the bank has made a mistake.koru0 -
As above. You need to seek legal representation. A company that is experienced in banking law. It may cost you, but in the end I am sure the bank will end up paying.Eat vegetables and fear no creditors, rather than eat duck and hide.0
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