11025
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Post by 11025 on Jun 25, 2019 16:40:20 GMT
Correct Bailey is playing a balancing game ,
Technically , it could be argued that by failing to maintain a proper register and themselves being unfit for purpose the FCA by their negligence have exposed investors to an Unregulated Collective Investment Scheme , (UCIS)
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Monetus
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Post by Monetus on Jun 25, 2019 17:26:34 GMT
Correct Bailey is playing a balancing game , Technically , it could be argued that by failing to maintain a proper register and themselves being unfit for purpose the FCA by their negligence have exposed investors to an Unregulated Collective Investment Scheme , (UCIS) Indeed. It's interesting that you raised Collateral potentially being a UCIS as it's something I've been thinking about a lot lately. People (myself included) thought we were investing in an FCA authorised platform under Interim P2P/consumer credit permissions when in fact it was nothing of the sort - with seemingly no appropriate permissions to operate since the very beginning. If the FCA's negligence regarding their Register has unknowingly exposed retail investors to a UCIS then the FCA and any other relevant parties have some very serious questions to answer. Especially as UCIS's cannot be promoted to the general public. www.fca.org.uk/publication/archive/fsa-factsheet-ucis.pdf
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duck
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Post by duck on Jun 26, 2019 4:14:21 GMT
Correct Bailey is playing a balancing game , Technically , it could be argued that by failing to maintain a proper register and themselves being unfit for purpose the FCA by their negligence have exposed investors to an Unregulated Collective Investment Scheme , (UCIS) Indeed. It's interesting that you raised Collateral potentially being a UCIS as it's something I've been thinking about a lot lately. People (myself included) thought we were investing in an FCA authorised platform under Interim P2P/consumer credit permissions when in fact it was nothing of the sort - with seemingly no appropriate permissions to operate since the very beginning. If the FCA's negligence regarding their Register has unknowingly exposed retail investors to a UCIS then the FCA and any other relevant parties have some very serious questions to answer. Especially as UCIS's cannot be promoted to the general public. www.fca.org.uk/publication/archive/fsa-factsheet-ucis.pdfInteresting to see the subject of UCIS's being raised. One of the questions that I asked the Treasury Committee to ask yesterday was on this exact subject. Unfortunately it wasn't asked. I will progress. So did I. My digging has confirmed that Col were never able to claim that they had interim approval (lack of OFT license and date of incorporation) which makes the FCA statement that Col never had any permissions correct. Even basic checks by the FCA at any time from March 2016 (the date Col applied to the FCA for approval) would have shown the register entry to be incorrect. As I have previously posted the FCA have stated that they found the incorrect entry in Nov 2017 which of course begs a lot of questions..... which have of course been asked.
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keystone
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Post by keystone on Jun 26, 2019 6:21:11 GMT
If the FCA's negligence regarding their Register has unknowingly exposed retail investors to a UCIS then the FCA and any other relevant parties have some very serious questions to answer. Especially as UCIS's cannot be promoted to the general public. www.fca.org.uk/publication/archive/fsa-factsheet-ucis.pdfRight so we should be put back in to the position we were in before we were mislead into investing into this UCIS. All this waiting for the administrators/liquidators is just time wasting and of no relevance to us. What value the properties can sell for is of no concern to us. How come the chattels were so overvalued by the ******* running collateral who happened to be pawn brokers previously and should have had a better ideal then the average person of how much the chattels should be worth is simply a matter for the FCA and the courts. No wonder the FCA wanted BDO appointed so that they could trick us into going down this path. The more this process goes on the more I am wondering why?
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squid
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Post by squid on Jun 26, 2019 10:02:26 GMT
The question is what can Collateral investors do to ensure the correct outcome?
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Monetus
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Post by Monetus on Jun 26, 2019 10:52:22 GMT
If the FCA's negligence regarding their Register has unknowingly exposed retail investors to a UCIS then the FCA and any other relevant parties have some very serious questions to answer. Especially as UCIS's cannot be promoted to the general public. www.fca.org.uk/publication/archive/fsa-factsheet-ucis.pdfRight so we should be put back in to the position we were in before we were mislead into investing into this UCIS. All this waiting for the administrators/liquidators is just time wasting and of no relevance to us. What value the properties can sell for is of no concern to us. Any potential argument for compensation would almost certainly have to occur once any potential losses were crystallised and the shortfall in any creditor claims could not be met by Collateral.
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keystone
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Post by keystone on Jun 26, 2019 11:19:39 GMT
Right so we should be put back in to the position we were in before we were mislead into investing into this UCIS. All this waiting for the administrators/liquidators is just time wasting and of no relevance to us. What value the properties can sell for is of no concern to us. Any potential argument for compensation would almost certainly have to occur once any potential losses were crystallised and the shortfall in any creditor claims could not be met by Collateral. Being rhetorical, why is that? PPI compensation claims don't have to wait until the banks recover from their investments, Endowment miss-selling didn't wait until the final outcome was known, a fund manager who had to compensate me several years ago didn't have to wait until the market recovered before paying me for their mistakes. Now granted these were all ongoing entities but surely its up to the FCA to cough up and they can then take as long as they want waiting until BDO recover monies from Collateral. This process where we are being treated as if everything was normal and above board so therefore we have to follow the process like every other business failure is just not on, the FCA know there was fraud involved, they said so yesterday in the committee meeting. I'm just venting pent up frustration with the delays and lack of progress with this whole process.
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Monetus
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Post by Monetus on Jun 26, 2019 11:27:22 GMT
Any potential argument for compensation would almost certainly have to occur once any potential losses were crystallised and the shortfall in any creditor claims could not be met by Collateral. Being rhetorical, why is that? PPI compensation claims don't have to wait until the banks recover from their investments, Endowment miss-selling didn't wait until the final outcome was known, a fund manager who had to compensate me several years ago didn't have to wait until the market recovered before paying me for their mistakes. Now granted these were all ongoing entities but surely its up to the FCA to cough up and they can then take as long as they want waiting until BDO recover monies from Collateral. This process where we are being treated as if everything was normal and above board so therefore we have to follow the process like every other business failure is just not on, the FCA know there was fraud involved, they said so yesterday in the committee meeting. I'm just venting pent up frustration with the delays and lack of progress with this whole process. I actually 100% agree with you. Have you already made your complaint to The FCA and/or their regulators? I am also pursuing another line of enquiry that may be of interest to Collateral investors once I can get some additional clarifications.
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squid
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Post by squid on Jun 26, 2019 12:10:56 GMT
Sounds interesting Monetus. Hopefully we can collectively leave no stone unturned in our quest to get a fair outcome, and without having to wait many years.
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duck
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Post by duck on Jun 26, 2019 13:20:18 GMT
Sounds interesting Monetus. Hopefully we can collectively leave no stone unturned in our quest to get a fair outcome, and without having to wait many years. You can rest assured that no stones are being left unturned. The other line of inquiry is indeed 'interesting', something I am also working on. I would love to say that timescales are more certain but they are not however as the thread title says efforts are being made to stop bureaucracy from grinding us to a halt.
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Monetus
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Post by Monetus on Jun 26, 2019 13:29:37 GMT
Sounds interesting Monetus. Hopefully we can collectively leave no stone unturned in our quest to get a fair outcome, and without having to wait many years. Indeed Squid. Myself and a few other very dedicated investors are putting a lot of effort into ensuring that all avenues of potential recovery are pursued and the appropriate parties are held accountable. We hope to be able to share some more information shortly.
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neeps
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Post by neeps on Jun 26, 2019 14:18:11 GMT
Having watched the TSM grilling of Bailey/Randell yesterday, it was disappointing that the Collateral & Lendy questions ended up almost as AOM at the end. Bailey was able to hide behind the fact that there are 'investigations' underway. However, the fact that security as so lax that anyone could tamper with a listing, interim or otherwise, is still an admission that the system was/is not fit for purpose. That failure directly led to investors being taken in by, what appeared to be, a genuine authorisation.
Many thanks to duck, Monetus & any others who are working tirelessly to get some resolution to this!!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 26, 2019 16:17:52 GMT
Oh, methinks 11025 has also uncovered some buried gems with his little spade.
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micky
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Post by micky on Jun 28, 2019 14:11:18 GMT
Email just sent out- 14.11 hrs
I am emailing you to provide you with an update on your complaint in respect of FCA action relating to the Collateral Companies (Collateral UK Ltd, Collateral Sales Ltd and Collateral Security Trustee Ltd).
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Post by Badly Drawn Stickman on Jun 28, 2019 14:26:58 GMT
Email just sent out- 14.11 hrs I am emailing you to provide you with an update on your complaint in respect of FCA action relating to the Collateral Companies (Collateral UK Ltd, Collateral Sales Ltd and Collateral Security Trustee Ltd). Without wishing to sound overly technical, I am reading it as.... Blah blah blah deferred for another six months?
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