duck
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Post by duck on Apr 20, 2024 5:23:27 GMT
..... Your point is valid, but I suspect lots of lenders are likely to have been caught up in Collateral, Lendy, FundingSecure, the list goes on. Now Ablrate. Not sure its apathy, more sheer resignation! I am one of those and like p2pfan I objected to all 4. Unlike p2pfan I have considerably less than £100k tied up. After 6 years of daily work on Collateral I can confim that for some 'apathy' is true but I would also like to add in another couple of factors being unwilling to challenge authority (or in some cases scared to make a bit of 'noise'). not being good with words. facing up to the fact that you have lost money is not easy for a lot of people, taking action brings that fact very much to the fore in your mind. I have to say it took me some time to work through the various Quantuma documents and I am very familiar to officialdom, I can imagine some people were simply put off from making representations. So whilst this thread is about Abl can I simply suggest that whatever platforms you are caught up in you support those who are fighting for you.
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duck
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Post by duck on Apr 19, 2024 5:59:20 GMT
Slightly off topic but obviously connected.
I submitted a FOI to the FCA about the AC wind down. They sidestepped so I went to 'review' where the FCA again sidestepped. (FWIW I found it very ironic that the FCA quoted the Andrew Bailey / Lord Myners correspondence since I and one of the 'lings' wrote the questions that Lord Myners asked) This correspondence dates back to April 2023
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duck
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Post by duck on Apr 16, 2024 16:20:26 GMT
Well the FCA have 'answered' the 3 FOI's on WhatDoTheyKnow.Actually they haven't answered they have asked for 'clarification'. Umm I asked for 2016-17 (the Nat West Account) and the FCA want to know if I meant 2018 onwards, the Santander account! So the 20 working days for the FCA to respond starts again.
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duck
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Post by duck on Apr 15, 2024 16:14:26 GMT
15 Apr 2024 Notice of order removing administrator from office. This document is being processed and will be available in 10 days Who has packed their bags? ON CH
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duck
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Post by duck on Apr 15, 2024 16:10:10 GMT
It would not surprise me if all the assets, building , furniture, IT, cups and saucers went to the institutional side and now are being rented back for use by the retail side. £5 for boiling kettle, £1 a week per cup , ect ect. Soon adds up, office space , toilet use fees, all sorts of opportunities. I have asked questions of the FOS.
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duck
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Post by duck on Apr 13, 2024 3:55:25 GMT
I received findings yesterday. A very long statement that can be summed up in 3 sentences
"I’ve considered these arguments, and I’m not persuaded to depart from our finding that a Court would likely find the variation clause was unfair."
"Based on what I’ve seen, I’m satisfied Assetz carried out financial forecasting for the various options available - and considered the best outcome for investors - before they decided to wind down with a lender fee."
"Based on what I’ve seen, I don’t think Assetz SME Capital Limited needs to take any action."
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duck
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Post by duck on Apr 8, 2024 6:07:44 GMT
I have noted for some time now of the take over of the FCAs FOI team by the Comms unit. This is of course linked to the problems I have been experiencing for some time now. The Times have run an article on this today. FCA transparency unit overhaul ‘pushed by ex-Cameron spokeswoman’This is of course the Paul Carlier ruling that I highlighted some posts ago. Full article available here
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duck
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Post by duck on Apr 8, 2024 6:02:19 GMT
Will we need to wait for the 2024 report to see how much we lost on the Bolton sale (public information see lancashiretelegraph article) also, when will we be paid? Indeed. As for payment I am not expecting that until BDO finally wrap things up. Bolton was their biggest problem and now that has gone there is not much of the carcas left to pick over. I'm expecting a small payout (if any) for the top level loan with the rest being a total wipe out. (could of course be wrong but everything points this way)
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duck
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Post by duck on Apr 6, 2024 7:23:30 GMT
From a cursory scan of the FCA governing documents I cannot see any reason for them to try to dodge responsibility to police the P2P market. However it may be similar case to the mess the Post Office got into. In a just world that would be the case however we work in a different world when dealing with the FCA. It is not just a case of turning a blind eye it is a case of using two glass eyes 'to have a look'. In the case of Collateral (obviously the case I am most familiar with) there is documentary proof that FCA identified breaches critical to consumer protection but failed to rectify them. From November 2016 the FCA knew that Collaterals promotions were grossly misleading but failed to rectify them and in December 2016 the FCA received written legal opinion that Collateral’s investments could not comply with its supposed Interim Permission. The FCA knew all this time that Collateral was selling unauthorised regulated investments, yet allowed it to continue. The FCA knowingly inflicted harm on consumers .................. this is what the FCA term 'the appropriate level of consumer protection'. (their view of their statutory consumer protection duty) So whilst I agree with your statement merlin99 never forget the nature of the FCA.
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duck
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Post by duck on Apr 5, 2024 9:38:31 GMT
Just reading the internal review of this FOI that the FCA labelled vexatious and I couldn't but help being struck by The questions asked in the original FOI were As Collateral investors and members of the wider public do you think there is no value in knowing the answers?
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duck
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Post by duck on Apr 5, 2024 8:46:24 GMT
was that FCA email sent to people who complained? never complained to the FCA. Only to those who have submitted official complaints. Those that have not complained do not feature in the mind of the FCA in spite of the 'lings' and my efforts. While this debacle continues it is still not too late for Col investors to complain. If you have never complained you can still lodge a complaint now. If you have already lodged a complaint there is nothing to stop you raising another. I now have at least 10 official complaints lodged covering various subjects as they arose to ensure that the issues are covered when the FCA finally start answering complaints. Due to rules about when complaints can be accepted (the 12 month rule is very officiously applied) it is best if you drop me a PM before putting fingers to keyboards to ensure that your complaint will be accepted.
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duck
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Post by duck on Apr 4, 2024 11:21:16 GMT
The FCA is governed by a Board with members comprising: a Chair and a Chief Executive appointed by HM Treasury (Treasury); the Bank of England Deputy Governor for prudential regulation; two non‑executive members who are appointed jointly by the Secretary of State for Business, Innovation and Skills and the Treasury, and at least one other member appointed by the Treasury. The majority of the Board members are Non‑Executive Directors (NEDs). Corporate governance of the Financial Conduct Authority
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duck
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Post by duck on Apr 4, 2024 6:52:44 GMT
Whilst this is the "excuse" from the FCA, it should be noted, that I do not believe they pushed back when they were handed this extra workload. And seeing as they charged fees for the P2P industry both for authorisation, and approval, and yearly fees, maybe it could be argued that they did not charge sufficient fees to cover their costs for adequate supervision? So, if they were unaware of the work involved and they are professionals, how are we, the retail lender, meant to know about full risk involved in utilising authorised firms when placing our funds with them? Also, if the FCA is independent, then who exactly pushed this workload onto them, as that entity, govt dept/quango therefore has influence over the FCA, and the FCA is not a fully standalone entity like they claim? That of course would be HMG A new approach to financial regulation: transferring consumer credit regulation to the Financial Conduct AuthorityThe FCA is of course responsible to the Treasury. The Treasury appoints directors etc.
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duck
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Post by duck on Apr 4, 2024 6:46:59 GMT
The video doesnt appear to be available any more (not that I am keen to see AB yet again) but this short press release from 2018 makes interesting reading
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duck
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Post by duck on Apr 3, 2024 10:40:48 GMT
Definitely did not get it. I checked my spam and bin folders as well. Do you mind sending me DM with the email message or posting it here? I have posted the text that I received in this post.
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