mikeymike
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Post by mikeymike on Apr 13, 2018 14:08:21 GMT
I see that there is still discussion here regarding the matter of Coll and the FCA register. This may be because a search of the register brings up a reference to: "The Collateral Loan Company Ltd" described as: "This is a firm that can no longer provide regulated products and services, but was previously authorised by the PRA and/or FCA previously authorised".
CH data shows this firm dissolved in 2015 and I can find no connection with any of:
Collateral (UK) Ltd (Collateral UK), Collateral Sales Ltd Collateral Security Trustee Ltd (together, the Collateral Companies).
This would support the statement made to me by the FCA that Coll "had never been registered'" and would also explain why a search on the register for that company fails to return a valid result.
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mason
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Post by mason on Apr 13, 2018 21:30:58 GMT
This is the reference number that COL quoted on their website. It still shows Collateral (UK) Limited as a Previous Registered Name from 24/03/2016 to 29/01/2018, but as Collateral (UK) Limited is a different Limited company, the change from Regal Pawnbroker Limited to Collateral (UK) Limited was unlawful and hence Collateral (UK) Limited never held valid interim permission.
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mikeymike
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Post by mikeymike on Apr 14, 2018 0:08:51 GMT
That's not what I see when I do a search using the ref. 656714 See: fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNewThere is NO mention at all of Collateral, in any of its' guises. Mason, what is your source and when did you access it? Sorry, but I seem to be tech. challenged here I can't make tonight's (18/04/2018) screen shot come out any sharper when importing onto post. Attachment removed by mod to avoid wasting the limited storage space thats is left for the forum's continued use.
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mickj
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Post by mickj on Apr 14, 2018 8:27:32 GMT
mikeymike , you need to click 'names' to get the page mason has shown (it's almost highlighted in the snapshot).
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mickj
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Post by mickj on Apr 14, 2018 8:44:10 GMT
Strangely perhaps the Permissions page shows a permission end date of 31/3/2016 for 656714. (snapshot 14/4/2018) Attachment removed by mod to avoid wasting the limited storage space thats is left for the forum's continued use.27/4/2018: added snapshot back via Imgur, first use of this for me and took a few go's........ mick
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11025
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Post by 11025 on Apr 14, 2018 8:58:42 GMT
Strangely perhaps the Permissions page shows a permission end date of 31/3/2016 for 656714. (snapshot 14/4/2018) Yes , the FCA have now amended things after the current situation , there are some previous snapshots out there with differing info ,
I thought I had one , I will check
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11025
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Post by 11025 on Apr 14, 2018 9:05:44 GMT
I can only found this atm , but I think I have seen others
Attachment removed by mod to avoid wasting the limited storage space thats is left for the forum's continued use.
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mason
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Post by mason on Apr 14, 2018 10:22:33 GMT
I can only found this atm , but I think I have seen others
... and that's exactly what I saw when I checked the FCA register in late summer 2017. Collateral (UK) Limited as Firm Name and Active Consumer Credit permission.
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11025
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Post by 11025 on Apr 14, 2018 12:42:06 GMT
I can only found this atm , but I think I have seen others
... and that's exactly what I saw when I checked the FCA register in late summer 2017. Collateral (UK) Limited as Firm Name and Active Consumer Credit permission. I have also got a copy of the 2016 Terms in pdf format with all the FCA refs in them , I have uploaded them elsewhere but if anyone wants a copy let me know.
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mary
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Post by mary on Apr 14, 2018 14:12:47 GMT
So Collateral UK were formed after the cut off to gain Interim Permissions and therefore could never have been so authorised.
Regal Pawnbrokers already had IP, but Collateral has legal opinion that their business did not need FCA permission, but claimed to have it everywhere.
Yet the FCA managed to publish (what we all assumed was a fact and that we could rely on) that Collateral were authorised with IP, and when the FCA discovered their error they shut Collateral down and lock up all our money.
Anyone else think that the FCA error makes them liable for any losses lenders sustain?
There is prior precedent for government compensation when a failure of regulation occurs leading to losses ... Equitable Life. Although the compensation was not in full and came many years later.
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elliotn
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Post by elliotn on Apr 14, 2018 14:26:01 GMT
I can only found this atm , but I think I have seen others
... and that's exactly what I saw when I checked the FCA register in late summer 2017. Collateral (UK) Limited as Firm Name and Active Consumer Credit permission. Unfortunately you cannot run a p2p company from a Consumer Credit IP (fine for a pawnbroker), you require Peer to Peer IP (have a look at Lendy).
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11025
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Post by 11025 on Apr 14, 2018 14:39:19 GMT
... and that's exactly what I saw when I checked the FCA register in late summer 2017. Collateral (UK) Limited as Firm Name and Active Consumer Credit permission. Unfortunately you cannot run a p2p company from a Credit Finance IP (fine for a pawnbroker), you require "Peer to Peer" IP (have a look at Lendy). You are more up to speed than me on the full requirements and probably most other investors , do you think that surely if the FCA were in regular dialogue with Coll and their legal team as stated that someone from either side must have realised what was required ?
BTW I have just looked at Ablrate and can't see any ref to P2P , so I'm totally confused !
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mickj
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Post by mickj on Apr 14, 2018 14:52:51 GMT
Lendy are still IP - Interim Permission and I expect working toward full. Ablrate have full and I expect that must include P2P (but I am not an expert), much the same for Moneything - full and no reference to P2P, but must include.
For the life of me I cannot see why the FCA would not help Coll gain full permission, if one wanted to start a P2P company tomorrow, it's past the cutoff date for interim permission so would one just apply for full permission ? and how will that work - anyone know ?
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Greenwood2
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Post by Greenwood2 on Apr 14, 2018 15:12:27 GMT
Lendy are still IP - Interim Permission and I expect working toward full. Ablrate have full and I expect that must include P2P (but I am not an expert) I am pretty confused about exactly which permissions (interim or full) that p2p platforms, must have. Lendy do have 'Peer to peer lending platform activity' interim permission, whereas Collateral just had (by relation to Regal Pawnbrokers) the credit agreement permission shown above. I've looked at a few of the other sites and there are lots of permutations of permissions, which ones are essential, or just desirable I am not at all sure, but I suspect the p2p platform one is pretty important.
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Greenwood2
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Post by Greenwood2 on Apr 14, 2018 15:14:25 GMT
Lendy are still IP - Interim Permission and I expect working toward full. Ablrate have full and I expect that must include P2P (but I am not an expert), much the same for Moneything - full and no reference to P2P, but must include. For the life of me I cannot see why the FCA would not help Coll gain full permission, if one wanted to start a P2P company tomorrow, it's past the cutoff date for interim permission so would one just apply for full permission ? and how will that work - anyone know ? I believe some platforms had to wait for full permission before they could launch, because they were too late for interim permission.
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