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Post by chrisj123 on Feb 1, 2021 14:22:29 GMT
Following today's mass of updates. What are people's hopes of any further recovery and more importantly any further monies returned to investors?
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seb8072
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Post by seb8072 on Feb 1, 2021 14:36:13 GMT
Following today's mass of updates. What are people's hopes of any further recovery and more importantly any further monies returned to investors? Nothing meaningful for me.
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tony9239
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Post by tony9239 on Feb 1, 2021 15:29:03 GMT
Following today's mass of updates. What are people's hopes of any further recovery and more importantly any further monies returned to investors? Looks like two chances of any recoveries - fat chance and no chance!
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Brainer
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Post by Brainer on Feb 1, 2021 18:01:11 GMT
Dented I would say. Reading through all the updates, it seems that the claims under PGs are likely to return nothing, as the more experienced members here always suggested would be the case, and by sheer coincidence the administrators seems to be recovering just enough from other loans to cover their own fees.
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shw
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Post by shw on Feb 1, 2021 18:10:17 GMT
Only one guarantee = MT directors & Moorfields will collect their fees before investors get the scraps. We are first to have put the cash in and last to get anything.It is a disgrace.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 1, 2021 20:31:03 GMT
Meanwhile, under the ever watchful, sage eye of "Authorised and Regulated by the FCA", the FCA does .................................. NOTHING.
Surely the grossly incompetent shower known as "The FCA" is not long for existence and will be summarily shut down?
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keystone
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Post by keystone on Feb 1, 2021 20:35:13 GMT
what is worse is that they have spent years in some cases, stringing us along on the hopes of recovery but in reality its just been a ruse to earn themselves fees.
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star dust
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Post by star dust on Feb 1, 2021 21:06:18 GMT
Meanwhile, under the ever watchful, sage eye of "Authorised and Regulated by the FCA", the FCA does .................................. NOTHING.Surely the grossly incompetent shower known as "The FCA" is not long for existence and will be summarily shut down? Not before duck and the 'lings fish out a COL shaped victory for the miss led-regulated investors thanks
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duck
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Post by duck on Feb 2, 2021 5:49:45 GMT
Meanwhile, under the ever watchful, sage eye of "Authorised and Regulated by the FCA", the FCA does .................................. NOTHING.Surely the grossly incompetent shower known as "The FCA" is not long for existence and will be summarily shut down? Not before duck and the 'lings fish out a COL shaped victory for the miss led-regulated investors thanks As always I can not make any promises but what ever the end result it won't be due to lack of effort! Yesterdays hearing was certainly interesting. Dame Elizabeth on several occasions confirmed what we have found wrt Col. We are still pressing hard. (FWIW I want the FCA to stay in existence, they need to be held responsible for their 'actions' )
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TitoPuente
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Post by TitoPuente on Feb 2, 2021 9:21:54 GMT
There is a piece in the FT about this. It ends with: "Following the report, the Treasury said it would set up a compensation scheme to consider one-off payouts to former LCF investors — most of whom are not covered by the main Financial Services Compensation Scheme as they bought unregulated products without advice".
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duck
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Post by duck on Feb 2, 2021 9:50:17 GMT
There is a piece in the FT about this. It ends with: "Following the report, the Treasury said it would set up a compensation scheme to consider one-off payouts to former LCF investors — most of whom are not covered by the main Financial Services Compensation Scheme as they bought unregulated products without advice". This is the case, the Treasury is engaged in this exercise. Heading back to the Gloster Report, yesterday Dame Gloster spent some time discussing 'The Halo Effect'. Whilst this differed in the case of LCF (Company regulated but bonds not) in the Case of Col this 'Halo Effect' was much worse. The FCA accepted the 4A application (by default Col can claim to be regulated)
Every part of Cols documentation and business showed 'regulated .....'.
The FCA knew Col was claiming to be regulated (they quietly asked the Directors to remove these claims when they discovered the false register entry).... and then the FCA have the nerve to say Whilst possibly technically correct and ignoring the point that the FCA should have stopped Col from even starting trading, there is no doubt the Directors of Col used this 'Halo Effect' to their own benefit to the detriment of investors ..... all under the 'watchful' eye of the FCA. From Section 5 of the Gloster report
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star dust
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Post by star dust on Feb 2, 2021 10:11:14 GMT
There is a piece in the FT about this. It ends with: "Following the report, the Treasury said it would set up a compensation scheme to consider one-off payouts to former LCF investors — most of whom are not covered by the main Financial Services Compensation Scheme as they bought unregulated products without advice". For those interested there are some links to all this here , the actual Treasury Committee debate is two hours long, haven't listened to that much, but Dame Elizabeth Gloster was responding at the beginning.
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agent69
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Post by agent69 on Feb 2, 2021 10:15:17 GMT
This is the case, the Treasury is engaged in this exercise. Heading back to the Gloster Report, yesterday Dame Gloster spent some time discussing 'The Halo Effect'. Whilst this differed in the case of LCF (Company regulated but bonds not) in the Case of Col this 'Halo Effect' was much worse. The FCA accepted the 4A application (by default Col can claim to be regulated)
Every part of Cols documentation and business showed 'regulated .....'.
The FCA knew Col was claiming to be regulated (they quietly asked the Directors to remove these claims when they discovered the false register entry).... and then the FCA have the nerve to say Whilst possibly technically correct and ignoring the point that the FCA should have stopped Col from even starting trading, there is no doubt the Directors of Col used this 'Halo Effect' to their own benefit to the detriment of investors ..... all under the 'watchful' eye of the FCA. From Section 5 of the Gloster report www.youtube.com/watch?v=hou0lU8WMgo
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keystone
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Post by keystone on Feb 2, 2021 13:09:46 GMT
As LCF went into administration almost a year after Collateral collapsed, can someone point me to the parliamentary enquiry and report into Collateral please and provide an estimate of how long before Lendy, FS and MT are looked into. Or is P2P so rife with fraud and backhanders that it does not count for enquires?
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duck
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Post by duck on Feb 3, 2021 10:18:27 GMT
As LCF went into administration almost a year after Collateral collapsed, can someone point me to the parliamentary enquiry and report into Collateral please and provide an estimate of how long before Lendy, FS and MT are looked into. Or is P2P so rife with fraud and backhanders that it does not count for enquires? We have pressured the Treasury Committee on several occasions since it is their job to hold the FCA to account. Members on this forum have provided their MPs (who sit on the Committee) with full details of what went on with Col/FCA along with my and others submitting directly to the Committee. The implications of Col and their interactions with the FCA present wider issues than just Col but the pending Court Hearing(s) means I cannot post more at present. LC&F was of course much larger (£237m) than Col (£20m) which does present a problem of perception ....... which is being worked on at present.
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