travolta
Member of DD Central
Posts: 1,506
Likes: 1,214
|
Post by travolta on Aug 23, 2018 10:19:24 GMT
In your calm acceptance of low expectations of our worthy admin who are working to wind up and hopefully repay some of our savings(for which some of us, have slaved in 'The Galleys of Life' ). I feel that their work ethos does not match the expectations of one who has restrained and imparted knowledge into 40 feral fifteen year olds on a Friday afternoon or worked for 36 hours nonstop in A&E on bank holiday weekends. My reaction to masterly inactivity of office staff is some what more forceful. Not low expectations. Realistic expectations. Re: announcement of the CC - the more realistic appraisal of the situation is that 'they would, if they could, but they can't'. Not that there is a "Cabal" in operation. Re: work ethos - they are probably just as diligent and attentive as your average teacher or hospital worker. Possibly even more so as they are likely to be better incentivised than (sadly) either of those vocations are. Just like the school teacher, they will know there are regulations in place that means outcome 'B' can't be delivered unless input 'A' is in place. And just like the hospital worker, they will realise that their time is split across multiple 'patients' and therefore any individual patient may not get a level of attention that patient feels they deserve. FWIW (not much, I appreciate that): my view is that if an increased frequency of communications were to directly foreshorten the date of resolution of this unfortunate episode, then I'd be demanding daily updates. My opinion is that the only result of increased communications would be to increase the costs and (potentially) reduce our returns. And a thought: when eventually formed, the CC might have some influence over frequency of comms. They would, if they asked, likely be provided with an insight as to what the 'per announcement' cost would be and may take a view on what level of frequency represents 'reasonable' value. Just thinking 'out loud'. That's probably disgraceful and a realistic attitude to the probability of their diligence strikes me a pretty supine. Sounds probably like money for old rope whilst making sure your back is properly covered and being paid far too much money for paper pushing. What a sinecure. Hope their school fees and private healthcare is well covered. OK, resistance is useless, but vitriol on their heads feels good.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330 
Likes: 11,549
|
Post by ilmoro on Sept 8, 2018 8:59:28 GMT
Regulator not paying attention again?
He said: "FCA authorisation doesn't actually mean a great deal.
"It doesn't actually do any checks or audits on these companies. They give them a list of things to follow, then it's left to the company directors to abide by the rules. If they don't, nobody checks them."
On the plus-side are the online comments by people who know this kind of business and who all say that Premier FX was FCA-registered, and therefore clients should get their money back.
|
|
Greenwood2
Member of DD Central
Posts: 4,385
Likes: 2,784
|
Post by Greenwood2 on Sept 8, 2018 10:08:55 GMT
Regulator not paying attention again?
He said: "FCA authorisation doesn't actually mean a great deal.
"It doesn't actually do any checks or audits on these companies. They give them a list of things to follow, then it's left to the company directors to abide by the rules. If they don't, nobody checks them."
On the plus-side are the online comments by people who know this kind of business and who all say that Premier FX was FCA-registered, and therefore clients should get their money back.
Except your first link says they may not be covered because the company was handling money in a way it wasn't authorised to. It all sounds horribly like Col in a perverse way.
|
|
mason
Member of DD Central
Posts: 666
Likes: 641
|
Post by mason on Sept 8, 2018 10:21:54 GMT
From the FCA Register (https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMWNKAA5)
It cannot be determined if FSCS cover would apply to this firm. Please contact the firm directly to understand whether their products/services would be covered by FSCS.
Permission
An authorised firm will have permission to provide certain regulated products and services.
Payment Services
The firm may only carry out payment services activities
Passport Out
A ‘passport’ enables an authorised firm to provide financial products or services, set up a base, or run its permitted activities in another country in the European Economic Area (EEA). This includes where a firm regulated in another EEA country passports into the UK.
Country: AUSTRIA
Directive: Payment Services Directive
Passport Type: Service
So, passported authorisation from Austria, no permission to hold client money. I doubt very much there will be any FSCS payout, unless customers received regulated financial advice to hold money with the firm (which seems rather unlikely, and even then only by way of an FOS decision against their adviser).
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Sept 8, 2018 10:25:52 GMT
Regulator not paying attention again?
He said: "FCA authorisation doesn't actually mean a great deal.
"It doesn't actually do any checks or audits on these companies. They give them a list of things to follow, then it's left to the company directors to abide by the rules. If they don't, nobody checks them."
On the plus-side are the online comments by people who know this kind of business and who all say that Premier FX was FCA-registered, and therefore clients should get their money back.
Except your first link says they may not be covered because the company was handling money in a way it wasn't authorised to. It all sounds horribly like Col in a perverse way. Yep, that was my point. Second article is what everybody perceived, the first is what was the actual situation when the regulator finally noticed, and only because the owner tragically died, otherwise everyone would have carried on in ignorance. Same as Collateral, all fine until Coll pulled their authorisation application at which point FCA woke up. Seems you can get away with stuff if you don't poke the somnambulant as they are never going to check. Self regulation seems to be the de facto situation
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Sept 8, 2018 10:36:55 GMT
|
|
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
|
Post by Godanubis on Sept 8, 2018 10:59:30 GMT
Think we should go back to “old school “ ways: Convert your cash to a few shiny gold coins and take them in person if buying houses abroad and deposit directly when there. £400 at most to cover flights and accommodation. With any luck gold price may rise as S&S drops as it has over last week.
|
|
mason
Member of DD Central
Posts: 666
Likes: 641
|
Post by mason on Sept 9, 2018 7:01:21 GMT
Comparing to a known passported firm, such as RCI Bank, it seems you are right about it not passporting in to the UK. It is authorised in the UK and Austria (the latter under the Austrian PSD), and is using its Austrian authorisation to passport out to the rest of the EEA (I missed the fact the UK is not listed in the set of EEA countries to which the passport applies). Oddly, it could have used its UK authorisation to achieve the same end, at least for the time being. Presumably we will see more entries like this in future.
|
|
Mousey
Member of DD Central
Posts: 1,598
Likes: 6,768
|
Post by Mousey on Jun 15, 2023 11:28:23 GMT
<quote>Just a heads up to anyone with access, a link to a copy of the Administrator's Report is available in DD Central, posted by stub8535 here - p2pindependentforum.com/post/257160/thread I'll add to this post as more information becomes available.<quote> Who does have access. Surely anybody with vested interest, like ME! Oops 
|
|
agent69
Member of DD Central
Posts: 6,046
Likes: 4,438
|
Post by agent69 on Jun 15, 2023 11:59:42 GMT
Oops Does history record the response to this email?
I always thought that GC had some questions to answer, but he appears to have gotten off scot-free!
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Jun 15, 2023 16:52:14 GMT
<quote>Just a heads up to anyone with access, a link to a copy of the Administrator's Report is available in DD Central, posted by stub8535 here - p2pindependentforum.com/post/257160/thread I'll add to this post as more information becomes available.<quote> Who does have access. Surely anybody with vested interest, like ME! Oops Financialthing website was named in Court
|
|
Mousey
Member of DD Central
Posts: 1,598
Likes: 6,768
|
Post by Mousey on Jun 16, 2023 18:35:30 GMT
Does history record the response to this email?
I always thought that GC had some questions to answer, but he appears to have gotten off scot-free!
It does... 
|
|
duck
Member of DD Central
Posts: 2,879
Likes: 6,957
|
Post by duck on Jul 7, 2023 16:04:14 GMT
Latest Administration report is now available, at least it has been sent to investors. Not yet showing on the website.
The chattels situation is grim reading. |
|
|
|
Post by banffy on Jul 7, 2023 16:19:58 GMT
Latest Administration report is now available, at least it has been sent to investors. Not yet showing on the website.
The chattels situation is grim reading.
|
|
|
|
Post by banffy on Jul 7, 2023 16:20:36 GMT
Latest Administration report is now available, at least it has been sent to investors. Not yet showing on the website.
The chattels situation is grim reading. Will we get some money back as all I have had is £317 from £3800.
|
|
