duck
Member of DD Central
Posts: 2,569
Likes: 5,637
|
Post by duck on Nov 7, 2019 7:52:13 GMT
I am reliably informed that the FCA sent a response to MPs Candidates who wrote to them. Some investors have been sent a copy of the letter. As my first sentence shows the timing of this response is 'interesting'.
Suffice to say that the response fails to address the substantive questions, ignores periods of history and totally ignores the long history of interaction between Col and themselves. On the plus side they did answer questions that nobody has asked.
Needless to say that now MP's have been 'stood down' for the election there is no point in responding at this time but rest assured there will be a response .......
|
|
duck
Member of DD Central
Posts: 2,569
Likes: 5,637
|
Post by duck on Nov 9, 2019 5:00:36 GMT
Well we are now into the election period and MP's (who aim to continue) have become candidates whilst others have stood down, others will not return to Westminster. So how does this affect investors who have sent their (now ex) MP the letter?1. If your MP is re-elected there should be no effect, work on the case can be resumed on 13th December. 2. If your MP has decided not to stand again. You do NOT have to start again. You can ask the departing MP (or his office) to transfer the file either to you or to the new MP, the choice is yours. 3. If your previous MP is defeated in the election again you can ask for the file to be transferred to either you or to the new MP, again the choice is yours. Note 6.2.4 of the guide says authority to handle sensitive personal data ends at the end of the 4th day after the election so if the departing MP hasn't contacted you (they should) you need to act quickly. So what does a new Parliament mean for you?1. If your MP is not standing again you can take action now and ask for the file to be transferred. 2. If your MP is replaced you will have time (but not much) to ask for the file to be transferred. 3. If your MP returns to Westminster you need to do nothing. What do you do if your (now ex) MP didn't reply to the letter you sent whilst he/she was an MP?
1. Ask for the file to be transferred, your new MP might well be more reactive and take up your case. If you fall into the position where you have a new MP taking action is important since if you don't your file will be shredded. If you request your file to be transferred to the new MP ask for written confirmation that this has been carried out (Email obviously OK) this will avoid anybody having to start again.
|
|
sj
Member of DD Central
Posts: 229
Likes: 330
|
Post by sj on Nov 15, 2019 13:43:08 GMT
My MP has just sent me a copy of what I assume is the boilerplate letter that the FCA has been handing out. Rather than respond on my own right away, i'll wait for direction on how to proceed.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Nov 15, 2019 13:55:20 GMT
Smart thinking sj, a well thought out and co-ordinated response is our best way forward.
|
|
duck
Member of DD Central
Posts: 2,569
Likes: 5,637
|
Post by duck on Nov 15, 2019 14:10:12 GMT
.... a well thought out and co-ordinated response is our best way forward. and that is what will be happening, moves are already afoot. That said there is currently no rush, a month before Parliament sits again and we need to ensure the Treasury Committee remains the same. Will post more when the time is right.
|
|
|
Post by outapocket on Nov 23, 2019 10:25:43 GMT
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Nov 23, 2019 10:56:41 GMT
The government have other issues on their mind at the moment and are certainly not going to instigate anything that would generate bad publicity and upset the City.
|
|
duck
Member of DD Central
Posts: 2,569
Likes: 5,637
|
Post by duck on Nov 23, 2019 12:14:08 GMT
..... and are certainly not going to instigate anything that would generate bad publicity and upset the City. When talking to G'ment ministers and various Lords the line taken is always that the FCA is an independent organisation so they cannot comment on its failures. This is why the Treasury Committee is such an important committee it is the only official interface between the two bodies.
|
|
|
Post by brightspark on Nov 23, 2019 14:36:35 GMT
Its what is known as passing the duck.
|
|
duck
Member of DD Central
Posts: 2,569
Likes: 5,637
|
Post by duck on Nov 23, 2019 14:41:01 GMT
Its what is known as passing the duck. Boy do you live up to you forum name
|
|
|
Post by brightspark on Nov 23, 2019 15:00:47 GMT
Perhaps I am misunderstood. When government/legislators are called to account for any role in such as W******d, L****y, F*****g S****E, C********l failures, to name a few, the finger of blame is always directed towards the FCA where government expects the buck to stop. Perhaps that is why the head of the FCA is amongst others touted as being a potential next head of the B of E.
|
|
duck
Member of DD Central
Posts: 2,569
Likes: 5,637
|
Post by duck on Nov 28, 2019 7:27:40 GMT
Deleted for a reason, more to follow .....
|
|
duck
Member of DD Central
Posts: 2,569
Likes: 5,637
|
Post by duck on Dec 4, 2019 3:58:29 GMT
|
|
picnicman
Member of DD Central
Posts: 238
Likes: 215
|
Post by picnicman on Dec 5, 2019 11:17:54 GMT
duck - interesting sentence about FSCS looking into how LCF customers might be compensated despite unregulated??!! Not sure how we might keep up to date with this one, unless you or someone has found a way to keep tabs?? Cheers P
|
|
duck
Member of DD Central
Posts: 2,569
Likes: 5,637
|
Post by duck on Dec 5, 2019 16:01:49 GMT
duck - interesting sentence about FSCS looking into how LCF customers might be compensated despite unregulated??!! Not sure how we might keep up to date with this one, unless you or someone has found a way to keep tabs?? Cheers P I've been following LCF (much larger than Col) and there is a clear distinction between the two cases. Basically LCF was regulated but the mini bonds that have caused all the problems were not. So I believe the FCA want the FSCS to step in. This will not be popular with the industry since they will have to pay through levies but it will get angry investors off the the FCA's backs. Col of course was never regulated so the FSCS cannot be brought into play (I've looked very hard at that one, so have others).
|
|