We are told that service charge development accounts are held in a separate protected development specific account, that cannot be used by Peverel/Firstport.
Up to now, we at About Peverel accepted that at face value. Though it should be noted that the protectionwas never as comprehensive as it may appear.
For example, there is no protection against fraud, or protection against administrative errors. Nor of course would Peverel/Firstport simply write themselves a cheque from service charge accounts. Hence the birth of inventive schemes designed to liberate service charge funds purely to increase profits for Peverel/Firstport.
Doubtless, Chris Owens would protest that there is no " scandal or con" echoing the protestations of Nigel Bannister as he denied the collusive price fixing scandal.
Service charge client funds are only protected against the bank seizing them against Peverel/Firstport debts.
We know that each development has an individual bank account and bank statements can be produced to reflect this.
However, according to a leak from Peverel/Firstport, developments actually have two accounts! A current and deposit. Crucially, protection for service charge funds is only mentioned for one of the accounts not both?
The questions that must be asked, in whose name are the interest bearing accounts held in?
Who benefits from that interest?.
Why did no resident know about the extra accounts?
Why are some charge funds held beyond the scope of protection?
Has any resident ever had sight of both sets of bank accounts?
