amanda373
Anyone downloaded the full transcript of the Court Session with the FCA. .?
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Post by amanda373 on Mar 7, 2024 8:37:10 GMT
If memory serves me …when I originally made the complaint I received a reply promising a follow-up soon. In time..can’t remember how long, I received an apology for the delay and £50 for the inconvenience . If only they honoured that principle !
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ptr120
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Post by ptr120 on Mar 7, 2024 9:18:38 GMT
What more can there be left to investigate? Why were they previously able to give a timescale of how much longer the investigation would take, but are now unable to do so?
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duck
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Post by duck on Mar 7, 2024 9:58:46 GMT
What more can there be left to investigate? Why were they previously able to give a timescale of how much longer the investigation would take, but are now unable to do so? Don't forget 'reputation management' is now one of the highest FCA priorities. With the confiscation hearing due in May just wait for "We have protected consumers and have secured 50p as redress through the proceeds of crime act." Fact is Col was very dodgy (potentially criminal, certainly broke Companies and tax law) even before they applied for Part 4A permissions, the FCA and I have the proof. The FCA had key information on the loan book ........... but they didn't look at it for a year ......... and then they realised that consumers were at risk of serious harm and potentially financial crime. As I put in yesterdays complaint "I accept that the Case of Collateral is very embarrassing to the FCA but that cannot be used as an excuse to further delay answering investors complaints." Answering some of the complaints will show the whole can of worms that is Col, this is not compatible with my first sentence "Don't forget 'reputation management' is now one of the highest FCA priorities."
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duck
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Post by duck on Mar 7, 2024 15:08:48 GMT
Blame staff sickess for the late update! Does only one staff member have the right to press 'go' on the non updates?
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duck
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Post by duck on Mar 16, 2024 11:10:17 GMT
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 16, 2024 11:32:30 GMT
Investment based crowdfunding ie shares in startups, isnt the same as peer to peer or lending based crowdfunding so some divergence in approach has always been the case.
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duck
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Post by duck on Mar 16, 2024 11:57:25 GMT
ilmoro indeed you are correct in what you say but in 2016 as the FCA say " This is a young and innovative market" which the FCA hadn't really got their heads around by the time Col was forced into administration. Documents prove that the FCA still couldn't define what was P2P. The 'protracted argument' between the Curries and the FCA of course centred on if Col was actually P2P (it was). The FCA only took that position just before Col collapsed after they had belatedly taken legal opinion .... but of course that was far too late. After Col (and others) the FCA finally declared P2P to be 'high risk' and imposed certain mainly inefective controls. So the questions remains, why was P2P initially deemed to be lower risk than other similar types of investment? Did G'ment backing not have any influence? For example from 2015 Economic Secretary: We want to see peer-to-peer lending continue to grow and evolve
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 16, 2024 15:35:27 GMT
ilmoro indeed you are correct in what you say but in 2016 as the FCA say " This is a young and innovative market" which the FCA hadn't really got their heads around by the time Col was forced into administration. Documents prove that the FCA still couldn't define what was P2P. The 'protracted argument' between the Curries and the FCA of course centred on if Col was actually P2P (it was). The FCA only took that position just before Col collapsed after they had belatedly taken legal opinion .... but of course that was far too late. After Col (and others) the FCA finally declared P2P to be 'high risk' and imposed certain mainly inefective controls. So the questions remains, why was P2P initially deemed to be lower risk than other similar types of investment? Did G'ment backing not have any influence? For example from 2015 Economic Secretary: We want to see peer-to-peer lending continue to grow and evolve Certainly govt policy ... driving a significant fintech industry with light touch regulation. I don't get the FCA struggling with defining P2P as that is defined by legislation ... the issue as we know with Coll is it complied with the legislation in form but not in substance ie it walked like a duck, quacked like a duck but legally couldn't be a duck. 😉 The biggest problem was the FCA was Elmer Fudd ... duck hunting in rabbit season
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duck
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Post by duck on Mar 16, 2024 17:50:43 GMT
Certainly govt policy ... driving a significant fintech industry with light touch regulation. I don't get the FCA struggling with defining P2P as that is defined by legislation ... the issue as we know with Coll is it complied with the legislation in form but not in substance ie it walked like a duck, quacked like a duck but legally couldn't be a duck. 😉 The biggest problem was the FCA was Elmer Fudd ... duck hunting in rabbit season Yes the legislation is clear but either the FCA didn't understand it, wanted to classify Col as something other than P2P or simply reacted to the Curries teams reactions is debatable. Behind the scenes this was going on in private between the FCA and Col (Dec 2016) (Richard is Richard Tall partner at DWF legal) Note at one time 'P2P' was taken off the site and then it came back again. This was raised by the FCA in other communications. This type of discussion went on from before investors saw the site until Nov 2017
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duck
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Post by duck on Mar 18, 2024 10:44:16 GMT
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duck
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Post by duck on Mar 29, 2024 12:59:15 GMT
Whilst not directly connected to Col this case should have bearing on my FOI case with the FCA where they have refused my legitmate request to be supplied with senior FCA management emails regarding Col. In this case Paul Carlier (who has been campaigning about the Blackmore Bond scandal for nearly as long as I have been involved with Col) had his FOI's declared 'vexatious'. He appealled to the Information Commissioner who produced a report 100% backing the FCA. Paul took the case to first tribunal (Judge led) and won. What has come out is that the ICO didn't even read his documentation before finding against him. The Judges also found that the FCA were wrong in labelling his FOI's vexatious and that the volume of requests/amount of work imposed on the FCA was not a reason to apply 'vexatious' since there is a public interest in knowing exactly what went on. These are the two same reasons the FCA used against me. Between PAUL CARLIER Appellant and INFORMATION COMMISSIONER FINANCIAL CONDUCT AUTHORITY www.bailii.org/uk/cases/UKFTT/GRC/2024/257.html
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duck
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Post by duck on Mar 31, 2024 8:30:38 GMT
On Wednesday this week Col investors who made complaints are due to receive the next 4 weekly 'update'.
So the question is will we receive
Or will we receive
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duck
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Post by duck on Mar 31, 2024 16:41:48 GMT
Two FOI's appeared on WhatDoTheyKnow this morning. One here, the other here. By using WhatDoTheyKnow anybody interested can follow any subsequent correspondence and the FCA's response.
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duck
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Post by duck on Apr 2, 2024 14:30:24 GMT
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Post by Badly Drawn Stickman on Apr 2, 2024 15:51:51 GMT
It will all be done and dusted by the end of the summer, according to the just received nothing to see here email.....
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