Mucho P2P
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Post by Mucho P2P on Jan 3, 2020 12:45:30 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 !! The FCA also gave their stamp of approval that the firm is operating to a defined set of principles, before and at time or authorisation (31.3.2017), which clearly was not the case with what is now known.
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11025
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Post by 11025 on Jan 3, 2020 13:33:51 GMT
Correct , This is what FS should have been adhering to - My experience of them is at odds with these guidelines.
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Godanubis
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Post by Godanubis on Jan 3, 2020 17:08:18 GMT
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 !! The FCA also gave their stamp of approval that the firm is operating to a defined set of principles, before and at time or authorisation (31.3.2017), which clearly was not the case with what is now known. Correct and when any material losses occur that were due to that fact and outwith normal ranges for the tyoe of investment there may well be grounds for complaint.
There may even be recourse to claim lost capital in no circumstances under any guarantee scheme including FCA would you ever get interest paid.
Capital return for loss would only be if you were unable to offset against taxes and legal liability proven.
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foolsgold
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Post by foolsgold on Jan 4, 2020 15:00:33 GMT
Standard letter of complaint to FCA submitted as per the pro forma letter kindly made by a member in this forum.
The submission asked what the grounds of my complaint was and the reply back from them asked me submit my claim prior to the end of December ..so who wouldnt claim lost interest?
I think it was debated in here and the consensus was claim the interest which I thought why not?
I Dont expect to get any of my interest back but who isnt going to claim the full whack knowing its going to be reduced anyway.
My mistake was I wrongly assumed that the FCA would have ensured that FS was ....well....REGULATED....is it not reasonable to assume that a government body will act properly to protect the interests of the investors ...someone has fecked up here from their side... just hope they are held to account
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taffy
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Post by taffy on Jan 4, 2020 17:31:45 GMT
I believe the term used is "Authorised and Regulated by the FCA". F.S., Lendy, etc were certainly Authorised but they failed miserably on the regulation bit. Still, for a Government Institution, 1 out of 2 is probably about right.
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foolsgold
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Post by foolsgold on Jan 4, 2020 18:12:45 GMT
Definition of Regulate is
To control or direct by a rule, principle, method,
To adjust to some standard or requirement, as amount, degree,
To adjust so as to ensure accuracy of operation
To put in good order.
Perhaps someone should let the FCA know what they were actually supposed to do ....but it was certainly not any of the above
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 4, 2020 22:06:51 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.[EDIT: Apologies, my following posting is wrt Collateral.) ABSOLUTELY! SO, those who have not yet done so, please lift your fat backside off the sofa and contact duck for his EXCELLENT template/s which make it urine easy to write to your MP and prompt some serious action on this travesty. It really IS the only viable avenue we currently have, SO JUST DO IT! Please. duck and his Lings have/are concocting a stonking second letter you can send your MP in due course as a follow up to the current/first letter and it will certainly ask even more terror inducing questions which will undoubtedly make the FCA toilets even messier than they currently allegedly are. Please contact duck and then write to your MP, SUPPORT YOUR FELLOW INVESTORS, we are about to lose a LOT of money through NO fault of our own, the FCA is 100% liable for this excrement storm. I thank you. OzBoy.
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hendragon
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Post by hendragon on Jan 5, 2020 15:59:19 GMT
Seconded ozboy. My trouble is that I am on my 3rd different MP in 6 months. With reference to FCA answering questions I recall Lord Myners posed questions in the House of Lords that required written answers by the FCA. Does anyone have any knowledge of any answers that might have been given?
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iRobot
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Post by iRobot on Jan 5, 2020 16:56:14 GMT
Seconded ozboy . My trouble is that I am on my 3rd different MP in 6 months. With reference to FCA answering questions I recall Lord Myners posed questions in the House of Lords that required written answers by the FCA. Does anyone have any knowledge of any answers that might have been given? Answers to recent Parliamentary questions can be found by searching here; a keyword of "FCA" and with "Lord Myners" as the 'Member' (asking a question) produces 57 hits.
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iRobot
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Post by iRobot on Jan 5, 2020 18:48:05 GMT
In addition to the above, some responses may include text similar to " The FCA will reply directly to Lord Myners by letter, and a copy of the letter will be placed in the Library of the House." Where available, these may be found in ' Deposited Papers'; use a date range to narrow the search and use "Treasury" in the 'Deposited by:' field for FCA results. Since 01/01/19 there have been 77 Treasury deposits, and half-a-dozen or so from Bailey to Lord Myners.
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ilmoro
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Post by ilmoro on Jan 5, 2020 22:19:24 GMT
Some, possibly all, were also published on the FCA website eg the Lendy response letter of July 2019
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duck
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Post by duck on Jan 6, 2020 5:28:43 GMT
..... With reference to FCA answering questions I recall Lord Myners posed questions in the House of Lords that required written answers by the FCA. Does anyone have any knowledge of any answers that might have been given? The FCA written responses are not visible at present. I took up the verbal responses with Lord Cookham (who responded in the HoL) but since he had resigned from that position he didn't take up the challenge.
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hendragon
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Post by hendragon on Jan 6, 2020 11:51:23 GMT
duck I had no idea that your questions were devastating enough to cause resignations
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duck
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Post by duck on Jan 6, 2020 12:41:54 GMT
duck I had no idea that your questions were devastating enough to cause resignations
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ilmoro
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Post by ilmoro on Jan 6, 2020 15:00:30 GMT
duck I had no idea that your questions were devastating enough to cause resignations Andrew Bailey was so perturbed at feathered probing he had to go and get another job. 😂
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