Monetus
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Post by Monetus on Jun 13, 2019 9:02:59 GMT
Hi Monetus apologies if this has been mentioned already, but would it also be possible to request info on the exact nature of interface between BDO and FCA during the ongoing recovery process? The FCA has been flooded with compensation claims relating to any shortfall in loan recovery by people (like me) who believe that they are financially down primarily due to having invested based on false authorization info published on the FCA website. I would therefore be surprised if the FCA was not in contact with BDO on a very regular basis to keep tabs on the size of shortfall (from asset liquidation net of fee deductions) and likely declaration date of that shortfall, given their position in the debacle. As ever, your role in supporting this process is hugely appreciated. Thank you. I shall ask this at the meeting and see if I am able to share anything. I do know that The FCA and BDO are in close communication. Without wishing to be a "Debbie Downer" are you aware that the FCA are generally immune from prosecution and civil liability under the FSA2012 act except for human rights breaches? Are there confirmed instances in the past where investors have actually received money from The FCA as they have been forced to pay out compensation based on inaccuracies within their Register?
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Monetus
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Post by Monetus on Jun 13, 2019 9:27:12 GMT
Monetus, I appreciate that it was agreed at the outset that you would be the COL investors representative replying to investors Q's, for which we all are grateful. Behind the scenes are you receiving full support and task sharing from the other COL investor representatives on the committee? Hector I am in communication with a couple of the other Creditors Committee members informally and we have worked together on occasion to assist with certain matters relating to the administration.
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kaya
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Post by kaya on Jun 13, 2019 9:31:37 GMT
Hmm, a financial company, operating illegally, endorsed by the FCA, then forced into the exorbitant costs of administration by same FCA, who are immune from all liability...
Who do we sue?
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keystone
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Post by keystone on Jun 13, 2019 11:38:40 GMT
Ourselves probably
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Jun 14, 2019 8:42:18 GMT
Hi Monetus apologies if this has been mentioned already, but would it also be possible to request info on the exact nature of interface between BDO and FCA during the ongoing recovery process? The FCA has been flooded with compensation claims relating to any shortfall in loan recovery by people (like me) who believe that they are financially down primarily due to having invested based on false authorization info published on the FCA website. I would therefore be surprised if the FCA was not in contact with BDO on a very regular basis to keep tabs on the size of shortfall (from asset liquidation net of fee deductions) and likely declaration date of that shortfall, given their position in the debacle. As ever, your role in supporting this process is hugely appreciated. Thank you. I shall ask this at the meeting and see if I am able to share anything. I do know that The FCA and BDO are in close communication. Without wishing to be a "Debbie Downer" are you aware that the FCA are generally immune from prosecution and civil liability under the FSA2012 act except for human rights breaches? Are there confirmed instances in the past where investors have actually received money from The FCA as they have been forced to pay out compensation based on inaccuracies within their Register? So they can lose millions of peoples hard earned money and still get to sleep at night knowing they are untouchable. Sounds like the most corrupt organisation in the world
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Post by Deleted on Jun 14, 2019 9:52:44 GMT
So they can lose millions of peoples hard earned money and still get to sleep at night knowing they are untouchable. Sounds like the most corrupt organisation in the world
Oh boy do you need to get out in the world more.... :-)
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kaya
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Post by kaya on Jun 14, 2019 12:08:03 GMT
The responsibility of those persons that set up this platform seems largely forgotten. I doubt the CC or anyone else would divulge if there is any definite investigation/action ongoing, but if there is not, then a class action with a friendly NWNF lawyer against the (probably substantial) assets of these persons would be very nice to see.
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Monetus
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Post by Monetus on Jun 14, 2019 12:26:49 GMT
The responsibility of those persons that set up this platform seems largely forgotten. A good point Kaya. It's interesting to see just how many posts on this forum focus on BDO vs Collateral or the Curries for example. It's very easy to forget that BDO are only here because the circumstances caused them to be required.
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blender
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Post by blender on Jun 14, 2019 12:34:58 GMT
I shall ask this at the meeting and see if I am able to share anything. I do know that The FCA and BDO are in close communication. Without wishing to be a "Debbie Downer" are you aware that the FCA are generally immune from prosecution and civil liability under the FSA2012 act except for human rights breaches? Are there confirmed instances in the past where investors have actually received money from The FCA as they have been forced to pay out compensation based on inaccuracies within their Register? So they can lose millions of peoples hard earned money and still get to sleep at night knowing they are untouchable. Sounds like the most corrupt organisation in the worldNow, why does this make me think of a certain political party at the moment?
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duck
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Post by duck on Jun 14, 2019 14:44:41 GMT
... I doubt the CC or anyone else would divulge if there is any definite investigation/action ongoing, ..... Yes there is, is that definite enough, had it from the horses mouth
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Post by brightspark on Jun 14, 2019 16:07:16 GMT
The responsibility of those persons that set up this platform seems largely forgotten. A good point Kaya. It's interesting to see just how many posts on this forum focus on BDO vs Collateral or the Curries for example. It's very easy to forget that BDO are only here because the circumstances caused them to be required. True but it is those very circumstances which an effective FCA would have nipped in the bud instead of which investors were led up the garden path for too long by the idea that Collateral were operating within a regulated financial environment
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Monetus
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Post by Monetus on Jun 14, 2019 16:10:57 GMT
A good point Kaya. It's interesting to see just how many posts on this forum focus on BDO vs Collateral or the Curries for example. It's very easy to forget that BDO are only here because the circumstances caused them to be required. True but it is those very circumstances which an effective FCA would have nipped in the bud instead of which investors were led up the garden path for too long by the idea that Collateral were operating within a regulated financial environment I don't disagree. You'll notice that I didn't include the FCA in my comment.
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peteuk
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Post by peteuk on Jun 14, 2019 18:21:24 GMT
Hav everybody lost there memory gthat last year the FCA were made to pay an investor 23000 pounds in compensation, because fca didn't keep there records properly and weren't able to use the exuse of a disclaimer on there Terms and conditions
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Monetus
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Post by Monetus on Jun 14, 2019 18:25:13 GMT
Hav everybody lost there memory gthat last year the FCA were made to pay an investor 23000 pounds in compensation, because fca didn't keep there records properly and weren't able to use the exuse of a disclaimer on there Terms and conditions Do you have a link or further details on this you can share peteuk ?
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shimself
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Post by shimself on Jun 14, 2019 18:26:02 GMT
I don't think it's on their critical path because we aren't getting any money back until all the loans are resolved anyway. Maybe so, maybe not, but it's extremely unlikely the backroom computerist will be taken away from their task in order to heavy over delinquent borrowers. Parallel path I think
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