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Post by luckyescape on Jun 22, 2023 18:47:14 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. I am in contact with Mousy to try and find a way to do exactly that.
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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 Jun 22, 2023 19:03:19 GMT
This isnt exactly new information though offers additional detail on the motives of those involved ... the basic facts were outlined in the administrators proposals ... the involvement of the FCA was clearly to be assumed even if not stated explicitly given the issue related to CASS breaches.
The circumstances and the FCA role has already been the subject of investigation by themselves ... as yet we dont know what the conclusions of the investigation are. TTF are pushing for a wider review of FCA but seem to be struggling to gain traction
Adam Williams at the Telegraph and James Hurley at the Times have both previously run stories on P2P failures
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rogerthat
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Post by rogerthat on Jun 23, 2023 9:37:12 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. Amen to that bro
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rogerthat
Member of DD Central
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Post by rogerthat on Jun 24, 2023 10:58:39 GMT
This isnt exactly new information though offers additional detail on the motives of those involved ... the basic facts were outlined in the administrators proposals ... the involvement of the FCA was clearly to be assumed even if not stated explicitly given the issue related to CASS breaches. The circumstances and the FCA role has already been the subject of investigation by themselves ... as yet we dont know what the conclusions of the investigation are. TTF are pushing for a wider review of FCA but seem to be struggling to gain traction Adam Williams at the Telegraph and James Hurley at the Times have both previously run stories on P2P failures You say previously run stories. Were they aware of these more recent revelations and in an effort to gain more traction and keep this in the public eye, contact them again ? One might presume that the FCA, in marking it's own homework, may not reveal itself to be overly critical and that it's conclusion will, in their eyes, be and end to the matter. I don't mind attempting to contact the DT to try and instil further interest but will it help or hinder, or be pointless ?
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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
Posts: 10,871
Likes: 11,097
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Post by ilmoro on Jun 24, 2023 11:11:07 GMT
This isnt exactly new information though offers additional detail on the motives of those involved ... the basic facts were outlined in the administrators proposals ... the involvement of the FCA was clearly to be assumed even if not stated explicitly given the issue related to CASS breaches. The circumstances and the FCA role has already been the subject of investigation by themselves ... as yet we dont know what the conclusions of the investigation are. TTF are pushing for a wider review of FCA but seem to be struggling to gain traction Adam Williams at the Telegraph and James Hurley at the Times have both previously run stories on P2P failures You say previously run stories. Were they aware of these more recent revelations and in an effort to gain more traction and keep this in the public eye, contact them again ? One might presume that the FCA, in marking it's own homework, may not reveal itself to be overly critical and that it's conclusion will, in their eyes, be and end to the matter. I don't mind attempting to contact the DT to try and instil further interest but will it help or hinder, or be pointless ? No idea ... AIUI there engagement was more on the Lendy side, given its higher profile but has been superceded by Woodford & the various minibonds which are bigger, sexier stories than P2P, still relatively niche sector.
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mah
Member of DD Central
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Post by mah on Jun 24, 2023 12:12:52 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. I'll try to contact Times - I was successful on 1 occassion earlier.
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rogerthat
Member of DD Central
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Post by rogerthat on Jun 25, 2023 22:55:26 GMT
I've just tried to send a long email to Adam Williams at the DT and it's come back undelivered. I've also noticed I've had previous with him back in 2019, prior to and after the Admin..according to the DT website his email address is what ive used..I've got a phone number off a previous mail, so will ring Monday morning..which it almost is.
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duck
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Post by duck on Jun 26, 2023 5:58:01 GMT
I've just tried to send a long email to Adam Williams at the DT and it's come back undelivered. I've also noticed I've had previous with him back in 2019, prior to and after the Admin..according to the DT website his email address is what ive used..I've got a phone number off a previous mail, so will ring Monday morning..which it almost is. Adam Williams is now a news editor so is no longer involved in producing the articles.
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rogerthat
Member of DD Central
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Post by rogerthat on Jun 26, 2023 6:50:41 GMT
I've just tried to send a long email to Adam Williams at the DT and it's come back undelivered. I've also noticed I've had previous with him back in 2019, prior to and after the Admin..according to the DT website his email address is what ive used..I've got a phone number off a previous mail, so will ring Monday morning..which it almost is. Adam Williams is now a news editor so is no longer involved in producing the articles. Ah..ok duck..do you know who is ?..if not will ring the DT in a bit.
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duck
Member of DD Central
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Post by duck on Jun 26, 2023 8:14:40 GMT
Adam Williams is now a news editor so is no longer involved in producing the articles. Ah..ok duck ..do you know who is ?..if not will ring the DT in a bit. Afraid I don't have a current contact.
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rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
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Post by rogerthat on Jun 26, 2023 11:01:10 GMT
Ah..ok duck ..do you know who is ?..if not will ring the DT in a bit. Afraid I don't have a current contact. Ok..I have left a message on God knows who's phone with my number but no one as yet has called me back...will endeavour to persevere
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