snowmobile
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Post by snowmobile on Jul 5, 2018 13:49:13 GMT
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Monetus
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Post by Monetus on Jul 5, 2018 13:54:21 GMT
Well well well..... class action anyone?
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ptr120
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Post by ptr120 on Jul 5, 2018 14:08:24 GMT
count me in!
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micky
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Post by micky on Jul 5, 2018 14:15:45 GMT
and me!
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dp
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Post by dp on Jul 5, 2018 14:23:18 GMT
Yup, be happy to join
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romy
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Post by romy on Jul 5, 2018 14:26:22 GMT
Very interesting!
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huxs
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Post by huxs on Jul 5, 2018 14:34:04 GMT
While I think the FCA are definitely at fault I am not sure our case would be as clear cut as the FCA could argue they acted as quickly as possible after they found out the discrepancy, our main argument would be the FCA should be held responsible for the accuracy of their data even though they put a disclaimer on it. But if losses from the recovery are significant it might be worth a go.
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Post by brightspark on Jul 5, 2018 16:13:06 GMT
With this case and the Beaufort mess rumbling along in the background did the FCA decided to review its woefully inaccurate register and stumbled across dear old Collateral tucked away in the woodwork? Heigh ho slam down the shutters and tell investors (suckers) not to believe anything until at least treble or quadruple checked - a sort of covering of backsides exercise? No they wouldn't do a thing like that would they?
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jul 5, 2018 16:56:31 GMT
While I think the FCA are definitely at fault I am not sure our case would be as clear cut as the FCA could argue they acted as quickly as possible after they found out the discrepancy, our main argument would be the FCA should be held responsible for the accuracy of their data even though they put a disclaimer on it. But if losses from the recovery are significant it might be worth a go. What planet are you on? The last BDO report talked of a protracted dispute about FCA permission.
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agent69
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Post by agent69 on Jul 5, 2018 17:43:51 GMT
how many of us would have invested if it were not for the FCA register showing they had interim permission.
Given that thousands of people were shoveling millions of pounds into p2p long before permissions existed, I would say that the answer to your question is most of them. I simply don't buy into the idea that a large proportion of COL investors looked at the FCA register and based their investment decisions purely on what they saw there.
There appears to be only the most tenuous links between the example you posted and the situation at COL, so I won't be rushing to fund a class action.
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11025
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Post by 11025 on Jul 5, 2018 18:29:12 GMT
how many of us would have invested if it were not for the FCA register showing they had interim permission.
Given that thousands of people were shoveling millions of pounds into p2p long before permissions existed, I would say that the answer to your question is most of them. I simply don't buy into the idea that a large proportion of COL investors looked at the FCA register and based their investment decisions purely on what they saw there.
There appears to be only the most tenuous links between the example you posted and the situation at COL, so I won't be rushing to fund a class action. Granted but I did check the FCA register as well as monitoring posts from Gordon regarding this and if the 2 hadn't tallied I would have asked a lot of questions and would have acted accordingly.
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min
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Post by min on Jul 5, 2018 19:19:38 GMT
Well well well..... class action anyone? Can I join the club?
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huxs
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Post by huxs on Jul 5, 2018 19:37:34 GMT
While I think the FCA are definitely at fault I am not sure our case would be as clear cut as the FCA could argue they acted as quickly as possible after they found out the discrepancy, our main argument would be the FCA should be held responsible for the accuracy of their data even though they put a disclaimer on it. But if losses from the recovery are significant it might be worth a go. What planet are you on? The last BDO report talked of a protracted dispute about FCA permission. Bit harsh, but this forum does seem to bring out these sorts of impolite comments.
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insideout
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Post by insideout on Jul 5, 2018 19:41:45 GMT
"Authorised and regulated by the FCA"
Those claims were made in COL emails until very shortly before the shutters came down. A prime reason why many felt safe to invest (safe in P2P terms anyway).
More likely claim against the Directors of COL - if indeed such a thing were possible as they might not be personally liable.
But after a few criminal charges, maybe by way of private prosecutions, who knows? Would be FCA be shamed into action? Has this watchdog ever been known to bite?
Worthwhile keeping an eye on all similar cases even if not directly comparable.
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jlend
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Post by jlend on Jul 5, 2018 21:02:46 GMT
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