In the course of engaging in the business of providing a mortgage to my wife and I, Irish Life / First National are guilty of offences under the Trade Descriptions Act (U.K. 1968) and under the Irish Consumer Information Act (1978). While the lapse of time may preclude their prosecution on foot of same, they are still guilty of these offences.


(See Section 2.4.1: False or Misleading Statements. See also Section 6.1: APR — The Statutory Yardstick.)

Irish Life / First National are in breach of terms of contract implied by statute.

Irish Life / First National are in the business of supplying the service of providing mortgages. This service of supplying mortgages includes the representation of the facts relating to the Endowment Mortgage, the Repayment Mortgage, and the Comparison between these Mortgages; it also includes ‘Giving Advice’. They have failed to supply this service with due skill, care and diligence.

The primary purposive intent as to choice of mortgage type is to effect repayment of the mortgage loan in the least burdensome manner. If one imparts a material equivalence to a Repayment Mortgage and an Endowment Mortgage, it is patently clear that the Endowment Mortgage is not ‘sound and reasonably fit’ for this primary purpose. This is certainly the case relative to the Repayment Mortgage.


(See Section 2.4.3: Supply of Services.)

In the context of Statutory Legislation Governing Investment Business Relating To Consumer Credit Transactions: THE UNITED KINGDOM POSITION  ————— 

It must now be clear, beyond all doubt, that Irish Life and First National would be flagrantly in contravention of the Principles applicable to the ‘conduct of business rules’ as defined in Schedule 8 of the U.K. Financial Services Act 1986, and of the specific requirements of the various Conduct of Business Rules as introduced by the Securities and Investments Board, LAUTRO and FIMBRA in conformity with those Principles.

In the course of conducting ‘investment business’ / ‘insurance business’ Irish Life as principal, and First National as their tied agent, would  be guilty of offences under Section 47 of the U.K. Financial Services Act 1986. The senior personnel within those Financial Institutions, who have condoned or colluded with the committing of such offences, would also be guilty of those offences — under Section 202(1) of the Act. 


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In the context of Statutory Legislation Governing Investment Business Relating To Consumer Credit Transactions: THE IRISH POSITION  ————— 

The conduct of the First National Building Society and of their senior personnel is clearly the antithesis of that declared in the Code of Conduct for Insurance Intermediaries as issued under the aegis of the Irish Insurance Act 1989. The Code’s precepts of utmost good faith, professional integrity, legality, appropriate advice, honesty and truthfulness have been subverted, and its express requirement that the Insurance Intermediary ‘shall ensure that the interests of the client are paramount’ has been totally disregarded. First National’s action, in displaying this Code of Conduct in the public area of their business premises, of itself, becomes an act of Fraud.

Irish Life and First National are guilty of offences under Section 32 of the Larceny Act 1916. Their senior personnel / responsible officers are also guilty of those offences, where such offences have been committed with their consent or connivance. (See Section 2.3.6: Fraud and the Conman —— U.K. Law and Irish Law.)


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(See Section 2.5 and Section 2.6: Statutory Legislation governing Investment Business relating to Consumer Credit Transactions.)