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Post by df on Nov 22, 2023 12:35:20 GMT
I've logged in to my FS account just out of curiosity and found that I can't see any loans on "my current investments" page, it only displays the total value. All good here. Do you have anything in the search 'bar' that's effectively returning zero results? (Edit: Or are the expected entries in the 'Quitclose' tab - which I'd not noticed before!) Yes I had, didn't notice this Now showing the loans. Thank you!!! Quistclose must be a new addition. I didn't see it before.
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mah
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Post by mah on Nov 25, 2023 22:05:23 GMT
Does it say that the FCA have completed their investigation into FS? Yes, but what it doesnt say is whether they are doing anything as a result. It does say the admin 'assisting the FCA with their enquiries' cost 5 figures. Since the investigation into the "Confidential Matter" has now been closed, can we have some broad details !
Sorry, where does it say the costs to be 5 figures. The details / figures in this Report seem scanty.
The other question that keeps bugging me (excuse my ignorance here) is the huge figure of £1,216,638.35 - Irrecoverable VAT. Can't they be registered for VAT and the £1.2M be reclaimed ?
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Post by lostinspace on Dec 15, 2023 7:28:14 GMT
Been thinking of a few possibilities for the excessive time in sorting the loans by administrators -
1. They can claim more fees 2. Are they getting the interest on the stored money? 3. Are the FCA being prevented from concluding the investigation until every loan is resolved? So advantage to administrator to delay. The longer it takes the less interest FCA have. 4. The longer it takes the more dead funders there are.
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jonno
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Post by jonno on Dec 15, 2023 9:05:42 GMT
Been thinking of a few possibilities for the excessive time in sorting the loans by administrators - 1. They can claim more fees 2. Are they getting the interest on the stored money? 3. Are the FCA being prevented from concluding the investigation until every loan is resolved? So advantage to administrator to delay. The longer it takes the less interest FCA have. 4. The longer it takes the more dead funders there are. All of the above
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ilmoro
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Post by ilmoro on Dec 15, 2023 13:48:47 GMT
Been thinking of a few possibilities for the excessive time in sorting the loans by administrators - 1. They can claim more fees 2. Are they getting the interest on the stored money? 3. Are the FCA being prevented from concluding the investigation until every loan is resolved? So advantage to administrator to delay. The longer it takes the less interest FCA have. 4. The longer it takes the more dead funders there are. 1. No, percentage of recovery not time related 2. Yes, but unclear who gets it. 3. No. Investigation concluded. 4. Yes.
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Post by lostinspace on Dec 15, 2023 16:32:16 GMT
I am confused if the investigation by the FCA has concluded.
Reports says it has but we are still getting the 4 week update saying investigation is on going.
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ilmoro
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Post by ilmoro on Dec 15, 2023 19:29:10 GMT
I am confused if the investigation by the FCA has concluded. Reports says it has but we are still getting the 4 week update saying investigation is on going. Enforcement investigation has ended ... investigation of individual complaints about FCA conduct in relation to FS ongoing.
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ozboy
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Post by ozboy on Dec 15, 2023 21:31:57 GMT
"Enforcement investigation has ended"
It's a fornicating joke isn't it, the laughing stock, useless, gutless and incompetent FCA couldn't find any evidence to prosecute anyone for Fraud?!
Says ALL you need to know about the FCA and their commitment to "Protecting Consumers".
I'd love to hear the opinions of the FCA Flagwavers and Cheerleaders on this.
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Post by Ace on Dec 15, 2023 21:55:28 GMT
"Enforcement investigation has ended"It's a fornicating joke isn't it, the laughing stock, useless, gutless and incompetent FCA couldn't find any evidence to prosecute anyone for Fraud?! Says ALL you need to know about the FCA and their commitment to "Protecting Consumers". I'd love to hear the opinions of the FCA Flagwavers and Cheerleaders on this. Reading your post, it occurred to me that I don't think I've ever seen one of those on this forum. I think it's the only thing that unites us all, which is pretty damming.
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ozboy
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Post by ozboy on Dec 15, 2023 22:12:44 GMT
"Enforcement investigation has ended"It's a fornicating joke isn't it, the laughing stock, useless, gutless and incompetent FCA couldn't find any evidence to prosecute anyone for Fraud?! Says ALL you need to know about the FCA and their commitment to "Protecting Consumers". I'd love to hear the opinions of the FCA Flagwavers and Cheerleaders on this. Reading your post, it occurred to me that I don't think I've ever seen one of those on this forum. I think it's the only thing that unites us all, which is pretty damming. There's been one or two in the past Ace, but you are right, no "supporters" for some time now. Now why would that be?
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Post by overthehill on Dec 16, 2023 10:54:06 GMT
From the Urban Dictionary, I did have to make a couple of spelling alterations!
Pen pusher (n.) Unneeded, bureaucratic employee not making any difference and hampering efficiency
Our overheads are not to blame for the shortfall, it's those damn pen pushers.
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michaelc
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Post by michaelc on Dec 16, 2023 23:29:52 GMT
"Enforcement investigation has ended"It's a fornicating joke isn't it, the laughing stock, useless, gutless and incompetent FCA couldn't find any evidence to prosecute anyone for Fraud?! Says ALL you need to know about the FCA and their commitment to "Protecting Consumers". I'd love to hear the opinions of the FCA Flagwavers and Cheerleaders on this. Reading your post, it occurred to me that I don't think I've ever seen one of those on this forum. I think it's the only thing that unites us all, which is pretty damming. There have been folk waving the flag for the FCA on this forum. Perhaps more troubling, there remain people continuing to invest in this sector doing their utmost to convince others that everything is fine - nothing to see here.
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michaelc
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Post by michaelc on Dec 22, 2023 16:14:13 GMT
New letter from the admins.
Reads to me like a lot of work that the admins themselves need to do.
I find if a letter contains the phrase pari-paussu the rest of it is likely to go over my head. Perhaps someone else far more knowledgeable than I will explain in english what it means?
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adrian77
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Post by adrian77 on Dec 22, 2023 16:43:50 GMT
I have read this update - looks to me as if they are using unclear language rather then give us the full facts - as if they would do that!
Not only is this incredibly poorly described but I think the following is a gross grammatical error but what do you expect for a vastly hourly rate?
"where there have been a settlement" should be "has been a settlement " ?
and how much is all this advice costing....
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dh1
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Post by dh1 on Dec 22, 2023 17:22:06 GMT
Having read the letter for the umpteenth time, I think the Administrators are saying that they've got it wrong ... again.
Where FS loans have been paid off without resort to selling the security asset/property (ie the borrower (or somebody else) has simply paid it off) the Administrators (ie Funding Secure Limited in Administration) have been taking a chunk of the proceeds before paying us lenders back.
Their (probably now slightly less preferred legal advisor) has made it clear that they can't do that; it follows that all proceeds should have come to lenders.
So, we can now look forward to a handsome payout of all the proceeds, when they have figured out what's what (and subject to Quistclose proceedings).
I don't think that should be too hard so 2024 may start with unexpected £'s from FS.
Before you get your hopes up, it won't be much!
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