jo
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Post by jo on Apr 4, 2018 15:18:23 GMT
However you could safely park the car at the side of the road & whilst sat in the police car discussing your fate your mate could take the keys home in a taxi & give them to your wife.
I don't see how what the administrator is doing is any of the FCA's business, he is simply informing borrowers to repay &/or refinance their loans & then overseeing/accounting for the return of lenders cash, then distributing back to their registered bank accounts; none of which needs any form of FCA regulatory permission, over & above that which he already has as the authorised administrator (which is again nothing to do with the FCA)
This has puzzled me also - wondering why the FCA feels it's got a horse in some of the races being played out. If I had to guess, I'd say it's because there's a non-traditional type of stakeholder in this business (us investors) - neither creditor (cash aside?), nor business owners. But who knows.
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guff
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Post by guff on Apr 4, 2018 15:38:07 GMT
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dermot
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Post by dermot on Apr 4, 2018 15:39:11 GMT
I've not had any *formal* information since the 28th Feb, am I missing out on something? Just the letter attached to email on the 28th Feb, Refresh report to creditors is all I have, no other formal contact, I have not tried to contact the administrators but may now drop them a note. I do feel with only 1132 lenders into £17,538,817 of loans we are small beer and I am a well below average lender. (page 11 of the report) I would also like to see all of my capital & interest (interest on unpaid interest?) back, I would favor another platform taking on the loan book if that was possible. I would like to be more informed, perhaps after this rumored court case settles things we will be told something. I have not seen that report, where might i find it (been away from home for a few days)? From your page 11 comment, are we all listed?
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zedi
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Post by zedi on Apr 4, 2018 15:47:06 GMT
"The Collateral Companies were required to obtain the approval of the FCA when appointing an administrator. This is designed to protect investors by ensuring an independent person conducts the administration in the best interests of the investors. This did not happen. Accordingly the FCA has intervened to ensure investors are protected as the law requires." That absolutely makes sense, so the missing license of RR isn´t the case. Finally the FCA shed some light on this case.
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guff
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Post by guff on Apr 4, 2018 15:47:53 GMT
But what it doesn't do, is explain why CUK were, and still are, listed on their own website as having IP.
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guff
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Post by guff on Apr 4, 2018 15:49:13 GMT
It would also have been good if RR had informed us that they had been told that "… the substantive progress of the administration should be paused".
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oldgrumpy
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Post by oldgrumpy on Apr 4, 2018 15:55:59 GMT
Hello I have trawled throughout my mails, but do not seem to have received anything from Collateral UK, neither the generic update of 28-Feb, nor any mails thereafter. I am at a loss, and hoping that the stalwarts on this forum can guide me on the best possible course of action for me to take this up please. I am not heavily invested (around £1,100), but I am still concerned that I haven't had the update that all investors seem to have received. Thanks Riddler Hello all Could you please assist me with the above post? Specifically, if you could pm me the boilerplate mail from Collateral (I understand this was dated the 28-Feb), the 'leaked response' thereafter, and the coordinates / email / contact of the people to write to or call to check the reason for me not having received the standard message that has gone across to all lenders? Apologies for bumping this up, but would be truly grateful to have assistance please. Thanks Riddler Watch out for concealed representatives of COL borrowers trying to get information from you by registering on this forum. Mind you, they've probably already got what they want and have briefef their own "helpful" lawyers. 
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jo
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Post by jo on Apr 4, 2018 16:04:07 GMT
It would also have been good if RR had informed us that they had been told that " … the substantive progress of the administration should be paused". Might be the asymmetric nature of going up against an party with very deep pockets and the possibly to sanction infringements. You might start to question what you can and can't do on an unsolicited basis (as opposed to responding to a specific question).
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Post by Deleted on Apr 4, 2018 16:04:50 GMT
"The FCA will continue to work in the best interests of investors in the Collateral Companies"
so not us then.
If they meant us they might have said "of investors through the Collateral Companies". It looks like the FCA needs to up its use of the English language to handle the brave new world of P2P.
Apologies to oz who liked what I wrote before I added these last three sentences.
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p2pete
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Post by p2pete on Apr 4, 2018 16:08:50 GMT
The Collateral Companies were required to obtain the approval of the FCA when appointing an administrator. This is designed to protect investors by ensuring an independent person conducts the administration in the best interests of the investors. This did not happen. Accordingly the FCA has intervened to ensure investors are protected as the law requires.
On 16 March 2018, the High Court adjourned the FCA’s applications to 27 April 2018. Until then, the Court ordered that, barring incoming payment of loan interest and repayments and certain other administrative steps, the substantive progress of the administration should be paused.
The FCA will continue to work in the best interests of investors in the Collateral Companies. The case will return to the High Court in Manchester on 27 April 2018.
What does "investors in the Collateral Companies" mean? Us as lenders?
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guff
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Post by guff on Apr 4, 2018 16:08:58 GMT
It would also have been good if RR had informed us that they had been told that " … the substantive progress of the administration should be paused". Might be the asymmetric nature of going up against an party with very deep pockets and the possibly to sanction infringements. You might start to question what you can and can't do on an unsolicited basis (as opposed to responding to a specific question). The FCA and RR both claim to be acting in the best interests of investors. Nobody should have been too upset about RR knocking out an update e-mail to all investors, even if it cost 10 minutes at £1k per hour.
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p2pmark
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Post by p2pmark on Apr 4, 2018 16:13:32 GMT
The Collateral Companies were required to obtain the approval of the FCA when appointing an administrator. This is designed to protect investors by ensuring an independent person conducts the administration in the best interests of the investors. This did not happen. Accordingly the FCA has intervened to ensure investors are protected as the law requires.
On 16 March 2018, the High Court adjourned the FCA’s applications to 27 April 2018. Until then, the Court ordered that, barring incoming payment of loan interest and repayments and certain other administrative steps, the substantive progress of the administration should be paused.
The FCA will continue to work in the best interests of investors in the Collateral Companies. The case will return to the High Court in Manchester on 27 April 2018.What does "investors in the Collateral Companies" mean? Us as lenders? They mean lenders.
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rgog
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Post by rgog on Apr 4, 2018 16:16:15 GMT
The Collateral Companies were required to obtain the approval of the FCA when appointing an administrator. This is designed to protect investors by ensuring an independent person conducts the administration in the best interests of the investors. This did not happen. Accordingly the FCA has intervened to ensure investors are protected as the law requires.
On 16 March 2018, the High Court adjourned the FCA’s applications to 27 April 2018. Until then, the Court ordered that, barring incoming payment of loan interest and repayments and certain other administrative steps, the substantive progress of the administration should be paused.
The FCA will continue to work in the best interests of investors in the Collateral Companies. The case will return to the High Court in Manchester on 27 April 2018.What does "investors in the Collateral Companies" mean? Us as lenders? They mean lenders. We hope! Sadly they didn't actually say that. Yet again sloppy drafting in official communications!
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mickj
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Post by mickj on Apr 4, 2018 16:32:40 GMT
Just the letter attached to email on the 28th Feb, Refresh report to creditors is all I have, no other formal contact, I have not tried to contact the administrators but may now drop them a note. I do feel with only 1132 lenders into £17,538,817 of loans we are small beer and I am a well below average lender. (page 11 of the report) I would also like to see all of my capital & interest (interest on unpaid interest?) back, I would favor another platform taking on the loan book if that was possible. I would like to be more informed, perhaps after this rumored court case settles things we will be told something. I have not seen that report, where might i find it (been away from home for a few days)? From your page 11 comment, are we all listed? Dermot, I am sorry, seems I am confused, The email dated 28th Feb that I assume you have got contained a link to the 'In Administration' letter from RR, this is the only formal contact I have had, links to this can be found here. On the 29th March another post contained a link to what seems like a leaked report, my page 11 reference was to this report, no we are not all listed. This report can be found here. Sorry for the confusion.
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investibod
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Post by investibod on Apr 4, 2018 16:43:40 GMT
From the FCA statement (my bold)
So there is no reason for RR to not be paying interest payments to us?
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