Our Swindling Finance Houses
And their Exploitation of the Vulnerable
About The Author
Guy Tallice was a licensed salesman in the financial services industry at the height of the boom period when Personal Pension plans were being foisted onto an unwary British public. He was inveigled into the industry after a life time in the tough world of commerce, but despite his considerable experiences in the ways of the world, he was unprepared for the ingenuity and deceit entailing the scams described in this book. He has never recovered from the financial losses during that period of his working life, although he was more fortunate than many others who were stripped of all their possessions and left insolvent.
About The Book
From the Editor’s Introduction
There was a time – in the not so distant past – when the financial services industry was governed by a measure of integrity. In those days there was the assurance that when the consumer bought a specific service, he also bought a financial benefit for the future. Before the onset of rentier capitalistic practices in the late 1960s, the industry was dominated by the cautious mathematicians of the Institute of Actuaries. The great names in the financial world were directed typically by men who were slow, conservative (with a small “c”), unimaginative, stuffy, often titled, and usually averse to change of any kind. These were men of tradition, and if they had faults, they were also balanced by virtues, and these were integrity, a sense of honour and responsibility as custodians of financial assets belonging to others, a moral sense, and an understanding of right and wrong. Deceit and lying was not only something which would have been abhorrent to their code of professional conduct, but something beyond their experience. At that time traditional Life and other policies offered a sum fattened periodically with annual or terminal bonuses, and so were based on a system of relative stability.
But then in the 1960s new ideas and a new system began to worm its serpentine course into the City institutions, promoted by a group of unscrupulous men whose main purpose was self-enrichment at the expense of public credulity. Their ingenious money-making, or rentier capitalistic approach, entailed the introduction of unit-linked Life policies, and these differed from the safe conventional policies of the past in that they fluctuated in line with the value of the unit trusts in which the premiums were invested. The main proponent of this new system (which shot him to fame and fortune) was a South African by the name of Mark Weinberg… It was also Mark Weinberg who headed Allied Dunbar during the period when Guy Tallice worked for the organization, and the former failed to answer the letters of complaint which the latter had sent him.
From the Author’s Preface
Fraud or misrepresentation as understood in their general definition as opposed to legal terms, may be divided into two categories: firstly, tangible or visibly evident frauds, e.g. coining or the printing of stated promises that may be clearly contradicted in fact; and secondly, sleight of hand frauds, e.g. double-dealing at cards, or some other juxtaposition clearly designed to deceive and deprive what rightly belongs to an aggrieved party.
The second kind of fraud is subtler being more difficult to prove than the first, but this in no way diminishes the degree of its wrongdoing. Just because the sharper at cards goes undetected does not mean that he is not what he is, or that he is any less blameworthy than the printer of banknotes or the writer of clauses into contracts failing to meet their promises. The only factor which differentiates him from the perpetrator of visibly evident frauds, is the length he goes to cover the tracks of his wrong-doing. There is, moreover, a sound argument for suggesting that the fraudster engaging in sleight of hand is morally a more perverse person than the trickster with the blunter intelligence engaging in riskier deceits.
This book is concerned with the second category of fraud: i.e. sleight of hand committed by one of the largest financial enterprises in Britain on its own prospective and actual agents on whom it is ultimately dependent for its business and profits. The fraud, it is alleged has been committed on a vast scale – thousands of men and woman having been its victims over the years – all of whom have lost substantial sums of money relative to their financial standing. It is estimated and alleged that the total amount defrauded by this particular enterprise runs into millions of pounds; and the victims have in great part been the most vulnerable sector of our population, viz., the recently unemployed and those most desperate for any kind of work. Hence the fraud described in this book is of a particularly contemptible kind: cruel, vicious and wicked.