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Post by portlandbill on Dec 10, 2019 16:29:30 GMT
I got my initial response today in the form of a long email which basically said they're looking into it and will get back to me.
In the meantime, now that the administrators have decided that our ring fenced funds are no longer ring fenced, how do I go about complaining about that?
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foolsgold
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Post by foolsgold on Dec 10, 2019 16:37:31 GMT
I got my initial response today in the form of a long email which basically said they're looking into it and will get back to me. In the meantime, now that the administrators have decided that our ring fenced funds are no longer ring fenced, how do I go about complaining about that? Portlandbill........I also received an email back from the FCA today but its important to note that they are looking for a reply back as to your loss....here is the relevant transcript from the email I received Compensation As you may be seeking compensation from the FCA, I believe it is important to bring the following information to your attention. Under the Financial Services and Markets Act 2000, the FCA is immune from legal liability unless a court finds that the FCA has acted in bad faith or has breached your human rights. The FCA will consider its immunity when it decides if it should pay you compensation and, if so, how much. Claims for substantial compensation payments are likely to be more appropriately dealt with in another way, for example in a court. Under the Scheme, the FCA will not pay punitive damages or costs in the same way that a court or tribunal would do.If the FCA decides that an ex-gratia payment is appropriate, it will take into account where its funds come from, as well as its need to be efficient and economical in using its resources. This is because the FCA is funded by the financial services industry and so the cost of any payment it makes will fall upon the financial services industry and ultimately, through it, on consumers. Information request With the above in mind, if my investigation upholds your complaint, can you confirm the amount that you are seeking as a “refund investors for losses”. Please provide this information by 24 December 2019.
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foolsgold
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Post by foolsgold on Dec 10, 2019 16:41:08 GMT
Apologies I am not used to how this site works but the above quote is from me and not from Portlandbill as I am replying and copying the relevant email reply I received back today from the FCA...basically you need to reply back to the FCA of the amount of compensation sought....I am going to reply back asking for my capital investment and not include the interest accrued..... any thoughts on my approach?.....Hope this helps
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Post by portlandbill on Dec 10, 2019 16:50:13 GMT
Apologies I am not used to how this site works but the above quote is from me and not from Portlandbill as I am replying and copying the relevant email reply I received back today from the FCA...basically you need to reply back to the FCA of the amount of compensation sought....I am going to reply back asking for my capital investment and not include the interest accrued..... any thoughts on my approach?.....Hope this helps Yes, I've asked for my capital back and not asked for the accrued interest (all my remaining capital is in "unredeemed" loans). Will the FCA involve themselves in the ring fenced client funds issue?
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foolsgold
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Post by foolsgold on Dec 10, 2019 16:55:52 GMT
I am by no means an expert in this field but entered into P2P as a diversity from other businesses but as per the email one of the conditions is that they could be liable but only if they acted in "Bad Faith" but would require court action to proceed. I suppose its something that could be considered further down the line but would require us all to contribute to a funding pot like was set up previously to fund the creditors committee
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pfffill
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Post by pfffill on Dec 10, 2019 17:03:47 GMT
I too have received the same email from the complaints investigator. As regards the amount of compensation sought, I was inclined to reply that I cannot determine a figure until the wind-up process is completed - only then will we know by how much we have been shafted. However, the investigator is requesting a figure in two weeks' time - "...can you confirm the amount that you are seeking as a “refund investors for losses”. Please provide this information by 24 December 2019".
I am inclined now to request the whole of my capital back as my default position and, unless someone can give a substantive reason why not, my accrued interest as of 24th December as well, but I'd welcome anyone else's thoughts on the matter before I reply.
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foolsgold
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Post by foolsgold on Dec 10, 2019 17:09:52 GMT
I think its along shot even to get back our capital.
Dont think the FCA would pay a profit to us of loss of interest....hope Im wrong but If I get my capital back I would be thankful and I will fund another BTL...at least its something I can control and am accountable only to myself
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pfffill
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Post by pfffill on Dec 10, 2019 17:15:03 GMT
I agree with that, but I see no reason to be modest in our claims against the incompetent, not-fit-for-purpose FCA.
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Post by waryinvestor on Dec 11, 2019 13:31:30 GMT
I'm using their website to file an online complain :
Hope it'll have the same effect.
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Greenwood2
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Post by Greenwood2 on Dec 11, 2019 17:07:20 GMT
I agree with that, but I see no reason to be modest in our claims against the incompetent, not-fit-for-purpose FCA. If the intention is to put you back in the position you would have been in 'were it not for...' I would think nominal savings account interest could be added to lost capital.
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pfffill
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Post by pfffill on Dec 12, 2019 9:53:49 GMT
Well I've replied to the FCA complaint investigator, asking how she proposes I quantify my losses by 24th of this month, given the ongoing FS administration. I will update the thread when I have an answer.
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Post by waryinvestor on Dec 12, 2019 11:35:18 GMT
I agree with that, but I see no reason to be modest in our claims against the incompetent, not-fit-for-purpose FCA. If the intention is to put you back in the position you would have been in 'were it not for...' I would think nominal savings account interest could be added to lost capital. I think in case of a FSCS compensation/protection, they give interest until the day the firm/bank goes into administration - so one loses the interest from that day until the final payment is made.
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foolsgold
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Post by foolsgold on Dec 12, 2019 11:55:38 GMT
Ive claimed the Capital and interest accrued up until yesterday.
Might be wrong but thought I should claim the upper amount .
The more people that claim the more public pressure will be placed on the FCA so it just cant be brushed under the carpet.
Other avenues such as acting in bad faith should be looked at as well as raising our public profile in the press as I think amongst us will be people who have retired and sunk there life savings into a scheme we thought was properly supervised by the FCA so effectively we have been mis-sold a belief that the government would ensure that fraud corruption and incompetance wouldnt take place and it clearly has
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taffy
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Post by taffy on Jan 2, 2020 16:19:33 GMT
The FCA have been "regulating" the actions of several other P/P companies (Lendy, Collateral, etc) as well as investments such as the Neil Woodford Fund. The head of the FCA, Andrew Bailey, will shortly take on the roll of Governor of the Bank of England, may the Lord protect us! Given the FCA`s actions (or inaction), this may turn out to be a scandal on the scale of the PPI fiasco. I suspect lawyers are licking their lips in anticipation, so it's in the best interest of the FCA and the government to sort his mess out sooner rather than later. Keep up the pressure on the FCA and MP`s.
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Godanubis
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Post by Godanubis on Jan 3, 2020 10:48:01 GMT
Ive claimed the Capital and interest accrued up until yesterday.
Might be wrong but thought I should claim the upper amount .
The more people that claim the more public pressure will be placed on the FCA so it just cant be brushed under the carpet.
Other avenues such as acting in bad faith should be looked at as well as raising our public profile in the press as I think amongst us will be people who have retired and sunk there life savings into a scheme we thought was properly supervised by the FCA so effectively we have been mis-sold a belief that the government would ensure that fraud corruption and incompetance wouldnt take place and it clearly has
You can’t claim you haven’t lost anything the loans are still incomplete. ”Your money is at risk” and not covered by FCA . You were warned !!
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