I was horrified readings in leading daily nationals that banks do not hesitate to forge signatures in order to repossess properties, allegedly on legal documents, witness statements which are then used in court hearings to their advantage.
UKAR (UK Asset Resolution) was set up by government in wake of financial crisis when banks were rescued by tax-payers, some even nationalized all but in name, still partly owned by tax-payers.
Some victims of alleged malpractice have come forward. It seems high ranking bank officials have to sign huge number of documents when going through Courts to repossess properties that may have fallen behind on mortgage payments.
So often this task is assigned to junior bank officials who may not have authority to sign, nor would they read and study documents before signing.
This practice is known as “Robo-Signing” following scandals in America where unauthorised junior clerks signed a pile of repossession documents. Banks were fined a huge amount of $25 billion in 2012, resulting in compensations paid to millions of victims whose properties were repossessed illegally.
It is inconceivable to think that such respectable financial institutions here in Britain can allegedly behave in such a high handed, illegal manner where we put so much emphases on honesty.
No wonder there is pressure on Treasury Committee for Parliament to investigate and establish what is the truth behind these allegations, as banks involved have categorially refute these allegations made by clients, was thoroughly investigated and proved to be baseless, according to the information released by banks.
In the fast changing financial world where crooks are willing to go to any length to make a quick buck, when it is difficult to decide whom to trust, it is of utmost importance to check one’s documents, such as bank and mortgage, Credit and Debit card Statements, investment bonds, share certificates, as well as insurance and other policies most of us take for granted.
I must admit we have received excellence services from banks and building societies, beyond call of duty. But it is better to be safe than sorry!
Kumudini Valambia
By email
