theshape
Member of DD Central
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Post by theshape on Dec 31, 2019 12:14:11 GMT
Just to update.
I sent the letter to my MP on 4th November.
I received a response from my MP on 23rd December. He has written to the FCA.
30th December I received an email from the FCA complaints team requesting consent to discuss my complaint with my MP's office. I have responded to give consent today.
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travolta
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Post by travolta on Dec 31, 2019 18:01:09 GMT
My MP continues to ignore this letter .
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duck
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Post by duck on Dec 31, 2019 18:29:26 GMT
My MP continues to ignore this letter . There will be a new letter soonish, perhaps he/she will get the message that you won't be going away.
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Post by noo6py on Jan 6, 2020 12:46:58 GMT
Hi duck, thanks again for your work on this. Is the new letter available?
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duck
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Post by duck on Jan 8, 2020 16:21:16 GMT
..... Is the new letter available? Not yet, MPs have only just returned and have ' brexit breakfast on their minds' so sending the letter now might not have the effect we want, lets give it a couple of weeks more. I also want to see who is on the Treasury Committee. I'm pretty sure Mel Stride is remaining as chair (he replaced Nicky Morgan when she became a minister in the last Parliament) but as far as I have found out the other members have not been confirmed. Knowing this will be pretty useful because we might have a 'Col letter sender' whose MP is on the committee, we didn't last time.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 8, 2020 18:56:36 GMT
Truly EXCELLENT work duck by you and your Associates, THANK YOU, on behalf of all long suffering and almost certainly VASTLY poorer Collateral Lender Investors who continue to be tortured by the totally incompetent and ineffective FCA who caused this fiasco. And Bailey walks away from.
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keystone
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Post by keystone on Jan 9, 2020 14:42:12 GMT
LCF investors see compensation hopes dashed"most LCF investors were given "incorrect information", not misleading advice. That is a key distinction which it says means the majority of investors will not qualify for compensation." "The Serious Fraud Office is conducting a probe into individuals associated with LCF." "The majority of people who invested will now be pinning their hopes of getting any money back on the administrators of LCF, Smith & Williamson." As Collateral was never apparently regulated, but we were given misleading statements that they were, does this constitute misleading advice?
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keystone
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Post by keystone on Jan 9, 2020 14:51:32 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). Just looked further up the thread. I guess it's a no-goer then!
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Greenwood2
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Post by Greenwood2 on Jan 9, 2020 15:01:09 GMT
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). Just looked further up the thread. I guess it's a no-goer then! Some LCF customers were given 'advice' to invest in LCF, so may be able to get to FSCS cover through the company that advised them. If a financial advisor, advised you to invest in Col that might be a route to FSCS cover, but I very much doubt anyone took professional advice on investing with Col (and if they did the advice was probably don't!).
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amanda373
Anyone downloaded the full transcript of the Court Session with the FCA. .?
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Post by amanda373 on Jan 9, 2020 15:51:17 GMT
For info I have just been contacted by Kate Gentle of the FCA regarding a questionnaire I completed in 2018 regarding a witness statement for the FCA regarding proceeding a they may take. hardly against themselves I assume? Anyone else been contacted? Haven't replied as yet.
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duck
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Post by duck on Jan 9, 2020 17:13:05 GMT
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jlend
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Post by jlend on Jan 9, 2020 19:00:30 GMT
LCF investors see compensation hopes dashed"most LCF investors were given "incorrect information", not misleading advice. That is a key distinction which it says means the majority of investors will not qualify for compensation." "The Serious Fraud Office is conducting a probe into individuals associated with LCF." "The majority of people who invested will now be pinning their hopes of getting any money back on the administrators of LCF, Smith & Williamson." As Collateral was never apparently regulated, but we were given misleading statements that they were, does this constitute misleading advice? The full info from the FSCS is here www.fscs.org.uk/failed-firms/lcf/In my experience getting LCF compensation from the FSCS will now be all about how well the lcf investors fill in the claim forms and what evidence they are able to pull together regarding any written or verbal communications when they bought the bonds. Not easy... I assume the FSCS didn't find anything that was deemed as "advice" in the standard promotional material I assume the standard material related to the transfer of stocks and shares ISAs to the mini bonds contained information deemed as misleading advice as this group is being compensated automatically.
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Greenwood2
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Post by Greenwood2 on Jan 10, 2020 7:52:55 GMT
LCF investors see compensation hopes dashed"most LCF investors were given "incorrect information", not misleading advice. That is a key distinction which it says means the majority of investors will not qualify for compensation." "The Serious Fraud Office is conducting a probe into individuals associated with LCF." "The majority of people who invested will now be pinning their hopes of getting any money back on the administrators of LCF, Smith & Williamson." As Collateral was never apparently regulated, but we were given misleading statements that they were, does this constitute misleading advice? The full info from the FSCS is here www.fscs.org.uk/failed-firms/lcf/In my experience getting LCF compensation from the FSCS will now be all about how well the lcf investors fill in the claim forms and what evidence they are able to pull together regarding any written or verbal communications when they bought the bonds. Not easy... I assume the FSCS didn't find anything that was deemed as "advice" in the standard promotional material I assume the standard material related to the transfer of stocks and shares ISAs to the mini bonds contained information deemed as misleading advice as this group is being compensated automatically. I believe whoever gives the advice has to be regulated to give advice, ie, a financial advisor or for LCF I think there was a marketing company involved somewhere that was regulated to give financial advice and overstepped from marketing to advising in some cases.
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jlend
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Post by jlend on Jan 10, 2020 8:40:21 GMT
The full info from the FSCS is here www.fscs.org.uk/failed-firms/lcf/In my experience getting LCF compensation from the FSCS will now be all about how well the lcf investors fill in the claim forms and what evidence they are able to pull together regarding any written or verbal communications when they bought the bonds. Not easy... I assume the FSCS didn't find anything that was deemed as "advice" in the standard promotional material I assume the standard material related to the transfer of stocks and shares ISAs to the mini bonds contained information deemed as misleading advice as this group is being compensated automatically. I believe whoever gives the advice has to be regulated to give advice, ie, a financial advisor or for LCF I think there was a marketing company involved somewhere that was regulated to give financial advice and overstepped from marketing to advising in some cases. That is the normal way it works. But not quite the whole story with mini bonds. I received compensation in the Secured Energy Bonds case in 2019, as did investors in Providence Bonds due to the contents of the promotional material which was signed off by a regulated company and deemed as advice. It is complicated area of regulation around what is deemed to be information vs advice.
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amanda373
Anyone downloaded the full transcript of the Court Session with the FCA. .?
Posts: 52
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Post by amanda373 on Jan 10, 2020 11:20:55 GMT
For info I have just been contacted by Kate Gentle of the FCA regarding a questionnaire I completed in 2018 regarding a witness statement for the FCA regarding proceeding a they may take. hardly against themselves I assume? Anyone else been contacted? Haven't replied as yet. I know of one other recipient of this Email (not me). Need to concentrate on how Col said they had permissions (including on this forum by GW), had it plastered all over their website and Emails etc. Can you send me anything in email as I didn't have any of that info as was recommended . FCA claim that Collateral put themselves into administration....which is prob true but my memory needs refreshing! Not sure how to ad my email legitimately! Sorry but of a technophobe
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