7d7
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Post by 7d7 on Nov 8, 2019 14:42:18 GMT
For those following this saga this ruling by the Complaints Commissioner will be of interest (not one of mine). Understandably the complaint failed due to the deferment of the main complaint and the Administration does not come under the FCAs remit (their extent of responsibility ceased when BDO was appointed) Note, having read a lot of the Complaints Commissioners reports (not just those related to Col) I can only say he has done a good job since he took up the position ............ so don't slag him off. Goodness gracious! A watchdog that declines to accept responsibility for their actions. Apparently, a sole administrator was proposed to the court. They, in turn, appointed them as administrator. It would have been unfair to blame the FCA if they had proposed a bunch of administrators to the court for selection. And what happened to the October deadline handed to the watchdog to respond to investor complaints? Great effort duck!
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kermie
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Post by kermie on Nov 8, 2019 14:49:27 GMT
For those following this saga this ruling by the Complaints Commissioner will be of interest (not one of mine). Understandably the complaint failed due to the deferment of the main complaint and the Administration does not come under the FCAs remit (their extent of responsibility ceased when BDO was appointed) Note, having read a lot of the Complaints Commissioners reports (not just those related to Col) I can only say he has done a good job since he took up the position ............ so don't slag him off. Despite wishing it weren't so, I can't disagree terribly with the Complaints Commissioner's ruling. I took away a positive, however, and that is that the CC does intend to remind the FCA at regular intervals about the outstanding (deferred) parts. Letting this slip down the side of the FCA sofa will not be so easy.
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duck
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Post by duck on Nov 8, 2019 14:53:35 GMT
... And what happened to the October deadline handed to the watchdog to respond to investor complaints? ... All complaints are deferred due to the investigation. The next date of interest is at the start of Dec when it is probable that another 6 months will be asked for ..... but I may be wrong on that one and the investigation ends this month. If that is the case the complaints will then have to be answered.
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duck
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Post by duck on Nov 8, 2019 14:58:33 GMT
Despite wishing it weren't so, I can't disagree terribly with the Complaints Commissioner's ruling. I took away a positive, however, and that is that the CC does intend to remind the FCA at regular intervals about the outstanding (deferred) parts. Letting this slip down the side of the FCA sofa will not be so easy. Exactly. There are several other unpublished complaints that have progressed to the Complaints Commissioner and the rulings on these reinforce this position. As I said in an earlier post the Complaints Commissioner has been doing a good job and I have confidence that nothing will slip down the side of the sofa.
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7d7
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Post by 7d7 on Nov 8, 2019 15:23:05 GMT
'Finally, in relation to part four, the FCA has explained to you that the charges made by the administrators are not a matter for the FCA. You can raise any concerns at the creditors’ committee, or make a complaint direct to the administrators or the Insolvency Service.'
It is interesting to note the statement above made by the commissioner as well as the FCA during previous dialogues.
The reality is the first two are not feasible as there are no formal channels of communication between the CC and investor base, and BDO do not respond at all.
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duck
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Post by duck on Jun 18, 2020 3:24:41 GMT
The FCA have issued a Statement, I and others are looking into this.
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Post by brightspark on Jun 18, 2020 17:54:52 GMT
"Typically, such payments are in the region of £25-£100. Where an impact is more severe or prolonged, a payment in the region of £100-£300 may be appropriate." "In order for us to consider making an ex gratia payment in respect of financial loss, complainants would need to evidence that they have suffered a quantifiable financial loss caused solely or primarily by the actions or inaction of the FCA, for example that they have incurred expenses, or lost money. Typically, any such payment would not reflect the full amount lost."
Some statement!
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7d7
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Post by 7d7 on Jun 26, 2020 10:51:35 GMT
It's a grim reminder of how omnipotent the FCA is. They can accept or reject compensation claims and recommendations from consumers and the Complaints Commissioner respectively without having to face the music.
The limitation period for FCA investigations is six years. That sounds like two down, four to go.
Although MPs have recently voiced concerns over the watchdog's handling of complaints, the FCA has merely acknowledged the criticism. If the situation does not improve, could the Treasury Committee force the issue?
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duck
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Post by duck on Jun 26, 2020 12:51:20 GMT
... Although MPs have recently voiced concerns over the watchdog's handling of complaints, the FCA has merely acknowledged the criticism. If the situation does not improve, could the Treasury Committee force the issue? The problem faced is that Parliament set up (for very good reasons) the FCA in the way that they did. If you contact the Treasury they always reply 'nothing to do with us, independent organisation' (conveniently forgetting that they appoint all the board members) and in law this is the position. The TC can require that the FCA carry out certain tasks for instance write a formal letter replying to a specific issue but forcing the issue is one step too far. As investors all we can do is put pressure on the FCA either through our own actions or better still with the backing of our own MPs and the TC. Yes but there are certain precedents that have been set and certain paragraphs in the law that set up the FCA that can be used, the last +2 years effort is far from over ........
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7d7
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Post by 7d7 on Jul 3, 2020 9:12:35 GMT
''The problem faced is that Parliament set up (for very good reasons) the FCA in the way that they did.''
Good reasons indeed but I wonder if they are aware of the flaws in the current set-up.
An effective complaints process requires not only an internal review conducted by the FCA but also an independent external review body that can sustain or overrule the watchdog's final decision. Sadly, the Complaints Commissioner does not play that role.
The TC should at least eradicate the shortcomings of the present system to ensure it is objective and equitable. If fostering good relations with the public is paramount to them, a fit for purpose process needs to be established.
Perhaps we could equally put this forward to the Treasury.
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duck
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Post by duck on Jul 3, 2020 16:06:01 GMT
''The problem faced is that Parliament set up (for very good reasons) the FCA in the way that they did.''Good reasons indeed but I wonder if they are aware of the flaws in the current set-up. ..... Yes they are but you could argue that the Treasury has a vested interest since fines pass directly to them (the FCA is funded by industry levies) This is among several items that are currently being worked on.
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duck
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Post by duck on Aug 14, 2020 8:39:05 GMT
Whilst this is in the public domain I doubt very much if many investors will have read it. Final report by the Complaints CommissionerAs you will be able to see the Complaints Commissioner is very aware of the Col situation. There are other complaints lodged as well so please do not send any more in, we need his support and there is nothing he can do at present
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chris1200
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Post by chris1200 on Aug 14, 2020 8:59:09 GMT
Whilst this is in the public domain I doubt very much if many investors will have read it. Final report by the Complaints CommissionerAs you will be able to see the Complaints Commissioner is very aware of the Col situation. There are other complaints lodged as well so please do not send any more in, we need his support and there is nothing he can do at present Just to confirm (for my own sanity) that this is just the report which we were linked to in the recent updates on our complaints?
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duck
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Post by duck on Aug 14, 2020 9:23:39 GMT
Just to confirm (for my own sanity) that this is just the report which we were linked to in the recent updates on our complaints? No. When the initial complaints were deferred and no answers (relevant) were received from the FCA these were followed up with the Complaints Commissioner who looked into the situation and produced the report that I linked to (complaint not one of mine). The Complaints Commissioner is the person you complain to if you do not think the FCA has not acted correctly. There are several other reports that the Complaints Commissioner has produced (including two of mine) that have not been published yet so I am unable to link to them or disclose the contents. As we have found out since Col went down there are many processes that have to be followed and a lot of what has been found out cannot be published. When something is published I am free to highlight it. In this case the report shows that the relevant person knows and understands the problem. The work continues .......
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chris1200
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Post by chris1200 on Aug 14, 2020 9:31:03 GMT
Just to confirm (for my own sanity) that this is just the report which we were linked to in the recent updates on our complaints? No. When the initial complaints were deferred and no answers (relevant) were received from the FCA these were followed up with the Complaints Commissioner who looked into the situation and produced the report that I linked to (complaint not one of mine). The Complaints Commissioner is the person you complain to if you do not think the FCA has not acted correctly. There are several other reports that the Complaints Commissioner has produced (including two of mine) that have not been published yet so I am unable to link to them or disclose the contents. As we have found out since Col went down there are many processes that have to be followed and a lot of what has been found out cannot be published. When something is published I am free to highlight it. In this case the report shows that the relevant person knows and understands the problem. The work continues ....... Are you quite sure about this? The link URL is identical and seems to take me to exactly the same report... (Edit: Also, no need to patronise me by explaining who the Complaints Commissioner is. Unsurprisingly, I'm fully aware of this.) Attachments:
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