hendragon
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Post by hendragon on Apr 25, 2019 12:00:39 GMT
I heard a suggestion that Mr Bailey currently of the FCA might be in the running for the governorship of the Bank of England. I suppose we will have to hope that the BoE doesn't have to do anything really difficult like maintain a register. Perhaps he was practicing on Collateral to learn how things should not be done.
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duck
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Post by duck on Apr 25, 2019 16:50:46 GMT
Thanks duck ! This may be a silly question (forgive me), but does the FCA have the means to reimburse lenders for the lost amounts? Well the FCA's budget for this year is £560m, add in FOS and MAPS and you see a cool billion. That said there are some big salaries to pay .......
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james100
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Post by james100 on Apr 26, 2019 8:16:10 GMT
When did Col decide it didn't need to be regulated and changed it's footer to remove the FCA regulation? I think it was mentioned somewhere but probably buried in the long threads. I wonder if that was in response to the FCA 'becoming aware'. According to emails I received from Col, the footer changed at the end of January 2018. Yes. I've just checked and have an email dated 30th Jan including the line: "Collateral (UK) Limited is authorised and regulated by the Financial Conduct Authority (FCA)." ...next one on 1st February (and all subsequent emails) has that line omitted.
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james100
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Post by james100 on Apr 26, 2019 8:28:02 GMT
From my FOI request FOI6297 (blows my cover with the FCA but some of the early FOI requests are due to appear on the website soon ) On what date did the FCA become aware that Collateral (UK) Ltd was trading without valid authorisations / permissions?
23 November 2017 duck do you have a link to by any chance (unless it was paper only, of course). I'd also like to make a follow up complaint but would like to be able to link to the outcome of this FOI if possible and can't find it online. Thank you most sincerely for taking this initiative and sharing the information. If anyone else doing a follow up complaint would care to share their message (or rough outline) then that would be appreciated...I am absolutely *ducking* furious now and don't want that to obscure the clarity of my complaint.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 26, 2019 9:43:29 GMT
Perhaps with that budget they could find it within themselves to compensate Lendy losses too! Possibly, but what The Incompetent FCA have not done regarding COLL is FAR more serious.
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Greenwood2
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Post by Greenwood2 on Apr 26, 2019 10:07:12 GMT
According to emails I received from Col, the footer changed at the end of January 2018. Yes. I've just checked and have an email dated 30th Jan including the line: "Collateral (UK) Limited is authorised and regulated by the Financial Conduct Authority (FCA)." ...next one on 1st February (and all subsequent emails) has that line omitted. I would love to see the correspondence between the FCA and Col between the 27th November and whenever in January Col decided to dodge the bullet by claiming they didn't need to be authorised anyway.
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duck
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Post by duck on Apr 26, 2019 10:19:39 GMT
From my FOI request FOI6297 (blows my cover with the FCA but some of the early FOI requests are due to appear on the website soon ) On what date did the FCA become aware that Collateral (UK) Ltd was trading without valid authorisations / permissions?
23 November 2017 duck do you have a link to by any chance (unless it was paper only, of course). I'd also like to make a follow up complaint but would like to be able to link to the outcome of this FOI if possible and can't find it online. .. Just quote FOI6297 with the text above, that was a cut'n'paste of part of the response I received. The remainder of the FOI contained further information on different subjects that it would not be prudent to disclose at present. EDIT the information is not available online at present, FOI requests generally find their way onto the site in a timescale of 3-6 months (I have no idea if they are all eventually published)
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duck
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Post by duck on Apr 26, 2019 10:25:51 GMT
I would love to see the correspondence between the FCA and Col between the 27th November and whenever in January Col decided to dodge the bullet by claiming they didn't need to be authorised anyway. That is the subject of current/ongoing FOI requests. Understandably while investigations are ongoing the FCA are invoking Section 31 (law enforcement) wrt requests of this nature (and several others).
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hendragon
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Post by hendragon on Apr 26, 2019 11:25:51 GMT
one of the few good points to come out of the Col debacle is the activities of several Forumites (I include duck and Monetus especially). Even if we cannot get redress at the end, life has been made more interesting and uncomfortable for the powers that be than they might be used to.
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Post by Please turn me over on Apr 29, 2019 12:54:00 GMT
<snip> If anyone else doing a follow up complaint would care to share their message (or rough outline) then that would be appreciated...I am absolutely *ducking* furious now and don't want that to obscure the clarity of my complaint. The online complaint form asks four principal questions about your complaint. Here are my responses. Brief details of your complaintThe FCA became aware that Collateral UK Limited was trading without the requisite authorisation/permissions on 23 November 2017 (see freedom of information request reference number FOI6297). Collateral continued to trade, however, until its website became inactive on 26 February 2018. During that time, I made <XX> separate bank transfers to Collateral totalling £ <XX,XXX>. I would not have made the transfers had I known that Collateral lacked the requisite permissions. I am now at significant risk of losing some or all of that money plus sums that I transferred prior to 23 November 2017. Brief details of the steps you have taken so far to try and resolve the matter (including any compensation received to date)Representatives of BDO have been appointed as Administrators of Collateral (and affiliated companies). The Administrators are attempting to recover the monies of the lenders. The administration is currently ongoing and the extent to which my money will be recovered (if any) is presently unknown. Misconduct allegedThe FCA demonstrated a lack of care and failed to protect consumers such as myself by failing to take immediate action on 23 November 2017. For example, the FCA could have disclosed publicly that Collateral did not have the requisite permissions and suspended and/or closely supervised its activities. The FCA could also have demanded that Collateral inform lenders directly that it did not have the requisite permissions. Remedy soughtI expect the FCA to provide me with full financial compensation if losses are crystallised following the Administration by BDO. Please note that this new complaint is in addition to my complaint emailed to the FCA on <date> concerning the Register and acknowledged in your correspondence to me dated <date> (your reference <XXXXXXXXX>).
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duck
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Post by duck on May 8, 2019 9:04:20 GMT
A very interesting development (thanks to another investor who alerted me) Complaints Commissioner’s Report FCA00503 Published on 7 May 2019This does not relate to Col but shows the FCA's line of thinking wrt ex gratia (compensation) payments. You will notice that in this case (where the register was incorrect) compensation was not paid for several reasons but mainly because the complainant had received advice from the FCA prior to investing and that the complainant did not rely on the register. Weight is not placed on "the dishonest actions of third parties" Certainly in my case these reasons do not apply. The original complaints are available online.
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Post by bobthebuilder on May 9, 2019 0:37:23 GMT
Slightly worrying though that the FCA refused to settle because "there is no evidence to suggest the complainant had checked the Register". I know I did in the case of Collateral, but how do I or anyone else prove it? It also seems that the Commissioner cannot adjudicate but can only make recommendations that the FCA is free to ignore. Not good if, like me, you're expecting the FCA to accept responsibility for their incompetence and offer appropriate compensation for losses incurred as a result of it.
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duck
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Post by duck on May 9, 2019 3:39:01 GMT
Slightly worrying though that the FCA refused to settle because "there is no evidence to suggest the complainant had checked the Register". I know I did in the case of Collateral, but how do I or anyone else prove it? It also seems that the Commissioner cannot adjudicate but can only make recommendations that the FCA is free to ignore. Not good if, like me, you're expecting the FCA to accept responsibility for their incompetence and offer appropriate compensation for losses incurred as a result of it. All good points. Extracting ex gratia payments was never going to be easy which is why I and others have taken to digging into this matter in depth. Random thoughts. Being a member 'here' gives you access to a lot of information. If there had been inklings of problems they would have been posted. I and others take screen dumps of important information so if (as is the case with Col) the entry showing them to have interim approval disappears somebody will have it. When I made my initial complaint I included the screen dump. Col (the Curries and Gordon) were active on this forum. I have re-read all of their posts and I cannot find anything to suggest that full permission was not progressing. The FCA are currently remaining very tight lipped on this subject but I have found out that the FCA accepted fees (applicable for gaining full approval) from Col on 24/03/16. I am still trying to find out what happened between March 2016 and Feb 2018. The Commissioners powers are indeed limited but should be viewed as 'persuasive'. In the case that I posted the FCA have produced a reasoned argument as to why payment should not be made. These arguments are not in general applicable in the case of Col. The fact that the FCA cannot be sued under UK law (something I would not advocate even if it was possible) must have been a deliberate action of Parliament when the FCA was set up. This leaves 'consumers' (the very people the FCA are tasked to protect) in a position where they have little strength when taking on the FCA which is why I and others wrote to the Treasury Select Committee when Col went pop. I posted here that the FCA have admitted to knowing that Col was trading without authorisation/permissions on 23/11/17. This is very important since action should have been taken at the time and wasn't. I have put in a complaint to the FCA regarding the '3 months' since I added further funds in that period. I know others have taken similar action. Whilst proving that consulting the register may be problematic, proving new funds were added isn't. If anybody added new funds during this period and wants to strengthen their case I would suggest that they consider putting in a complaint. This subject has been picked up by the press, if you read/have access to the Telegraph there should be something in there on Saturday. As I said at the start of this post extracting ex gratia payments was never going to be easy but with the TSC, the Complaints Commissioner and Press informed (and active), information being extracted (slowly) the possibility is now far better than it was in Feb 2018.
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rogerthat
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Post by rogerthat on May 9, 2019 22:25:07 GMT
Thanks very much for the info duck and others. I stumbled across this thread in error but ive noted and saved certain aspects of it for further referral. Without being too specific, I have a feeling your intel might be needed elsewhere before too long
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duck
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Post by duck on May 11, 2019 11:42:49 GMT
The article that I mentioned in my previous post is now available online but I'm not sure if I can post the link here but Mr Google will get you there.
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