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Couple say they have uncovered banking scandal - Cambridge News
Couple say they have uncovered banking scandal
Paul and Nikki Turner, the couple living in fear of losing their home following a long-running dispute with their bank, say they are now fighting a much bigger battle involving hundreds of millions of pounds.
During their research to back-up their own case, the Turners, who have a music promotion business, Zenith, and live at Linton, say they have uncovered a massive scam involving a "rogue" banker at HBOS and a consultancy called Quayside in London.
Last month, for the second time, the Turners were granted a further six month stay of eviction by Cambridge County Court when their mortgage provider, which is part of HBOS, tried to get them out.
At the latest hearing the judge said the bank should repay the Turners £65,000 that had been taken directly from their account to pay Quayside.
The story began when the Turners were granted funding backed by the Government's Small Firms' Loan Guarantee. Banks are not allowed to use these funds to pay off customers' overdrafts, which is what the Turners say happened to them.
This meant the couple needed further funds and were told by the rogue banker, who has subsequently left HBOS, that if they wanted to borrow more money they would have to use the services of Quayside.
The Turners say their investigations have identified 35 companies involved with Quayside that have gone bust since the rogue banker left HBOS, and say this has cost the bank more than £400m, let alone the cost to the companies and their investors.
In a letter to the chief executive of the Bank of Scotland, Peter Cummings, the Turners say: "We suspect most of these companies are totally unaware of the collaboration between the rogue banker and Quayside."
The Turners have been battling their own case with the bank since 2003, but had no idea themselves when things started to go wrong that they were just a small part of a much bigger problem.
HBOS has said it cannot comment on individual cases, but a spokesman has confirmed that "a former colleague employed in our Impaired Assets department left some months ago".
Meanwhile, the News is waiting to hear back from HBOS again, to find out what they plan to do next, whether they will be re-paying the £65,000 to the Turners, and if they intend to take the couple to court again in another six months. At the time of going to press there had been no further response.
Couple say they have uncovered banking scandal
Paul and Nikki Turner, the couple living in fear of losing their home following a long-running dispute with their bank, say they are now fighting a much bigger battle involving hundreds of millions of pounds.
During their research to back-up their own case, the Turners, who have a music promotion business, Zenith, and live at Linton, say they have uncovered a massive scam involving a "rogue" banker at HBOS and a consultancy called Quayside in London.
Last month, for the second time, the Turners were granted a further six month stay of eviction by Cambridge County Court when their mortgage provider, which is part of HBOS, tried to get them out.
At the latest hearing the judge said the bank should repay the Turners £65,000 that had been taken directly from their account to pay Quayside.
The story began when the Turners were granted funding backed by the Government's Small Firms' Loan Guarantee. Banks are not allowed to use these funds to pay off customers' overdrafts, which is what the Turners say happened to them.
This meant the couple needed further funds and were told by the rogue banker, who has subsequently left HBOS, that if they wanted to borrow more money they would have to use the services of Quayside.
The Turners say their investigations have identified 35 companies involved with Quayside that have gone bust since the rogue banker left HBOS, and say this has cost the bank more than £400m, let alone the cost to the companies and their investors.
In a letter to the chief executive of the Bank of Scotland, Peter Cummings, the Turners say: "We suspect most of these companies are totally unaware of the collaboration between the rogue banker and Quayside."
The Turners have been battling their own case with the bank since 2003, but had no idea themselves when things started to go wrong that they were just a small part of a much bigger problem.
HBOS has said it cannot comment on individual cases, but a spokesman has confirmed that "a former colleague employed in our Impaired Assets department left some months ago".
Meanwhile, the News is waiting to hear back from HBOS again, to find out what they plan to do next, whether they will be re-paying the £65,000 to the Turners, and if they intend to take the couple to court again in another six months. At the time of going to press there had been no further response.
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