duck
Member of DD Central
Posts: 2,584
Likes: 5,723
|
Post by duck on Dec 6, 2019 4:34:20 GMT
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). duck : Are you suggesting theres absolutely no hope of the FCA doing the right thing and compensating us for - at least in part - our loss? ..... Absolutely not. The FSCS is separate from the FCA. One of the primary rules for FSCS compensation is that the company was regulated by the FCA which Col was not, a point that the FCA was keen to point out in their statement of 04/04/2018..... "In fact, none of the Collateral Companies held any valid authorisation or permission to carry on regulated activities." Looking for ways around this have proved fruitless. Col investors have to look directly to the FCA for redress which is what we are doing. As laid out in the MP's letter the FCA failed to check basic details wrt Col which allowed Col to trade which allowed us to loose money. Our losses* are directly attributable to the FCA. The fact that the FCA failed to make these checks for circa 20 months in spite of being in contact with Col for that period (there was a lot going on) says it all. The issue that has to be confronted is that Parliament set up the FCA in such a way that legal action cannot be taken so making the FCA 'do the decent thing' comes down to pressure being put on them, which is where the MP's letter comes in. It is very noticeable that the 'standard' letter that was sent out by the FCA to MPs failed to address the substantive issues, basically palming MPs off with a lot of words. This will be addressed in the follow up. We have built a very strong case, have documentary proof of the FCA's failures (most of which is not currently in the public realm) and all relevant authorities are aware of the situation. The pressure will be maintained, I suspect the FCA know that 'we' will not be going away ...... * The extent of the losses is not yet known and will not be known until the liquidation is complete.
|
|
duck
Member of DD Central
Posts: 2,584
Likes: 5,723
|
Post by duck on Dec 13, 2019 7:51:50 GMT
OK most of the election results are in now so anybody who sent the MPs letter should know if your MP has changed. If you have the same MP you need to do nothing, your MP will retain your 'case file'. If your MP has changed you need to take some action now. Contact your departing MPs office (Email contact) and ask for either - your case file to be transferred to the new MP
- your case file to be sent to you as the constituent
As far as I have been able to ascertain you only have 4 working days to get your request in so if you can grab a few minutes today/over the weekend make those requests!
There will be (should be!) a 'case file' where the departing MP has followed up on the letter by writing to the FCA. Where the departing MP 'did nothing', personally I would put a request in to see what info the MP holds on you, what happened to the letter etc before anything is shredded.
If you come to this post 'late' (outside the 4 working day period) submitted the letter and have a new MP it is not the end of the world but you will have to start again. We will of course make this process as easy as possible.
A new letter is in preparation but won't be released until Parliament has settled down and we know it will receive the necessary attention ......
|
|
neeps
Posts: 79
Likes: 118
|
Post by neeps on Dec 13, 2019 10:59:17 GMT
Great work duck.
Where our MP is the same, should we be chasing them next week or should we wait for the next letter to be available? Thanks.
|
|
duck
Member of DD Central
Posts: 2,584
Likes: 5,723
|
Post by duck on Dec 13, 2019 11:43:00 GMT
.... Where our MP is the same, should we be chasing them next week or should we wait for the next letter to be available? Thanks. No need to do anything at present, the FCA 'replied' to the original letter (by not answering it) the new letter will address the issues.
|
|
|
Post by bodroll on Dec 13, 2019 18:16:41 GMT
Many thanks Duck - email sent to outgoing MP for file transfer. Hope it works
|
|
duck
Member of DD Central
Posts: 2,584
Likes: 5,723
|
Post by duck on Dec 15, 2019 16:55:11 GMT
Has anybody else requested their file to be transferred to their new MP / asked for it to be sent to them? I've been researching this further today and the 4 working days doesn't have the clarity I would like, the cut off day may be tomorrow so best to get those Emails in. If you don't and assuming you have kept all the correspondence it won't take much for your new MP to pick up the case, you could send the previous correspondence with the next MPs letter.
|
|
|
Post by marcus2p on Dec 16, 2019 15:24:22 GMT
Hi Duck - if you could send me the post-dust-settling template for my MP, I would be grateful. Sorry I'm a bit late to the party for MPs but I got the complaint in to the FCA as per your advice.
|
|
duck
Member of DD Central
Posts: 2,584
Likes: 5,723
|
Post by duck on Dec 16, 2019 16:37:47 GMT
Hi Duck - if you could send me the post-dust-settling template for my MP, I would be grateful. Sorry I'm a bit late to the party for MPs but I got the complaint in to the FCA as per your advice. As long as you have lodged a complaint that is you in the system. The FCA replied to the first MPs letter the day that parliament was dissolved for the election. The FCA failed to answer the questions posed but there is little point in sending that letter now since all you and your MP will receive by return are a lot of worthy words that say nothing. A new letter is being drafted currently, can I suggest that you wait until that becomes available when one again it will be 'all hands to the pumps'. The letter will be made available after the Christmas recess, probably when most of the Brexit legislation has been nodded through ....... but we need to time this right so that the letter receives the attention it deserves.
|
|
jcb208
Member of DD Central
Posts: 820
Likes: 606
|
Post by jcb208 on Dec 18, 2019 14:06:10 GMT
Hi I sent off a letter to my MP regarding the false information on the FCA register and got the standard response , but never sent this letter, can I now do so as the first complaint was deferred or am I too late Thanks
|
|
duck
Member of DD Central
Posts: 2,584
Likes: 5,723
|
Post by duck on Dec 18, 2019 16:26:08 GMT
Hi I sent off a letter to my MP regarding the false information on the FCA register and got the standard response , but never sent this letter, can I now do so as the first complaint was deferred or am I too late Thanks There is a bit of dust settling at present. At the FCA all complaints are deferred pending the outcome of the investigation. I expect that the investigation to be extended for another 6 months later this month. The one important bit of action that Col investors need to ensure they have done is to have officially complained, this ensures they are 'in the system'. On the MPs letter the first one was met by a 'standard' reply from the FCA that didn't answer the questions asked. A new letter is currently being prepared which will address the failure of the first FCA response to address the issues. If you didn't send the first letter it is probably best to wait for the second letter to be made available and then send them both together to save your MP from chasing the FCA without all the latest information. Time is currently on our side, the liquidation will probably take another year which means the losses that we will incur will not be quantifiable until then. Until we have these figures the extent of the issue that the FCA face is unknown.
|
|
jcb208
Member of DD Central
Posts: 820
Likes: 606
|
Post by jcb208 on Dec 18, 2019 16:38:19 GMT
OK thankyou duck and for all your hard work this year, have a good Christmas.Collateral is by far my biggest concern due to the amount I have invested
|
|
squid
Member of DD Central
Posts: 141
Likes: 204
|
Post by squid on Dec 18, 2019 20:33:14 GMT
Likewise.
|
|
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 Dec 19, 2019 2:19:07 GMT
Hi I sent off a letter to my MP regarding the false information on the FCA register and got the standard response , but never sent this letter, can I now do so as the first complaint was deferred or am I too late Thanks There is a bit of dust settling at present. At the FCA all complaints are deferred pending the outcome of the investigation. I expect that the investigation to be extended for another 6 months later this month. The one important bit of action that Col investors need to ensure they have done is to have officially complained, this ensures they are 'in the system'. On the MPs letter the first one was met by a 'standard' reply from the FCA that didn't answer the questions asked. A new letter is currently being prepared which will address the failure of the first FCA response to address the issues. If you didn't send the first letter it is probably best to wait for the second letter to be made available and then send them both together to save your MP from chasing the FCA without all the latest information. Time is currently on our side, the liquidation will probably take another year which means the losses that we will incur will not be quantifiable until then. Until we have these figures the extent of the issue that the FCA face is unknown. Good old Nelson got it right “ Losses I see no losses”. The FCA will come good and all will be paid. We all get one wish for Santa. Sent my letter to Santa 🎅. If you live in the north of England or here in Scotland will our letters to MP’s end up in the trash with them ?
|
|
duck
Member of DD Central
Posts: 2,584
Likes: 5,723
|
Post by duck on Dec 19, 2019 5:14:39 GMT
I don't know how far your tongue was in your cheek when you posted that Godanubis but what I will say is we have built a compelling case, appear to have the right people 'on side' but what we don't know at present is what the outcome will be. from the information that has been passed back to me 'No'. MPs from all regions of the UK have responded favorably (and taken action) with the exception of NI. The responding MPs (again that I know about) belong to Con, Lab, LD, SNP & Plaid, so a fair cross section.
|
|
|
Post by spareafewcoppersguv on Dec 19, 2019 10:03:41 GMT
Has anybody else requested their file to be transferred to their new MP / asked for it to be sent to them? I've been researching this further today and the 4 working days doesn't have the clarity I would like, the cut off day may be tomorrow so best to get those Emails in. If you don't and assuming you have kept all the correspondence it won't take much for your new MP to pick up the case, you could send the previous correspondence with the next MPs letter. My MP stood down before the election, so I requested my case file be transferred to the incoming MP (once known) at that stage. Can I add my thanks for all your work Duck. Wishing you a Happy Christmas and fruitful New Year!
|
|