duck
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Post by duck on Jun 24, 2019 17:07:28 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 .Indeed, whilst there might be a lot of obfuscation the questions are there and the relevant people now know what has been going on. As for the questions they won't go away. The work continues .....
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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 24, 2019 17:37:18 GMT
I believe that Andrew Bailey's remuneration is close on £600K pa. With disaster after disaster at The FCA happening on an almost weekly basis these days such a reward for Gross Incompetence beggars belief. But this is Government, so I guess it makes him highly qualified and a shoe-in for The Bank of England jobbie?!!!
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duck
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Post by duck on Jun 27, 2019 14:48:36 GMT
....... so I guess it makes him highly qualified and a shoe-in for The Bank of England jobbie?!!! If you feel so strongly ozboy perhaps you should register to attend the FCA's Annual Public Meeting 2019 where you can ask Mr Bailey a few difficult questions I'm a long way away but perhaps Col investors who live closer would like to attend?
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11025
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Post by 11025 on Jun 27, 2019 15:02:17 GMT
....... so I guess it makes him highly qualified and a shoe-in for The Bank of England jobbie?!!! If you feel so strongly ozboy perhaps you should register to attend the FCA's Annual Public Meeting 2019 where you can ask Mr Bailey a few difficult questions I'm a long way away but perhaps Col investors who live closer would like to attend? I will buy you a 1/2 of bitter if you attend
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Monetus
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Post by Monetus on Jun 27, 2019 15:28:14 GMT
....... so I guess it makes him highly qualified and a shoe-in for The Bank of England jobbie?!!! If you feel so strongly ozboy perhaps you should register to attend the FCA's Annual Public Meeting 2019 where you can ask Mr Bailey a few difficult questions I'm a long way away but perhaps Col investors who live closer would like to attend? That should would be a good one to attend. Going to look into that myself.
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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 27, 2019 18:31:23 GMT
If you feel so strongly ozboy perhaps you should register to attend the FCA's Annual Public Meeting 2019 where you can ask Mr Bailey a few difficult questions I'm a long way away but perhaps Col investors who live closer would like to attend? I will buy you a 1/2 of bitter if you attend Cat's urine, Real Men Drink Guinness!
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DeafEater
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Post by DeafEater on Jun 27, 2019 20:40:10 GMT
If you feel so strongly ozboy perhaps you should register to attend the FCA's Annual Public Meeting 2019 where you can ask Mr Bailey a few difficult questions I'm a long way away but perhaps Col investors who live closer would like to attend? I think the most amusing aspect of this meeting is its location: Given the FCA's notable lack of organisational ability, I suspect that arranging drunken revelry in this venue will be completely beyond them.
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duck
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Post by duck on Jun 28, 2019 3:35:12 GMT
I think the most amusing aspect of this meeting is its location: Given the FCA's notable lack of organisational ability, I suspect that arranging drunken revelry in this venue will be completely beyond them. Well if enough Col investors register to attend the 'Annual Public Meeting' (and submit questions) then perhaps the FCA will have to relocate to a more sober establishment.
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jcb208
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Post by jcb208 on Jun 28, 2019 13:13:51 GMT
Email received complaint to FCA has been deferred for another 6 months
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Post by banffy on Jun 28, 2019 13:22:17 GMT
Email received from FCA, Deferred until December as the investigation continues.
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chriscross
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Post by chriscross on Jun 28, 2019 13:24:06 GMT
Yep, received the same with 6 month deferral.
They're citing that these matters are still subject to an FCA Enforcement investigation and that there remains a real risk of prejudicing the ongoing Enforcement investigation or any proceedings which may arise from it.
So it will always be there in the background for the FCA to think about whilst we await..... the outcome of this COL saga.
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Carter
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Post by Carter on Jun 28, 2019 13:47:39 GMT
I've queried with the FCA and Complaints Commissioner why the six month deferral starts now instead of from April when the Complaints Commissioner report was dated and in which it states the FCA agreed to their recommendation.
FCA agrees in April to defer by six months at the latest and then defers the start of the deferral by two months.
Update should be October latest.
Feel free to query with FCA & CC also!
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duck
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Post by duck on Jun 28, 2019 15:35:59 GMT
Unfortunately the letter that all complainants have received is about par for the course when dealing with the FCA. Only yesterday I had a batch of FOI's that were asked at the start of April deferred for the 2nd/3rd time. Carter has raised a very valid point wrt the deferment date that the Complaints Commissioner had already looked into. The relevant sentence is " For that reason, I consider that the FCA should defer consideration of your complaint (and any other essentially similar complaints) for six months or until the conclusion of the Enforcement investigation (whichever is the sooner)." (Point 12). I'm surprised that the FCA have felt fit to release the link to this Complaints Commissioners report since there was heavy restrictions placed on the person who it was sent to. It was for this reason that I didn't post the link here previously. I have a feeling the Complaints Commissioner will be receiving a lot of Emails.
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Jun 29, 2019 9:00:47 GMT
Yet another lot pointing out FCA incompetence.
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duck
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Post by duck on Jul 6, 2019 12:32:30 GMT
As regular readers of this thread will know I and others have been working behind the scenes for the past year and a bit concentrating on the FCA's role in the Collateral debacle.
Yesterday I received further information from the FCA that allowed me to put the following time line together. Andrew Bailey (head of the FCA) recently referred to the Col case as 'unfortunate' I would use stronger words. The FCA failed from the day that they took funds from Collateral to process a FULL Part 4A approval route. If basic checks had been made at that time it would have highlighted that Col was not eligible for IP. Without the interim to full approval route Collateral would not have been allowed to trade.
Regal Pawnbrokers register entry changed to read Collateral 12/12/15.
Collateral applied for full Part 4A approval 23/03/16.
The FCA started the approval process 'on the basis that it held a valid interim approval'*
Cols application remained at 'case assessment stage ' until they called in the administrators.
The FCA knew that Col was trading for the whole period from 23/03/16 to 26/02/2018**
The FCA became aware on 23/11/2017 that the interim approval that was claimed by Col was invalid.
On 29/01/2018 the FCA challenged the directors of Col.
On 07/02/2018 Col withdrew its part 4A application.
On 12/02/2018 Col agreed to cease trading.
Col continued to trade until the screens went blank on 26/02/2018.
*Col was never eligible for interim approval this should have been picked up by the FCA.
** This is actually stating the obvious (but I wanted it in writing). To progress from interim to full approval you have to be trading.
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