City regulator FCA pays out thousands to victims of register
Nov 23, 2018 5:54:57 GMT
min, Duane Dibley, and 23 more like this
Post by duck on Nov 23, 2018 5:54:57 GMT
What's our Creditors Committee's take on this?
So back to the FCA and its register.
We know it was showing incorrect information. We know the information was changed and that the controls on who does this are far from perfect. We know the FCA's checking of the register is far from perfect. The FCA and the Treasury Select Committee (TSC) know this. We know the FCA has been made to pay out due to the inadequacies of its register.
Yet the FCA’s Director of Enforcement recently appeared on the BBC programme ‘Rip Off Britain’ stating that “If you're on the [FCA] register, it means we've checked you out and there are safeties in place if things go wrong.” Unfortunately since I Emailed the TSC with the BBC link the BBC has taken down the link ......... but do not dispair, just like the disappearing Col entry on the FCA register some kind person has preserved the relevant section of the programme and put it on YouTube www.youtube.com/watch?v=iAAmts-TdGg&t=11m46s
So who has contacted the TSC apart from me? Whilst I've never shied away from a fight with 'authority' in this case we need weight in numbers to get the TSC to get involved.
Whilst I'm not going to post the whole of my Email to the TSC here is the gist of it (sent to Nicky Morgan chair of the Committee, the TSC itself and I have also Emailed my local MP. The attachment mentioned in the Email is a copy of the Col Entry on the register)
As chair of the Treasury Select Committee I believe the following information will be of interest. It is my understanding that the Committee has expressed concern regarding the condition of the Financial Conduct Authority’s (FCA) public record the ‘Financial Services Record’. The following relates to my experience of this register.
I, my business and my wife are active investors and we carry out comprehensive due diligence (DD) before investments are made. One part of this DD is to check the Financial Services Record for the relevant entry. Whilst this is a long standing action on our part I note the FCA’s Director of Enforcement recently appeared on the BBC programme ‘Rip Off Britain’ stating that “If you're on the [FCA] register, it means we've checked you out and there are safeties in place if things go wrong.” (at 14 minutes 44 seconds, available at www.bbc.co.uk/programmes/b0bp6k04.)
My information relates to Collateral (UK) a ‘peer to peer’ lending platform (now in administration).
Collateral (UK) stated they were regulated by the FCA (number 656714). This was backed up by examination of the Financial Services Record (see attachment).
Collateral (UK) ceased trading on 26 February 2018 and entered administration on 28 February 2018.
On 27 April 2018, the FCA issued a statement concerning Collateral (UK) stating that none of the Collateral group of companies held valid authorisation or permission to carry on regulated activities. (https://www.fca.org.uk/news/news-stories...-companies.)
To date the FCA has failed to provide an explanation as to why its registry was incorrect.
We made investments with Collateral (UK) on the assumption that it was a legitimate firm and regulated by the FCA. We are now at significant risk of losing some or all of our money.
I should be grateful if the Treasury Select Committee would investigate this matter as part of its oversight of the FCA. It is my opinion that the FCA is entirely responsible for its failing to maintain accurate information regarding Companies that are listed on its register. It is also my opinion that the FCA should be held financially accountable for any losses that I and other consumers may incur as a result of incorrect information on the register.
As I said earlier I Emailed the TSC and Nicky Morgan (safety in numbers) but in hind-site I should have Emailed all members of the Committee in an effort to ensure that somebody grabs this issue.
So here are the Email addresses of the TSC and all members of the committee.
Treascom@parliament.uk
nicky.morgan.mp@parliament.uk
rushanara.ali.mp@parliament.uk
colin.clark.mp@parliament.uk
simon.clarke.mp@parliament.uk
charlie.elphicke.mp@parliament.uk
stephen.hammond.mp@parliament.uk
hosies@parliament.uk
alison.mcgovern.mp@parliament.uk
catherine.mckinnell.mp@parliament.uk
john.mann.mp@parliament.uk
wes.streeting.mp@parliament.uk