JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
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Post by JamesFrance on Jun 12, 2018 15:12:36 GMT
A company flouts the rules and causes a mess. Are you really saying you want taxpayers and other companies (as they fund the FCA) to pick up the bill when the offending company has assets? So you think our funds are assets of the company? I don't quite see it like that.
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registerme
Member of DD Central
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Post by registerme on Jun 12, 2018 15:51:56 GMT
It's looking like BDO and the FCA might though.
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angrysaveruk
Member of DD Central
binomial
Posts: 995
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Post by angrysaveruk on Jun 12, 2018 16:21:12 GMT
Would also be interesting to know what % of their funds people expect to get back.
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Post by mrclondon on Jun 12, 2018 16:29:19 GMT
Would also be interesting to know what % of their funds people expect to get back. Another lender started a poll on this last week, but asked for it to be removed, as it could give reassuarnce to the powers that be that x% of lenders expect a hair cut anyway, so there won't be much flak if thats the eventual outcome.
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angrysaveruk
Member of DD Central
binomial
Posts: 995
Likes: 638
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Post by angrysaveruk on Jun 12, 2018 16:45:31 GMT
Would also be interesting to know what % of their funds people expect to get back. Another lender started a poll on this last week, but asked for it to be removed, as it could give reassuarnce to the powers that be that x% of lenders expect a hair cut anyway, so there won't be much flak if thats the eventual outcome. It is probably inevitable but I can see why you dont want to make predictions on the forum at this stage.
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michaelc
Member of DD Central
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Post by michaelc on Jun 12, 2018 20:01:01 GMT
I suspect we might have had some money back already if RR were still in charge. When BDO were appointed I felt slightly more positive than I had done previously since it was all above board, court appointed and FCA approved. Now, my gut feeling is we really would have been better off with RR - better the devil you know. I would guess that BDO have a very strong incentive to class us as creditors. If we were ring fenced investors then they wouldn't be able to get their paws on the vast majority of COL's assets. If we are confirmed creditors, this is a mini gold mine for them. I only hope that there are indeed legal challenges to prevent this.
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shimself
Member of DD Central
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Post by shimself on Jun 14, 2018 13:21:27 GMT
People seem to assume that administration charges will be paid by investors, but surely the whole point of P2P is that we are lending to the borrower and not the platform, so I don't see how the FCA appointed administrator would be entitled to any portion of our funds. The FCA have caused this collapse by stopping the business from operating after allowing it to grow and they have appointed BDO, so they should cover the costs. A company flouts the rules and causes a mess. Are you really saying you want taxpayers and other companies (as they fund the FCA) to pick up the bill when the offending company has assets? To prevent others not seeing the rules as discretionary it is in the FCA's interest to take a reasonable hard line. Also the FCA has always been suspicious of retail customers mixing in P2P... Companies go bust all the time, there's not a lot of assets left, the administrator does a quick and dirty job, hopefully getting some sort of payout to the creditors, maybe reports the directors if something particularly comes to light and that's it, end of
In this case however the suspicion is that the winding up is going to be meticulous (500 quid an hour kerching) at the expense of investors.
I suggest plan A would be more appropriate
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ashtondav
Member of DD Central
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Post by ashtondav on Jun 16, 2018 20:37:16 GMT
Administration fees are outrageous. The administrators of a recent broker collapse are coining it in - and getting funded by investors’ nominee accounts. There will not be much left after administration costs, that’s for sure.
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debaura
Member of DD Central
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Post by debaura on Jun 17, 2018 16:34:42 GMT
Would also be interesting to know what % of their funds people expect to get back. Another lender started a poll on this last week, but asked for it to be removed, as it could give reassuarnce to the powers that be that x% of lenders expect a hair cut anyway, so there won't be much flak if thats the eventual outcome. What will happen, will happen. Everyone involved is in the interest of maximising their revenues. Lenders, administrators,
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