Abundanomix: Banks, Finances & The Road to Abundance on Your Entrepreneurial Journey
Fraser Hay
I empower professionals to thrive in the Purpose-Driven Economy by aligning purpose with AI-driven strategies. Creator of Itstacksup® Ecosystem | TEDx Speaker | Author | 30+ Years of Transformational Results.
Eeee me, Nigel Farage has caused a bit of a Hooha, and quite right so. Jere's my own little experience I'd like to shgare...and would like to put it in context for all those owning and running a small business who have to face all sorts of pressures, challenges, and obstacles that can often require great resilience and pay great toll of one's mental, physical land financial well being, and sometimes it can pay off when you are acknowledged for your efforts like I was as the national winner in award by The Royal Bank fo Scotland and Prince's Scottish Youth Business Trust some 25 years ago.
Subsequently, RBS acquired Natwest in 2000 to the tune of £21bn, According to Natwest's own website "Soon afterwards, a crisis in global financial markets and deteriorating economic conditions across the world weakened many financial services organisations. This situation was made worse for RBS by strategic decisions that were subsequently shown to be bad mistakes. RBS became highly vulnerable to the downturn and as a consequence became part owned by the government in 2008."
Let me share a wee chapter of me dealing with RBS after I won that award, as I recall logging over 50 issues with my bank over the course of 12 months. These issues included unauthorised debits from my account, lost contracts, ignored phone calls, and unanswered emails.
Even worse, I had to submit up to 3 copies of the same documentation to my bank's branch repeatedly. Each of these problems is backed up by documentary evidence, photographic proof, testimonies from bank staff, and even telephone recordings.
I further noticed that my bank had clearly violated:
(all of which I meticulously documented)
But wait, it doesn't end there. My bank even contravened:
One of the many issues I faced was the incorrect completion of documentation by the bank. They signed it 3 months after I did and sent it out more than 6 months later, despite my numerous requests for the documents.
In total, I endured 12 months of repeated failings by the bank, causing personal inconvenience, stress, increased costs, and mental anguish.
When I pointed out the bank's failings, they finally admitted the problems several months later, acknowledging "maladministration" had indeed taken place - a key phrase hidden in the ombudsman's and various codes of conduct's "small print."
Despite having a letter of apology of the bank admitting "maldministration" for a cheque had been processed through my account wice - which they had forgotten they had written, the compensation they offered started with a mere £250.
For not 1 mistake, not 3, not 5, not 10, not 20, not 30, not 40,
....over 50 - all documented.
WAIT TILL YOU READ THE NEXT BIT.....
But here's the shocking part - this compensation was for over 50 documented issues that occurred during a 12-month period. Not just one, not three, not five, not ten, not twenty, not even thirty or forty, but over fifty.
Appalled by the bank's offer, I sought help from Trading Standards. They informed me that, as a company with a turnover of less than £1m, I was not "recognised" by the FSA, and therefore, I fell outside the protection of consumer credit regulations.
I then wrote a personally recorded delivery letter and sent a parcel containing two inches of supporting evidence to the Bank's chairman, as advised by my local Trading Standards office. T
The bank's "Corporate Response Team" replied, promising to investigate the complaint and keep me informed. However, they never did anything.
Instead, they simply passed the letter and package to the head of customer service, who referred me to the financial ombudsman.
Determined and tenacious, I persisted and went through all the bureaucracy, documenting everything to present my case to the Ombudsman.
Eight months later, the ombudsman "partly" upheld my complaint, leading the bank to increase their offer to a whopping £1000!!!
It seemed like a victory, but the ombudsman pointed out that they couldn't address most of the issues outlined in my case, as they lacked the power to fine or penalize a bank. They could only deal with five of the fifty plus issues I had reported.
Furthermore, because the account was in the company's name, the ombudsman couldn't consider complaints from the company's shareholders or directors personally, leaving me unable to seek compensation for personal inconvenience and distress.
Although I had suffered personal inconvenience and distress, the Ombudsman pointed out that I hadn't experienced any actual financial loss.
Refusing to give up, I called the FSA, the regulatory body in the UK at that time, and pointed out that the ombudsman had not considered the bank's contravention of FSA regulations in their decision.
However, the FSA stated:-
"We don't get involved in individual cases that's the role of the Financial Ombudsman"
Jeezo, you couldn't make it up!
At the time, this whole experience left me frustrated and disappointed with the banking and financial industry. It seems like the system is set up to protect the banks rather than the owners, partners, directors or employees of customer accounts leaving many individuals like me with little recourse when facing such blatant misconduct as we wrestle with all the other pressures of starting, running and managing a small business.
But it's not finished there...
Since then a lot has happened, and after a keynote speaking gig in the Seychelles in 2019, I collaborated with Ingrid Sinon, (then the CEO of the 5th latest bank in The Seychelles) to write a book about how to get out and stay out of debt helping to educate individuals and small business owners to better manage their finances, and to remain in control of their own financial destiny without yielding to the dictorial power of the large banking institutions.
The book is called "Abundanomix" and if you are tired of living in constant fear and stress, burdened by the limitations of your financial situation or the institution you bank with, then this book might just be the one for you...
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Do you find yourself distrusting banks and feeling unsure about your financial security?
It's time to break free from the shackles of financial insecurity and the controlling tactics of the banks and embark on a transformative journey towards abundance and prosperity!
Embrace the Power of Abundanomix
Abundanomix [ab-un-dan-om-ix] n. is more than just a book; it's a revolutionary guide that empowers you to align your head, heart, and gut to unlock a prosperous mindset and create abundance in your life. Say goodbye to the days of living paycheck to paycheck and embrace a life of financial abundance and fulfillment.
Take Control of Your Finances
Are you ready to take the reins of your financial destiny? Abundanomix is tailor-made for those seeking to gain mastery over their finances, whether you're navigating your personal life, building a successful career, or running your own business. No more sleepless nights filled with worries about money—discover the secrets to managing your means and paving the way to prosperity.
Your Gateway to True Financial Freedom
Abundanomix transcends conventional financial advice. It's a potent blend of art and science that will revolutionize the way you think about money. By embracing the principles of Abundanomix, you'll uncover the path to genuine financial freedom—the kind that lets you live life on your terms.
Unleash the Power Within You
Unlock the hidden potential within yourself and witness the miraculous transformation that occurs when you align your head, heart, and gut. Abundanomix is not just a guide; it's a life-changing experience that will propel you forward with confidence and clarity.
The Key to Prosperity & Abundance
Stop allowing fear, struggle, and limitation to dictate your life's trajectory. Abundanomix provides the key to breaking free from the chains that hold you back. It empowers you to take responsibility for your future and embrace the wealth of opportunities that lie ahead.
Embrace Abundance in Your Heart
Imagine waking up each day with a heart full of abundance, knowing that you are in complete control of your financial destiny. Abundanomix will not only teach you the strategies for prosperity but also nurture your spirit, allowing you to live a life filled with abundance, joy, and contentment.
Are You Ready to Rewrite Your Financial Story?
Stressed about money? Overwhelmed by your financial situation? Concerned about your health & future retirement? Take the first step towards a brighter future—order your copy of Abundanomix today and embark on a journey that will redefine your financial outlook forever.
Transform your financial reality—because your dreams are within reach, and prosperity is your birthright. Take action now and claim the abundant life you deserve!
Now, at this point, you're probably working if the concepts, ideas, techniques, tactics, strategies and ideas that we share in the book actually work, well you might want to watch my wee TEDx talk (in 2022 to find out what happened during Covid and to what can happen for you when you take control of your situation, face fear, limitation, struggle and stress head on, take control of your financial situation and simply have belief in yourself and your idea...
Over the last 25 years I have helped many individuals, business owners and entrepeneurs to embrace, address and overcome thousands of issues, challenges and obstacles on each of the 4 stages of the entrepreneurial journe, but what about you...?
Now, what is the next goal or objective that you want to achieve? Get in touch ;)
Available for freelance web work! | WordPress support | Planning, membership & audio products | Author of 7 books | Books & Networking
1yAbundanomix is still on my list of books to read (read many of your other books, just had a look and have 8 of your paperback books)! 😀 At some point, we'll have to get you along to one of my book group meetings in Aberdeen as a guest speaker to talk about your experiences and books. 😀📚📖
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
1yThanks for Sharing.