ablender
Member of DD Central
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Post by ablender on Jun 14, 2018 9:15:56 GMT
Anyone knows if this story has filtered up to central government?
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ceejay
Posts: 975
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Post by ceejay on Jun 14, 2018 9:35:09 GMT
Anyone knows if this story has filtered up to central government? I think they might have something else on their minds at the moment...
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dandy
Posts: 427
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Post by dandy on Jun 14, 2018 9:39:58 GMT
Day 6 - I lose 50% of my investment due to FCA error DAY 7 - I sue FCA for their incorrect register causing me losses
Nice idea in principle, but how are you going to prove the extent to which FCA actions have caused your loss, as opposed to other factors (such as the security being grossly overvalued)
The claim would be that had we known about lack of permission we would not have invested at all. Therefore all losses will have been directly caused by the register error regardless of how those losses arose. Although under this heading, we would only be entitled to be put back into the position we would have been in i.e. no interest, just capital. So any interest already earned would be counted as partial return of capital. There remains the immunity issue pointed out by drofmas which may make any such amount legally irrecoverable. BUT if it gets to such a stage I think the FCA will be seeking a new CEO for failing to protect their integrity and reputation as a financial "watchdog"
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IFISAcava
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Post by IFISAcava on Jun 14, 2018 10:05:01 GMT
Anyone knows if this story has filtered up to central government? I think they might have something else on their minds at the moment... Of all the many stupidities of Brexit, that fact that the government cannot actually get on with anything else useful is right up there.
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Post by brightspark on Jun 14, 2018 10:28:36 GMT
At some point fairly soon hopefully, people will realise we 'are where we are' and stop arguing about where we might have been in a parallel universe. we are up  creek without the proverbial paddle by all accounts
directors running off with circa £400,000 , data on lenders and borrowers effectively shredded
i have nearly 5 figures invested in this "venture" and some other monies in two other companies which i will be withdrawing my investments from these as they mature and until i see some rules and regs for lenders set out i wont be reinvesting in p2p
i thought i understood the risks involved in p2p, but this didnt just cross my mind that a company that apparently were registered with the FCA could be so dishonest and frankly <redacted>
Your view has not been proven in a court of law. Therefore expressing such a view could be construed as a libel.
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Post by dan1 on Jun 14, 2018 12:30:10 GMT
/Mod hat on
We understand the need to vent but please try not to use inflammatory language that has the potential to result in legal action being taken against you and/or those who maintain the forum.
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gareot
Member of DD Central
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Post by gareot on Jun 14, 2018 12:44:52 GMT
Anyone knows if this story has filtered up to central government? I think they might have something else on their minds at the moment... What about starting an on line petition. that might get the ball moving.
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TenKay
Member of DD Central
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Post by TenKay on Jun 14, 2018 13:06:10 GMT
/Mod hat on We understand the need to vent but please try not to use inflammatory language that has the potential to result in legal action being taken against you and/or those who maintain the forum. in that case please remove all relevant posts thanks
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blender
Member of DD Central
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Post by blender on Jun 14, 2018 13:21:28 GMT
Nice idea in principle, but how are you going to prove the extent to which FCA actions have caused your loss, as opposed to other factors (such as the security being grossly overvalued)
The claim would be that had we known about lack of permission we would not have invested at all. Therefore all losses will have been directly caused by the register error regardless of how those losses arose. Although under this heading, we would only be entitled to be put back into the position we would have been in i.e. no interest, just capital. So any interest already earned would be counted as partial return of capital. There remains the immunity issue pointed out by drofmas which may make any such amount legally irrecoverable. BUT if it gets to such a stage I think the FCA will be seeking a new CEO for failing to protect their integrity and reputation as a financial "watchdog" Being misled by an apparent FCA approval is one black mark. If that turns out to be compounded by legal intervention made to protect investors, which results in greater loss and delayed recovery for investors, then that starts to look like incompetence. It may not happen, but if it does there must be a case for compensation.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jun 14, 2018 16:04:32 GMT
If in the end I get my capital back (mid 20000's) and even a little interest overall I'll put Coll. down to experience.
Perhaps now would be a good time for FCA and P2P
companies to just reassure lenders that those saying the are registered are actually registered FULLY.
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DeafEater
Member of DD Central
Extremely Moderate
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Post by DeafEater on Jun 14, 2018 16:15:10 GMT
If in the end I get my capital back (mid 20000's) and even a little interest overall I'll put Coll. down to experience. Good grief if I 'get my capital back and even a little interest' I'll be doing naked cartwheels and devoting my life to the church. I think you may need to adjust your expectations of where this clusterf**k is going.
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Post by Badly Drawn Stickman on Jun 14, 2018 16:29:24 GMT
If in the end I get my capital back (mid 20000's) and even a little interest overall I'll put Coll. down to experience. Good grief if I 'get my capital back and even a little interest' I'll be doing naked cartwheels and devoting my life to the church. I think you may need to adjust your expectations of where this clusterf**k is going. Just for my curiosity, would they be two separate forms of activity, or is their an 'interesting religion' I am unaware about?
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TenKay
Member of DD Central
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Post by TenKay on Jun 14, 2018 16:48:18 GMT
If in the end I get my capital back (mid 20000's) and even a little interest overall I'll put Coll. down to experience. Good grief if I 'get my capital back and even a little interest' I'll be doing naked cartwheels and devoting my life to the church. I think you may need to adjust your expectations of where this clusterf**k is going. if i get 50% of capital i will deem it a lesson well learnt the expensive way
nothing i had read recently fills me with any confidence i will see anything back
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Jun 14, 2018 17:00:37 GMT
If in the end I get my capital back (mid 20000's) and even a little interest overall I'll put Coll. down to experience. Good grief if I 'get my capital back and even a little interest' I'll be doing naked cartwheels and devoting my life to the church. I think you may need to adjust your expectations of where this clusterf**k is going. As you can see from my name I usually weigh things carefully on this occasion I let my flippant side take over. I can't condone other religions as I am God after all.
I can offer a few wild orgies for my followers and chariot wheels are reserved for the enemy.
I have already in my mind lost the money down the back of the couch and as you say to find it intact would be a good result. Offsetting it as loss against intrest would also help. Let's all hope we get something to make us smile my thoughts go to those who were relying on the regular interest.
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misscas
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Post by misscas on Jun 14, 2018 17:02:59 GMT
Good grief if I 'get my capital back and even a little interest' I'll be doing naked cartwheels and devoting my life to the church. I think you may need to adjust your expectations of where this clusterf**k is going. if i get 50% of capital i will deem it a lesson well learnt the expensive way
nothing i had read recently fills me with any confidence i will see anything back
Sadly I have to agree with you. I'm normally a glass half-full person but currently I'm struggling to convince myself that the bottom of this glass is even damp.
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creek without the proverbial paddle by all accounts
