Mr. French Frychip, a businessman owning several upscale restaurants located throughout the Caribbean and based in Harrow, Cloudville has applied to borrow US$2.1 million from the National Bank of Cloudville (NBC) to provide working capital for his restaurants. Mr. Frychip has been an account holder at NBC for over twenty years and has several personal loans including mortgages on two of his homes with NBC. He currently owes NBC US$3.5 million. Though he has been struggling to make his monthly payments on these loans, he believes that the additional capital will create greater income for his restaurants and so he will be able to comfortably make the monthly payments for these loans.

3. Ms. Caroline Frychip, 22 year old daughter of Mr. Frychip took out an overdraft of EC$50,000 from NBC in September 2016 which is now more than six months past due. She has been employed as the manager of two of Mr. Frychips restaurants for the past three (3) years. The situation regarding her overdraft has been drawn to Mr. Frychips attention. However, he has refused to repay the overdraft because his daughter had a serious mental disorder for the past year.

4. Mr. Frychip also made an application with the Financial Services Authority (FSA) in Cloudville for an insurance company licence on 15 March 2016. In May 2015, Mr. Frychip incorporated a company named Frychip Insurance Inc. (FII) for that specific purpose. He is the majority shareholder and one of the three directors of FII. Shortly after incorporating the company, on or about July 3rd 2015, he erected a sign outside its registered office purporting to conduct insurance services business. The FSA requested that Mr. Frychip immediately remove the sign. He removed the sign 2 months later but only after the police visited his premises. There is a population of 6,500 persons in Cloudville and there are currently seven existing insurance companies. A survey revealed that the profitability among the seven insurance companies is average, with three of those companies dominating the market.

5. Mr. Frychip intends to employ his wife, Mrs. Channa Frychip as the Manager, Money Laundering Reporting Officer and the Money Laundering Compliance Officer of FII based on her experience over the years as a housewife and manager of his home. Mrs. Frychip only has a primary school education and has never received any training or certification in the insurance industry or the financial services industry. Mr. Frychip has indicated that his wife will shortly embark on a series of intense training courses over the next six months which will fully equip her to fulfill her role.

6. Mr. Frychip previously ventured into a financial service business (money services business) in 2010. He was the Managing Director of that company which became insolvent and had its licence revoked by the FSA in 2013.

7. Mr. Frychip was served with a civil claim brought by one of the suppliers for his restaurant, Bulldog Inc., for non-payment of a debt in November 2012. Mr. Frychip defended the claim on the basis that the products provided by Buldog Inc. did not meet the required standard. After trial, judgment was entered against Mr. Frychip in the sum of US$2 Million on November 12th 2014. He appealed the decision but lost the appeal on May 18th 2015. He was not granted leave to appeal to the Privy Council. Mr. Frychip believes that both courts are wrong and has refused to pay the judgment.

8. FSA requested information from NBC regarding Mr. Frychips indebtedness to the Bank. NBC provided the information without first obtaining Mr. Frychips consent.

9. The FSA later denied Mr. Frychips application for a licence on July 5th 2016. Shortly thereafter, on July 21st 2016, NBC denied his application for the loan.

Required: You are the law student receiving work experience with Caribbean Law Chambers, please advise Mr. Frychip if he has a case against NBC and the FSA. in 1500 words compose a case breif