daveb4
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Post by daveb4 on Jun 20, 2018 12:21:21 GMT
I doubt we will get anything from FCA but hopefully they/govt will take responsibility and if we loose any money we will be able to claim it against interest earnt elsewhere.
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k6
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Post by k6 on Jun 20, 2018 12:29:38 GMT
I doubt we will get anything from FCA but hopefully they/govt will take responsibility and if we loose any money we will be able to claim it against interest earnt elsewhere. Yeap, definitely government is to blame for . Finally we managed to get to the bottom of it :-)
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reinvestor
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Post by reinvestor on Jun 20, 2018 12:49:30 GMT
The problem is many of us believed Collateral in all it's guises did have permissions - and FCA seems to have aided that belief. Where were we, as lenders, expected to check and why would we question it. The logical answer to that is the FCA website and we would question it if the FCA had no authority and accepted anyone could just change the name of their registration to another company and then pretend to be authorised. Now, if the FCA will come out and state to the court that they have no authority, their website should be ignored as its just a piece of social media where anyone can post what they like and they are just a trade body looking after their own interest than that would be fine and dandy. The only people that can amend the FCA Register is the FCA. In order to have the entries that they did, Regal / COL would have had to have submitted a change of company name to the FCA and they have accepted it without checking Companies House.
You cannot have several different Limited company names on one registration unless it is the same company that has either changed its name or it has added a trading name. A trading name cannot contain the word Limited so the FCA have messed up badly IMHO.
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michaelc
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Post by michaelc on Jun 20, 2018 13:33:51 GMT
I think the FCA or their overseer must treat this with the seriousness it deserves.
I get the fact that governement is highly unlikely to care about 1,000 or so mostly fairly wealthy investors. However, the UK has an international reputation for financial services. If the register has been compromised this is extremely serious - how else are consumers to know which companies to trust!
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Post by tony1974 on Jun 20, 2018 13:45:29 GMT
I think the FCA or their overseer must treat this with the seriousness it deserves. I get the fact that governement is highly unlikely to care about 1,000 or so mostly fairly wealthy investors. However, the UK has an international reputation for financial services. If the register has been compromised this is extremely serious - how else are consumers to know which companies to trust! I agree there are probably plenty of wealthy people holding large chunks on these loans but i myself have the majority of our savings tied up in this. I know a lot of you will be thinking thats crazy and it is but whats done is done and i just did not envisage something like this happening. I can imagine i am not alone though so heres hoping to a decent outcome on the 22nd.
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gareot
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Post by gareot on Jun 20, 2018 15:19:15 GMT
I doubt we will get anything from FCA but hopefully they/govt will take responsibility and if we loose any money we will be able to claim it against interest earnt elsewhere. Yeap, definitely government is to blame for . Finally we managed to get to the bottom of it :-) The way I see it is that we need some sort of official body watching over financial companies so that investors don't get taken for a ride.Oh hang about tho..... Seriously tho I can't understand why if Collateral were trading ok the FCA didn't just let them continue under supervision until matters were put right instead of basically closing them down without any thought for the ongoing of what appeared to be a viable business.
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gareot
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Post by gareot on Jun 20, 2018 16:30:02 GMT
Hmm. No.3. One big scam from start too finish couldn't be that surely! I always said someone would have to get up early to scam me. Who knows could well be tho.
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mason
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Post by mason on Jun 20, 2018 17:05:39 GMT
The logical answer to that is the FCA website and we would question it if the FCA had no authority and accepted anyone could just change the name of their registration to another company and then pretend to be authorised. Now, if the FCA will come out and state to the court that they have no authority, their website should be ignored as its just a piece of social media where anyone can post what they like and they are just a trade body looking after their own interest than that would be fine and dandy. The only people that can amend the FCA Register is the FCA. In order to have the entries that they did, Regal / COL would have had to have submitted a change of company name to the FCA and they have accepted it without checking Companies House.
You cannot have several different Limited company names on one registration unless it is the same company that has either changed its name or it has added a trading name. A trading name cannot contain the word Limited so the FCA have messed up badly IMHO.
There is information on the FCA website suggesting that individuals representing an authorised firm can register for an account that allows them to modify details such as firm name, address etc themselves. It does not mention any review process prior to those changes going live on the register. We don't know who modified the entry of Regal Pawnbroker Limited to make it look like it belonged to a different Limited company. It could have been someone working at the FCA, but equally it could have been an individual connected with Regal. Incidentally, Regal Pawnbroker Limited and Collateral (UK) Limited shared a common director.
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TenKay
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Post by TenKay on Jun 20, 2018 17:12:14 GMT
Hmm. No.3. One big scam from start too finish couldn't be that surely! I always said someone would have to get up early to scam me. Who knows could well be tho. certainly a good one, i really liked the way the site worked and interest was always paid promptly, so much so i threw in a another 2.5k a few days before it all went t1ts up
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averageguy
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Post by averageguy on Jun 20, 2018 18:28:46 GMT
Hmm. No.3. One big scam from start too finish couldn't be that surely! I always said someone would have to get up early to scam me. Who knows could well be tho. certainly a good one, i really liked the way the site worked and interest was always paid promptly, so much so i threw in a another 2.5k a few days before it all went t1ts up Ouch
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mason
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Post by mason on Jun 20, 2018 19:12:41 GMT
Hmm. No.3. One big scam from start too finish couldn't be that surely! I always said someone would have to get up early to scam me. Who knows could well be tho. certainly a good one, i really liked the way the site worked and interest was always paid promptly, so much so i threw in a another 2.5k a few days before it all went t1ts up I'm counting my blessings that a ~£500 withdrawal I made went through just a few days prior to the "maintenance" - though it does little to soften the blow.
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rzys
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Post by rzys on Jun 20, 2018 22:26:40 GMT
Erm, I could be barking up a completely unrelated tree here, but there is a familiar name (GC) in a Telegraph article today... I can only see as far as the third para as I'm not registered, but it can be found by searching "olive oil scam". Weird coincidence?
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Monetus
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Post by Monetus on Jun 20, 2018 22:33:27 GMT
Erm, I could be barking up a completely unrelated tree here, but there is a familiar name (GC) in a Telegraph article today... I can only see as far as the third para as I'm not registered, but it can be found by searching "olive oil scam". Weird coincidence? Actually a bit more Googling shows that you're very much barking up the correct tree indeed! Add the person in questions full name to the search and it is indeed our friend from Refresh Recovery who has been suspended as a trustee of the scheme and is under criminal police investigation. Just wow. 
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Post by Badly Drawn Stickman on Jun 20, 2018 22:35:04 GMT
Erm, I could be barking up a completely unrelated tree here, but there is a familiar name (GC) in a Telegraph article today... I can only see as far as the third para as I'm not registered, but it can be found by searching "olive oil scam". Weird coincidence? Try this. Does say he is an insolvency practitioner. Excellent find by the way. (although my grandfather will be turning in his grave, that I am mixing with Telegraph readers, probably proud I can read though)
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rzys
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Post by rzys on Jun 20, 2018 22:35:23 GMT
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