min
Member of DD Central
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Post by min on Mar 29, 2018 16:06:33 GMT
For those of us who aren't members of DD Central, can you post any news here? Basically good news; all our money, assets & loans are present & correct, the administrator will allow them to rundown, repay &/or refinance & return our money as & when this happens or at least that was the plan. Hold on, here comes the consumers champion - it's the FCA wading in; basically preventing him from deploying this sensible strategy because he doesn't have the correct authorisation from them. Yes you couldn't make it up, if only pen pushing pedantry was an Olympic sport, the administrator could achieve all this for what looks a very reasonable £48k fee but now the FCA is going to court next month to appoint a big London firm to do the job, obviously for a much larger fee - makes you proud to be British. Good précis Butch.
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min
Member of DD Central
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Post by min on Mar 29, 2018 16:08:30 GMT
The FCA is contesting the appointed administrators. Very messy. The administrators claim that the COL directors had legal advice that they did not require FCA authorisation, yet the directors continued to use FCA references on their website, even though they had withdrawn their application from the FCA. Yet despite this legal advice they continued to submit documents to the FCA. Very messy. And it appears they never spoke to the same person twice and that the FCA often didn’t respond to questions.
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Greenwood2
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Post by Greenwood2 on Mar 29, 2018 16:12:56 GMT
But we are only hearing their side of the story. Hope the judge can get to the bottom of it all!!
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Post by 123qweasdzxc on Mar 29, 2018 16:17:57 GMT
Basically good news; all our money, assets & loans are present & correct, the administrator will allow them to rundown, repay &/or refinance & return our money as & when this happens or at least that was the plan. Hold on, here comes the consumers champion - it's the FCA wading in; basically preventing him from deploying this sensible strategy because he doesn't have the correct authorisation from them. Yes you couldn't make it up, if only pen pushing pedantry was an Olympic sport, the administrator could achieve all this for what looks a very reasonable £48k fee but now the FCA is going to court next month to appoint a big London firm to do the job, obviously for a much larger fee - makes you proud to be British. Good précis Butch. Administrators appear to be doing a solid job. Hopefully the courts will see it that way too. The road may be long and winding but there does appear to be some indication that it may end (more or less) well.
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blender
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Post by blender on Mar 29, 2018 16:23:40 GMT
But we are only hearing their side of the story. Hope the judge can get to the bottom of it all!! In a situation where the FCA is going to court to get the administrator replaced, we do not expect the administrator's report to give a glowing account of the FCA's involvement. However, if the account is half true, it is very worrying. FCA could have let this process run. They will not take this action lightly, especially if the drains coming up would expose them to public criticism. So it is important to hear both sides. Are the FCA protecting investors or protecting themselves? I have no answer to that.
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rxdav
Member of DD Central
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Post by rxdav on Mar 29, 2018 16:25:02 GMT
Now we know what Jessica meant when she said to me recently that 'the FCA are trying to make matters more difficult'. It rang an ominous tone with me at the time - as I posted on here.
I have yet to meet anybody who thinks that the FCA are anything but serially inept - a view to which I fully subscribe.
Edit: typo
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
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Post by ozboy on Mar 29, 2018 16:25:16 GMT
This is getting very, VERY messy for my tiny brain. Obvs the current Administrators have a vested interest in being retained, so I too would at least like to know why any other Administrator should be appointed, especially if it's gonna be a potentially vastly more expensive alternative.  We need to know The FCA's logic/thinking. |
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Mar 29, 2018 16:28:40 GMT
For those of us who aren't members of DD Central, can you post any news here? Basically good news; all our money, assets & loans are present & correct, the administrator will allow them to rundown, repay &/or refinance & return our money as & when this happens or at least that was the plan. Hold on, here comes the consumers champion - it's the FCA wading in; basically preventing him from deploying this sensible strategy because he doesn't have the correct authorisation from them. Yes you couldn't make it up, if only pen pushing pedantry was an Olympic sport, the administrator could achieve all this for what looks a very reasonable £48k fee but now the FCA is going to court next month to appoint a big London firm to do the job, obviously for a much larger fee - makes you proud to be British. Wasn't the £48k the pre-administration fee? So that's gone already.
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star dust
Member of DD Central
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Post by star dust on Mar 29, 2018 16:45:55 GMT
Mod Hat On/ I'm not trying to stifle debate or information here, but can I just remind everyone that the source of this document is unclear at the moment and I've had no luck finding it in the public domain. Some of the information may be confidential and there is going to be a court case. So, please be careful with the information you post. If forum staff have any concerns of this nature we may well move posts and any re-quotes to DD Central. Thanks for your co-operation  |
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Mar 29, 2018 17:02:31 GMT
Whilst I was previously relatively relaxed, why am I getting a slowly increasing, ominous feeling as events now gather pace?  I'm going for a lie down. |
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elliotn
Member of DD Central
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Post by elliotn on Mar 29, 2018 17:06:05 GMT
I'm going for a lie down. Relax...but no ball tampering.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Mar 29, 2018 17:09:50 GMT
I was waiting for the first comment!  Luckily my Dual Nationality allows me to opine, " Those dastardly Aussies, it's just not cricket!" |
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macro
Member of DD Central
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Post by macro on Mar 29, 2018 17:12:14 GMT
I'm a little confused. Can anyone brighter confirm whether or not investors' money lent is in fact ring-fenced and cannot be used to pay current administrators or any other administrator which may be appointed by the FCA?
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 29, 2018 17:19:32 GMT
The FCA is contesting the appointed administrators. Very messy. The administrators claim that the COL directors had legal advice that they did not require FCA authorisation, yet the directors continued to use FCA references on their website, even though they had withdrawn their application from the FCA. Yet despite this legal advice they continued to submit documents to the FCA. Very messy. Chinese whispers  I suspect the vital word FULL is missing. it would then make sense and read: The administrators claim that the COL directors had legal advice that they did not require FULL FCA authorisation ............... When I joined last summer I was told they didn't require FULL FCA Authorisation, because they had an P2P interim permission from before the cut off date.
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Post by dualinvestor on Mar 29, 2018 17:27:15 GMT
I'm a little confused. Can anyone brighter confirm whether or not investors' money lent is in fact ring-fenced and cannot be used to pay current administrators or any other administrator which may be appointed by the FCA? I have refrained from posting this before but if Collateral did not have the regulatory authority to act as a P2P platform or handle client's money the appointment of an Administrator does not rectify those defects. Therefore what the company could not do neither can it's Administrator, without the FCA''s approval.
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