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Post by Ton ⓉⓞⓃ on May 11, 2019 14:10:15 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. Thanks very much for your work on this, and many unknown others!!
This should be the article you may need to signup, I can only see the first three paras.
It's okay to post links generally (assuming the article doesn't reveal a Borrowers details etc), and even quoting small parts of them but it's copyright that says we can't quote the entire article, unless the Telegraph post it here themselves or say we can.
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liso
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Post by liso on May 11, 2019 15:28:16 GMT
For those who don't have access to todays Telegraph article, a small quote:
"there was a six-fold increase in (FCA) register-based complaints in 2018. Of these, three in four concerned Collaterals's incorrect listing"
Good!
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sjg
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Post by sjg on May 11, 2019 20:48:05 GMT
For those who don't have access to todays Telegraph article, a small quote: "there was a six-fold increase in (FCA) register-based complaints in 2018. Of these, three in four concerned Collaterals's incorrect listing"
Good! Glad to say I was one and due to Ducks good work the FCA should see even more this year from what we have learnt 😁
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duck
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Post by duck on May 12, 2019 3:33:00 GMT
For those who don't have access to todays Telegraph article, a small quote: "there was a six-fold increase in (FCA) register-based complaints in 2018. Of these, three in four concerned Collaterals's incorrect listing"
Good! Glad to say I was one and due to Ducks good work the FCA should see even more this year from what we have learnt 😁 Thanks for the comment and for sending in your complaint, every one helps. That said I am not the only one working 'behind the scenes' so I will spread the credit around .
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picnicman
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Post by picnicman on May 29, 2019 12:11:56 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>). Please turn me over - just had my response back from FCA - deferred as with the last complaint - assume the same for you? At least its in!! - Cheers P
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Post by Please turn me over on May 29, 2019 12:17:01 GMT
picnicmanYep, received my deferral reply two weeks ago.
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duck
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Post by duck on Jun 15, 2019 7:42:16 GMT
I have noted that Andrew Bailey and Charles Randall of the Financial Conduct Authority are due to appear before the Treasury Select Committee (TSC) on 25th June.
I have contacted the TSC outlining the current position wrt Col and the FCA. I have asked for them to take up the issues raised either at the hearing or in writing if time does not permit.
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squid
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Post by squid on Jun 15, 2019 11:45:53 GMT
Hi duck , I have also contacted them about this. They are now known as the Treasury Committee. Hopefully Collateral investors can encourage the FCA to do the right thing in this case.
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duck
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Post by duck on Jun 20, 2019 4:16:25 GMT
For anybody following this closely, in one of my recent communications with the Treasury Committee (thanks squid , old habits die hard!) the following was noted " You may wish to follow the progress of the Committee on its website. The Committee’s session on 25 June will be broadcast online should you wish to watch." The last hearing with Andrew Bailey and Charles Randall was a riveting watch (!) but there was a couple of interesting sections. I cannot guarantee that anything Col related will be raised either directly or indirectly but I and others have done our best, the paper trail is in place. FWIW the FCA have started to aggregate FOI requests (allowable in law). What this means is that instead of seeing an answer in 20 working days, responses (usually deferment due to the investigation) where aggregation has taken place are taking typically up to a couple of months. What is currently 'exercising' me is that the FCA are refusing to answer any FOI's that are related to their action(s) / processes. Whilst some are related directly to Col where the investigation can legitimately be called upon some are 'generic' so should not fall under the 'investigation' umbrella. In my communications with the Treasury Committee I have explained this situation and explained why this breakdown is very pertinent to their ongoing investigations into the FCA's register. The work continues .....
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p2pete
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Post by p2pete on Jun 20, 2019 7:25:37 GMT
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. It was explained on 19th Jan 2017 that Collateral UK Ltd couldn't have had interim permissions: Legislation changed April 2014 with P2P lending required to be fully regulated and FCA took over from OFT - anyone not operating as a P2P platform prior to that date will not have Peer - to- peer lending permission as those permissions were granted by OFT under Consumer Credit regs not FCA. Collateral like Moneything just have the IP Consumer Credit permission as that was all that was being issued at the time. Collateral (UK) Limited, the company undertaking the p2p platform activity, was incorporated in 17 November 2014. Any new entrant undertaking p2p platform activities after 1 April 2014 are required to apply for full FCA permission from the outset and could not obtain interim permission. The Collateral rep posted twice in the thread but did not address the point about interim permissions. p2pindependentforum.com/thread/7708/regulatory-permissionsI blame ilmoro for not replying! If the thread hadn't died the permissions problem would have been flagged up years ago. Class action against ilmoro
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duck
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Post by duck on Jun 20, 2019 7:39:54 GMT
this has been taken up with the FCA, unfortunately the reply is not forthcoming ...
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jj
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Post by jj on Jun 20, 2019 7:51:14 GMT
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Monetus
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Post by Monetus on Jun 20, 2019 8:10:33 GMT
Indeed. Sadly the Complaints Commissioner can be somewhat toothless and can only make a "recommendation" to The FCA which they seemingly have the power to ignore. A bizarre system if you ask me.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 20, 2019 10:38:49 GMT
Thank you duck, you and Others are doing extraordinary work for which we are all VERY grateful.
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11025
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Post by 11025 on Jun 24, 2019 16:18:24 GMT
Thank you duck , you and Others are doing extraordinary work for which we are all VERY grateful. Please make sure you tune into Parliamentlive TV or channel 232 on Freeview tomorrow morning at 10:00 am - The work of the Financial Conduct Authority
There is an interesting meeting happening here , hopefully there will be some relevant information discussed .
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