SAFE / SIN & exlloydsnames.com Limited

BACKGROUND:

SAFE was approached initially by Sir William Jaffray when he and Ken Adams registered on behalf of ‘Claimant Names Association’ (CNA) in November 04, they also attended committee meetings and were privileged to confidential information. In March 2005 having attended an open meeting organised by SAFE for the APPG (All Party Parliamentary Group), Against Financial Exploitation in the Grand Committee Room Westminster, CNA led SAFE to believe that CNA, inter alia Wm Jaffray represented ALL the ex-Lloyds Names, estimated at some 36,000.

Further meetings were held, but CNA failed to attend a meeting on 11th May, so later, in an attempt to recover the situation, SAFE met with WM Jaffray at Waterloo where he walked out because we refused to concede to his demands.

THEREFORE anyone who has registered and paid exlloydsnames in the belief that they have also become registered with SAFE/SIN must take the matter up with Wm Jaffray because SAFE has not received any registration forms or payments from either ‘exlloydsnames.com Limited or www.exlloydsnames.com. Please advise us if you are in this position.

The registration fee charged by SAFE for bank fraud and SAMs’ was £25, but as a none profit company it was deemed necessary to create a subsidiary company to handle the ex-Lloyds Names. SAFE therefore created “SAFE International Names Limited” (SIN), on 13th April 2005 and proposed a supplementary fee of £25 to cover the cost of servicing 36,000 Names. We advised CNA by letter the next day setting down the proposals on how the matter could best be jointly progressed, whilst protecting the integrity of SAFE/the APPG and representing the case of ex Lloyds Names.

SAFE subsequently learned that WM Jaffray had set up a website in the name of our file name, ‘exlloydsnames.com’ where he proceeded to misrepresent the facts relating to his relationship with SAFE and the APPG.

Simultaneously on the 22nd April 2005 Wm Jaffray formed ‘exlloydsnames.com Limited’ registration number 05433428, (a private limited company registered at 1 Cornhill, (a rented PO Box business address), Wm Jaffray is also the sole director of the company, which places in jeopardy both ‘exlloydsnames.com Limited’ and its associated website in the event that Lloyds/FSA initiates bankruptcy/sequestration orders. It would be unlikely that his trustee would allow either to continue, (unless the Trustee chose to run them). This is but one of the reasons SAFE has always insisted that only its’ autonomy can protect the databases and registered details of members.

Lloyds Negotiations

During the past few months SAFE have been in negotiations with several Group representatives of the Lloyds Names, in the UK and abroad, involving meetings with over a dozen leaders representing thousands of Names, after much consultation it was decided to set up a subsidiary to SAFE to deal exclusively with Names.

SAFE, (a company limited by guarantee), and the Secretariat to the All Party Parliamentary Group against Financial Exploitation, which means we are the conduit to Westminster We have set up Safe International Names Limited (SIN), a limited liability company owned by SAFE to act as the inter phase between The Names and Parliament, via SAFE in order to mitigate the in fighting between the various factions within the Names.

It has been agreed that the group leaders will encourage their members to register directly with SAFE/SIN, upon registration they will become ‘a’ shareholder of SIN and able to vote for their preferred representative to become a Director of SIN. This will present a unified front and give ALL the various fractions a voice, it will also create a serious force to be reckoned with and enable us to coordinate and share information and resources.

The Main Points are as follows:

1. The Board of SIN, would be expanded to approximately 10.
2. Two neutral Directors would be from SAFE.
3. An appropriate Chairman would be appointed.

4. An 'INTERIM BOARD' of SIN will be constituted forthwith, and an operational Board will be elected by the members at the next AGM (ASAP but no later than Jan ~ Feb 2006).

5. The authorised share capital of SIN will be increased to 100,000 ordinary shares, which will be released pari passu with the number of registrations from Names up to say 50% of the total shares. NB: SIN is currently a 100 share company, (all issued and paid up), private limited company owned by SAFE

6. Shares will also be made available, at the discretion of SAFE, to those wishing and able to purchase them at a premium so as to help the cause.

7. Upon Registering with SIN an ex Name will automatically become registered with SAFE.

8. SAFE will be the ‘inter-phase between SIN and the conduit to Parliament/ Westminster etc.

9. SIN will be represented on the Committee of SAFE.

10. £50 registration/contribution establishes membership of both SAFE and SIN. A registration of £25 into SAFE for hardship cases will include the purchase of one share in SIN.

11. An Organisational meeting will be notified shortly.

In spite of having received no recent Registrations from Lloyds Names, SAFE has made further representations, via the APPG, to Both Houses, through our Chairman Lord Ahmed and Alan Keen MP, setting out the basis and repercussions in respect of the alleged imminent implementation of EU Directive 2001/17/EC, (said to be on 1st July 2005). The Directive requires the UK ‘harmonise its insurance industry and will:-

1. Initiate blanket winding-up proceedings by way of a single bankruptcy order .
2. Provides ‘absolute privilege’ for policy holders of an insolvent insurer;
3. Which means the sequestration of the assets of Names including those assets upon which there is a formal charge, (13) & Article 10 s.1.
4. It may be claimed that Article 12 is intended to protect secured creditors, but in truth it protects only the secured creditor of the insurance company, not those of individual names.

N.B. Lloyds themselves have also given notice of their intention to conform to the Directive, no doubt because in doing so they side step their contingent ‘Unlimited’ liabilities which would then possibly be picked up by the Ex Lloyds Names.

However, the fact that at present SAFE has only a relative handful of ‘NAMES’ registered with it in proportion to other victims, (many of whom are also holders of SAMs taken out to meet their obligation to Lloyds), unless substantial numbers of the ex-Lloyds Names register with SAFE their situation/claims will not directly benefit from any resolution achieved by SAFE, and furthermore our representation is less powerful, (Political pressure is a numbers/constituents game).

The Registration form provides the statistical data which is the basis of our pressure and presentation to the APPG, but the day to day questions and/or individual representation or dialog is done through the Representative the various groups which SAFE is aware of.

SAFE has formed SAFE International Names Ltd, (SIN), a wholly owned subsidiary of Struggle Against Financial Exploitation Limited, (SAFE), to manage Lloyds Name scenario for which it requires a completed Registration form (down loadable from SAFE), together with a £50 registration Fee.

In order to mitigate currency exchange fees overseas Groups should, (by arrangement) submit a single payment for its members but with separate Registration forms for each individual.