taffy
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Post by taffy on Apr 20, 2023 12:37:47 GMT
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Greenwood2
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Post by Greenwood2 on Apr 20, 2023 19:21:54 GMT
Link doesn't work for me.
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iRobot
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Post by iRobot on Apr 20, 2023 20:46:20 GMT
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 20, 2023 20:50:20 GMT
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duck
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Post by duck on May 30, 2023 13:50:32 GMT
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michaelc
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Post by michaelc on May 30, 2023 16:46:07 GMT
Seems like we've all been given the same emails so far. I wonder if the results will also be same regardless of the fact our complaints could be subtly different.
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mah
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Post by mah on Jun 2, 2023 20:56:12 GMT
And we found that everyone else is responsible for the Failure except FCA, and even if we were, we have the immunity - so go f..
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Post by luckyescape on Jun 22, 2023 6:53:21 GMT
The FCA knew about the missing £2.5m from the client funds as far back as Autumn 2018.
You may recall there was a week when the website “went down” and no one could invest.
At the end of that, apologies were given about technical issues.
In fact, auditors had reported the issue to the FCA who then worked with FS.
The deal set was the money had to be returned within a few days or they would publicly censure FS and force FS to “confess” to investors.
Because Collateral had just collapsed I *believe* they were concerned about the impact to the P2P industry if this came out.
The p2p regulatory arm of the FCA in Edinburgh would be the individual who would be better able to explain.
The existing management didn’t have the funds, so they approached one of their largest investors, who agreed to pay funds in, in return for purchase of the company.
Because this literally happened over a weekend, the investor had no time to conduct due diligence. He had a very large sum in loans and I suspect, to a degree, believed the lies from RL & NH.
To my mind, the FCA’s handling of this affair is outrageous and should be subject to investigation.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 22, 2023 11:19:52 GMT
The FCA knew about the missing £2.5m from the client funds as far back as Autumn 2018. You may recall there was a week when the website “went down” and no one could invest. At the end of that, apologies were given about technical issues. In fact, auditors had reported the issue to the FCA who then worked with FS. The deal set was the money had to be returned within a few days or they would publicly censure FS and force FS to “confess” to investors. Because Collateral had just collapsed I *believe* they were concerned about the impact to the P2P industry if this came out. The p2p regulatory arm of the FCA in Edinburgh would be the individual who would be better able to explain. The existing management didn’t have the funds, so they approached one of their largest investors, who agreed to pay funds in, in return for purchase of the company. Because this literally happened over a weekend, the investor had no time to conduct due diligence. He had a very large sum in loans and I suspect, to a degree, believed the lies from RL & NH. To my mind, the FCA’s handling of this affair is outrageous and should be subject to investigation. The FCA is no different from and has displayed exactly the same traits as the Directors of the failed P2P Platforms, if you know wot I mean ......... This whole FCA / Failed P2Ps sorry saga needs BLOWING UP, surely there are readers out there who have good connections in The Media, Parliament, etc? The consistency of the complete, total and utter failures by the incompetent FCA need much more oxygen and widespread publicity on a massive scale. Otherwise, Dear Reader, FA will happen and the FCA will blissfully and incompetently carry on "protecting" financial consumers.
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rogerthat
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Post by rogerthat on Jun 22, 2023 13:55:56 GMT
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rogerthat
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Post by rogerthat on Jun 22, 2023 14:39:18 GMT
Seems like we've all been given the same emails so far. I wonder if the results will also be same regardless of the fact our complaints could be subtly different. As it happens on my submission to the FCA, I stated that complaints had been made as far back as 2018, yet the FCA allowed FS to continue trading for another year. Now I know why !
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Post by beepbeepimajeep on Jun 22, 2023 15:10:53 GMT
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Post by luckyescape on Jun 22, 2023 15:47:34 GMT
Yes quite!
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rogerthat
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Post by rogerthat on Jun 22, 2023 16:47:54 GMT
Do you mind me asking where you gleaned this info from...as you see from my previous post I knew complaint/s had been made to the FCA..what I didn't know was about what though info/rumour about the 'large investor' were around at the time. After all, it is almost 5 years ago !
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Post by luckyescape on Jun 22, 2023 17:25:27 GMT
I remember it well.
All I can say at this stage is that I know without doubt. I appreciate that gives no confidence or credibility to my posts, and for that I am sorry.
I am in direct contact with a couple of people that I hope prove trustworthy. They know my identity and would be able to vouch for the validity of the information I share.
Ultimately I just want justice be served, and this situation to never happen again, the same as everyone else.
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