andy1
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Post by andy1 on Mar 16, 2018 10:13:54 GMT
I've not received any email from COL recently
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hantsowl
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Post by hantsowl on Mar 16, 2018 10:27:18 GMT
I didn't think so as my only email to Jessica was at the start of the week asking about progress with the read only website, moist then posted information which covered my query. I suspect that email was a response to the one you sent at the start of the week and is probably being sent to all inquiries at present.
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blender
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Post by blender on Mar 16, 2018 10:59:27 GMT
When people signed, they did have the IP, when it lapsed, COL didn’t inform lender; instead they changed T&C and remove FCA from small prints. I am not sure about the first part, about having permission and it lapsing, and will believe this for now:
' mrclondon Avatar
10 hours ago mrclondon said:
The crux of the matter as stated by the administrators is that Collateral believed they had interim authorisation when they in fact didn't '
When they found, or were told, that they did not have permission, sure they removed FCA print and changed the T&Cs - they would have to. They presumably decided to seek administration, without first telling the lenders not to panic. That sounds a sensible and well thought out response from the perspective of the business, the interests of its creditors, and for leaving the administrators the best chance.
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archie
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Post by archie on Mar 16, 2018 11:09:51 GMT
I was under the impression platforms with interim permissions kept them until a final decision by the FCA.
It doesn't quite add up.
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hantsowl
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Post by hantsowl on Mar 16, 2018 11:20:10 GMT
I was under the impression platforms with interim permissions kept them until a final decision by the FCA. It doesn't quite add up. Copied from an FCA FAQ..... M. What happens to my interim permission if I don’t apply for authorisation? Your interim permission has a shelf life and will expire if you do not apply for full authorisation. You would therefore be unable to carry out your regulated activity and you must cease this immediately if working with FCA-regulated debt.
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archie
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Post by archie on Mar 16, 2018 11:25:16 GMT
I was under the impression platforms with interim permissions kept them until a final decision by the FCA. It doesn't quite add up. Copied from an FCA FAQ..... M. What happens to my interim permission if I don’t apply for authorisation? Your interim permission has a shelf life and will expire if you do not apply for full authorisation. You would therefore be unable to carry out your regulated activity and you must cease this immediately if working with FCA-regulated debt. We were told they had applied so it shouldn't expire (if it existed).
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micky
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Post by micky on Mar 16, 2018 11:27:23 GMT
I'm struggling with this.. ok so they applied but was IT granted?
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shimself
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Post by shimself on Mar 16, 2018 11:48:46 GMT
I'm struggling with this.. ok so they applied but was IT granted? As I understand it there was a related company which had interim permission, and then the FCA for some reason decided the relationship wasn't strong enough (but the company had previously checked with some expensive lawyers who had said it was sufficient) It remains open in my mind, if perhaps the FCA used this technicality because they wanted to shut them down anyway.
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hantsowl
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Post by hantsowl on Mar 16, 2018 11:49:59 GMT
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micky
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Post by micky on Mar 16, 2018 11:58:59 GMT
My thoughts regarding this thread 'Regulatory Permissions'-nick was pushing for clarity and he did seem to receive a definitive answer from Coll's rep.
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Post by dualinvestor on Mar 16, 2018 12:07:19 GMT
All this speculation about Interim Permission, regulated activities, the advice Collateral had, or didn't have, their relationship with the FCA etc is intetesting but few people know the truth and those that do are not going to come here and tell it.
The true facts will take an age,if ever, to come out and in the meantime all usmere mortals can do is guess.
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mason
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Post by mason on Mar 16, 2018 12:52:05 GMT
When people signed, they did have the IP, when it lapsed, COL didn’t inform lender; instead they changed T&C and remove FCA from small prints. I am not sure about the first part, about having permission and it lapsing, and will believe this for now:
' mrclondon Avatar
10 hours ago mrclondon said:
The crux of the matter as stated by the administrators is that Collateral believed they had interim authorisation when they in fact didn't '
When they found, or were told, that they did not have permission, sure they removed FCA print and changed the T&Cs - they would have to. They presumably decided to seek administration, without first telling the lenders not to panic. That sounds a sensible and well thought out response from the perspective of the business, the interests of its creditors, and for leaving the administrators the best chance.
This also seems the most likely explanation to me. However, it should be made clear that Collateral was on the FCA register right up until the time it was found that it didn't have permission, so for all intents and purposes it did have interim authorisation from the FCA, even if the FCA now regards Collateral not to have been eligible for interim permissions. The register still shows the start and end date that interim permissions were applied to Collateral.
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rgog
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Post by rgog on Mar 16, 2018 13:20:12 GMT
All of the above is very interesting and I am following with said interest, though non of which resolves or can resolve the core question emanating from us all; when do we get our dosh back!
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blender
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Post by blender on Mar 16, 2018 13:42:00 GMT
I am not sure about the first part, about having permission and it lapsing, and will believe this for now:
' mrclondon Avatar
10 hours ago mrclondon said:
The crux of the matter as stated by the administrators is that Collateral believed they had interim authorisation when they in fact didn't '
When they found, or were told, that they did not have permission, sure they removed FCA print and changed the T&Cs - they would have to. They presumably decided to seek administration, without first telling the lenders not to panic. That sounds a sensible and well thought out response from the perspective of the business, the interests of its creditors, and for leaving the administrators the best chance.
This also seems the most likely explanation to me. However, it should be made clear that Collateral was on the FCA register right up until the time it was found that it didn't have permission, so for all intents and purposes it did have interim authorisation from the FCA, even if the FCA now regards Collateral not to have been eligible for interim permissions. The register still shows the start and end date that interim permissions were applied to Collateral. They will have been on the FCA register, but perhaps not authorised specifically for p2p - as nick's posts on another thread asked, without a satisfactory response. p2pindependentforum.com/thread/7708/regulatory-permissions It all points to an administration caused by a 'discovered' lack of authorisation, and the expected consequential financial difficulties, rather than any current financial difficulties. Money back? I think nothing until they have a complete understanding of the position of the business - including all the creditor claims. Then restoration of repayments and return of client money held as cash (including pending loans cancelled). Months but not years?
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oik
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Post by oik on Mar 16, 2018 14:03:06 GMT
This could be very long thread.
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