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Post by waryinvestor on Oct 28, 2019 21:09:55 GMT
Thanks for that waryinvestor . My interactions with the FCA yielded similar results.
In Part 3, a question mark remains on the suitability of BDO as the FCA is yet to clarify if their previous experience and expertise is in P2P administration. Regarding Part 4, I am unsure how the lender base may express their displeasure with the actions of BDO to the Creditors' Committee. To the best of my knowledge, there are no formal channels of communication between both parties. @monetus, is this a process the FCA expects to be established by now?I contested the findings saying that it was not the Court who chose the Administrators, but Court has merely accepted the recommendations of FCA. So, FCA must accept the responsibility of the chosen Administrators rather than washing their hands off saying it is now the sole responsibility of BDO. Also, "complaints over BDO LLP’s conduct should be addressed directly to BDO LLP or the Insolvency Service" - again since FCA appointed them, they should take some responsibility.
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Post by waryinvestor on Oct 28, 2019 21:22:07 GMT
Any updates on Collateral. Lendy went into Admin much later and they seem to have already released the 1st payments. What's Collateral Administrators doing ?
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benaj
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Post by benaj on Oct 29, 2019 9:01:05 GMT
Any updates on Collateral. Lendy went into Admin much later and they seem to have already released the 1st payments. What's Collateral Administrators doing ?
I wonder the same thing. Administrators of a well-known firm have not returned any money yet, not really impressed with the "periodic" updates.
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Post by waryinvestor on Oct 29, 2019 11:42:48 GMT
And FCA, Complaints Commissioner are all in this gane together
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11025
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Post by 11025 on Oct 30, 2019 9:48:12 GMT
I must admit from what I have seen and read about the Complaints Commissioner and Antony Townsend my perception is they appear un-biased , fair and objective.
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duck
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Post by duck on Oct 30, 2019 13:10:18 GMT
I must admit from what I have seen and read about the Complaints Commissioner and Antony Townsend my perception is they appear un-biased , fair and objective. Agreed.
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duck
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Post by duck on Dec 23, 2019 13:46:27 GMT
As predicted another 6 month deferment on all Col complaints.
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gt94sss2
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Post by gt94sss2 on May 12, 2020 8:40:29 GMT
Apologies, if I have missed anything but are their any template letters that I can use as the basis of a complaint to the FCA (suitably customised)?
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duck
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Post by duck on May 12, 2020 10:08:51 GMT
Apologies, if I have missed anything but are their any template letters that I can use as the basis of a complaint to the FCA (suitably customised)? There is no letter since the process involves an online 'form'. Note the initial complaints regarding the condition of the IP register have now timed out due to the 'one year rule'. There are however other aspects of the Col debacle that can still be complained about that are inside the one year rule.
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duck
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Post by duck on Jun 11, 2020 8:12:29 GMT
Just putting a marker down here, the 6 month review of all outstanding complaints is due by 23/06 at the latest.
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tony9239
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Post by tony9239 on Jun 24, 2020 7:09:26 GMT
Just putting a marker down here, the 6 month review of all outstanding complaints is due by 23/06 at the latest. Morning all, Most disappointed yesterday not to receive my 6-monthly update from the FCA on my complaint about them re Coll. Anyone else got theirs? However, I think we know what the last para will say: " I am satisfied that if we were to investigate your complaint now, there remains a real risk of prejudicing the ongoing Enforcement investigation or any proceedings which may arise from it. Therefore, we have decided to continue to defer your complaint for a further six months (bringing our next update scheduled for December 2020) or until the conclusion of the Enforcement investigation and any resulting proceedings, whichever is sooner." Plus, of course, the customary smokescreen about delays due to C19.
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duck
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Post by duck on Jun 24, 2020 8:28:05 GMT
Just putting a marker down here, the 6 month review of all outstanding complaints is due by 23/06 at the latest. .. Anyone else got theirs? ..... No, but just as with FOIs the FCA often claim an extra day (sometimes two, claiming one at the front and one at the rear) so I wouldn't be surprised if something arrived today / tomorrow. That said I do know things are moving wrt 'the investigation', sorry better not say more at present. Time will come when all the complaints will have to be answered .......
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tony9239
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Post by tony9239 on Jun 24, 2020 8:31:11 GMT
Just putting a marker down here, the 6 month review of all outstanding complaints is due by 23/06 at the latest. However, I think we know what the last para will say: " I am satisfied that if we were to investigate your complaint now, there remains a real risk of prejudicing the ongoing Enforcement investigation or any proceedings which may arise from it. Therefore, we have decided to continue to defer your complaint for a further six months (bringing our next update scheduled for December 2020) or until the conclusion of the Enforcement investigation and any resulting proceedings, whichever is sooner."Alternatively, I suppose it might say: "At last. Now that baffon Bailey has been demoted upwards, we can finally admit that it was all his fault. Apparently, he had some IT boffins stress-test the FCA Register to see how difficult it was to subvert it. They demonstrated a number of flaws, including the ease with which the listing for Regal Pawn Ltd could be changed to Collateral UK Ltd. It seems Mr Bailey left the altered entry on his laptop and forgot to change it back. No conspiracy, just sheer incompetence. As a result, we shall now restore all lost funds to Collateral investors." Now, wouldn't that be nice.
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jonno
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Post by jonno on Jun 24, 2020 8:45:41 GMT
However, I think we know what the last para will say: " I am satisfied that if we were to investigate your complaint now, there remains a real risk of prejudicing the ongoing Enforcement investigation or any proceedings which may arise from it. Therefore, we have decided to continue to defer your complaint for a further six months (bringing our next update scheduled for December 2020) or until the conclusion of the Enforcement investigation and any resulting proceedings, whichever is sooner."Alternatively, I suppose it might say: "At last. Now that baffon Bailey has been demoted upwards, we can finally admit that it was all his fault. Apparently, he had some IT boffins stress-test the FCA Register to see how difficult it was to subvert it. They demonstrated a number of flaws, including the ease with which the listing for Regal Pawn Ltd could be changed to Collateral UK Ltd. It seems Mr Bailey left the altered entry on his laptop and forgot to change it back. No conspiracy, just sheer incompetence. As a result, we shall now restore all lost funds to Collateral investors." Now, wouldn't that be nice. Yep.........................and then you woke up!!
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duck
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Post by duck on Jun 24, 2020 17:20:09 GMT
My deferral notice was dated 23/12/2019 and it promised an update at 6 month intervals so I have asked the FCA for one.
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