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How-Independent-Banking-Advisory-Service-started-and-why

Updated: 4th February 2024

Many people ask how the Independent Banking Advisory Service (IBAS) started and what was the motivation for it. The answers allow those involved in a UK business banking disputes see why IBAS is completely different from commercial business banking advisors and why our knowledge and experience will help them most in a business banking dispute, director's personal guarantee or business banking debt claim. So, what exactly is IBAS?

Independent Banking Advisory Service (IBAS) is a unique Non Profit Organization that has been 'thinking outside the box' for 30 years and providing better solutions for Business Banking customers.

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The Independent Banking Advisory Service (IBAS) was founded by the original co-founders of the Bank Action Group (BAG) and it was founded after a Daily Express article (July 1992) which published how and why UK businesses were being exploited by UK bankers. The Daily Express article encouraged those in businesses with similar banking situations (who had already telephoned the Daily Express journalist and asked who could help them) to phone in to the Daily Express.

Eddy and Brenda Weatherill were interviewed for the two page Daily Express 'spread' and they were then asked: 'had they thought about creating a banking ‘help group'? Within hours the Bank Action Group (BAG) was named by Eddy and Brenda Weatherill and 'launched' in another Daily Express article. Many BAG articles followed. All those articles highlighted business banking and focused interest on a few business banking dispute 'cases'.

There was a great difficulty in 1992 in establishing whether businesses had 'fallen' or been deliberately ‘tripped’ by their business banker. However, it was clear from the information being gathered that a business could be in the wrong place at the wrong time and with the wrong bank. Business type, location and their business banker played a large part in which business survived and which did not.

From information which 'flooded’ into BAG, some banks were a lot quicker pressuring businesses or in overcharging interest than others. Many underhand banking tactics were used by banks in bank debt recovery units, enlarging bank profits whilst 'taking' small business assets and BAG raised awareness to business banking dispute issues.

But, in publicizing those issues BAG became more political and volunteers can only stretch so far. Politics is extremely demanding on resources and meetings took even more time and even more money. BAG ‘lost its way' in chasing the politicians and became less active in directly helping businesses which were still failing, as were the politicians and government where business banking issues were involved.

The realization that BAG had become less active in directly helping businesses and particularly those requiring and seeking urgent assistance and as those businesses were the major reason for BAG being founded, led to Eddy & Brenda Weatherill launching IBAS. IBAS was launched so that businesses could be individually helped and rescued from bank debt recovery units wherever possible.

The media assistance provided for IBAS to publicize investigated banking issues allowed IBAS to increase pressure on banks, bank shareholders, M.P's and Government Ministers. They then applied pressure to make changes to law and regulation. IBAS state that the UK Banking industry lost it's reputation for integrity and honesty due to the deluge of adverse publicity from 1992 onwards through to 2007 which 'forced' the voluntary codes for ‘fair and reasonable’ conduct 'out of existence' and banker's 'self regulation' was replaced by the FSA's Banking Conduct Regime on 1st November 2009. The Financial Conduct Authority (FCA) then replaced the FSA as regulator for the banking industry.

IBAS makes no apology for making a difference or in influencing bankers, bank shareholders, MP's or banking regulators.

Banking is an industry where nothing would change without pressure to do so.

Bankers have proved this many times over since 1992.

IBAS has been guest/interviewee on TV 'shows' since 1992 which have included:

BBC News South East - 26 January 1993

Look East - 25 January 1995 & 24 May 1996,

Kilroy – 'Do You Trust Your Bank?',

BBC1 - The Really Useful Show - presented by Chris Choi and Cheryl Baker - 4 March 1997

BBC First Sight – 'Bank on Us' - 1994

BBC TV News - 'Hard Cash' - 2001

BBC TV - 'Good Morning with Anne & Nick' - 23 February 1994

BBC TV North West Tonight - 15 March 2006

& others including Meridian TV, BBC TV Look East, Anglia TV News, ITN News and Sky TV News,

Plus UK radio interviews: The Jimmy Young Show, Radio 5 Live, BBC Radio 3 Counties, Talk Radio with Paul Ross and many others.

IBAS has also featured on BBC TV, BBC TV News, ITV News, Meridian TV and Sky TV News since 1992 and contributed banking editorials and business banking articles for the Sunday Times, Times, Daily Mail, Daily Express, Telegraph and Daily Mirror.

UK Media trust IBAS when they can rely on banking cases which are supported by IBAS as they know those have been properly documented and investigated. Because certainty, the media seek IBAS comments and editorial content to include in national publications and broadcasts.

IBAS knowledge since 1992 of bank debt claims from thousands of business banking customers/business accounts plus knowledge gained from IBAS 'in house' bank audits over the past three decades means IBAS can identify bank 'overcharges' in trading business accounts as well as in bank debt recovery claims, where personal assets and homes may also be at risk from a bank.

IBAS state: Overcharging appears in a great many many business current account and loan situations and also in business banking debt claims and claims on personal guarantees or business mortgages.

Director's Personal Guarantee debt claims can be used by the bank to hide bank overcharges by passing bank overcharges to the guarantor after the business failure.

IBAS 'in house' checks will 'flag' cases which are 'suspect' for bank overcharging and IBAS can then verify, evidence and 'set off' overcharges for a counter claim or defence, debt negotiation or resolution.

Between 1992 and 2001, IBAS used more than 40 individual solicitors and barristers who were 'briefed' for legal actions for IBAS members and therefore IBAS experience in litigation and solicitor/barrister involvement in banking litigation 'cases' is considerable.

But, IBAS warn litigation is completely unpredictable, expensive and results are uncertain.

That is why 'cases' accepted by IBAS are assessed 'in house' for 'legality' under IBAS membership and legal fees can be immediately avoided in the majority of cases.

What will Independent Banking Advisory Service do?

IBAS will independently investigate business banking disputes and director's personal guarantees and business banking debt claims which appears to us to have 'substance'. We provide individual assistance in cases which IBAS consider merit investigation.

Any 'case' accepted by IBAS will be assessed 'in house' for 'legality' which means that legal fees are avoided in the majority of those cases.

Note: Whilst IBAS provide editorial content for national TV and national newspapers IBAS will not publicize any member's 'case' information unless we have specific written consent and only then after IBAS has fully investigated the 'legality' and substance of that specific case.

From IBAS experience Publicity is a 'tool' which can only be used where a member is in total agreement but those cases require solid evidence to support them.

However, IBAS also warn that publicity is not a 'tool' for everyone.

IBAS is completely unique in the services that it provides to it's members as a National non-profit making, membership organization, specializing in business banking disputes and in resolution and negotiation of business banking debt disputes.

As TM stated:

This is a battle that we have won, which could quite easily have been lost had I not joined IBAS.

I would recommend them to absolutely everybody" - TM Testimonial