As regular readers of this thread will know I and others have been working behind the scenes for the past year and a bit concentrating on the FCA's role in the Collateral debacle.
Yesterday I received further information from the FCA that allowed me to put the following time line together. Andrew Bailey (head of the FCA) recently referred to the Col case as 'unfortunate' I would use stronger words. The FCA failed from the day that they took funds from Collateral to process a FULL Part 4A approval route. If basic checks had been made at that time it would have highlighted that Col was not eligible for IP. Without the interim to full approval route Collateral would not have been allowed to trade.
Regal Pawnbrokers register entry changed to read Collateral 12/12/15.
Collateral applied for full Part 4A approval 23/03/16.
The FCA started the approval process 'on the basis that it held a valid interim approval'*
Cols application remained at 'case assessment stage ' until they called in the administrators.
The FCA knew that Col was trading for the whole period from 23/03/16 to 26/02/2018**
The FCA became aware on 23/11/2017 that the interim approval that was claimed by Col was invalid.
On 29/01/2018 the FCA challenged the directors of Col.
On 07/02/2018 Col withdrew its part 4A application.
On 12/02/2018 Col agreed to cease trading.
Col continued to trade until the screens went blank on 26/02/2018.
*Col was never eligible for interim approval this should have been picked up by the FCA.
** This is actually stating the obvious (but I wanted it in writing). To progress from interim to full approval you have to be trading.