ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 27, 2018 19:09:13 GMT
Email just in from Treasury Select Committee. It's marked 'confidential to the intended recipient' so I won't do a C&P job, but the gist is that they have received evidence from the FCA on the accuracy of the register. This and emails received will assist the Committee when it considers the topics for its regular scrutiny of the FCA. They note that they have received a number of emails raising similar concerns, which is good. However, they cannot investigate individual cases so if we want to take things further we need to go to the Financial Regulators Complaints Commissioner. Think they forgot the "in" in front of "accuracy".
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duck
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Post by duck on Nov 28, 2018 4:44:36 GMT
Email just in from Treasury Select Committee. It's marked 'confidential to the intended recipient' so I won't do a C&P job, but the gist is that they have received evidence from the FCA on the accuracy of the register. This and emails received will assist the Committee when it considers the topics for its regular scrutiny of the FCA. They note that they have received a number of emails raising similar concerns, which is good. However, they cannot investigate individual cases so if we want to take things further we need to go to the Financial Regulators Complaints Commissioner. Thanks for that boundah good to know the Emails are getting through. I'm yet to receive a response. In fact my 'Request a Delivery Receipt' and 'Request a Read Receipt' remain unanswered.
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duck
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Post by duck on Nov 28, 2018 16:26:05 GMT
Response now received.
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nyneil
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Post by nyneil on Nov 28, 2018 17:14:57 GMT
I've sent the FCA, my two penneth and encourage others to do the same.
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Post by rashi on Nov 28, 2018 18:44:22 GMT
I've been lurking here for many a month but finally feel the need to contribute.
I complained to the FCA soon after it became clear that Collaterals inclusion on the FCA list was not quite the endorsement one would have hoped for. I've had a few responses from them but I don't want to prejudice anything in the future so I won't mention what they have said.
Now that BDO have said that it is unlikely that investors will receive 100% of their original investment I thought it was the right time to take things further.
I have escalated my FCA complaint to the Financial Regulators Complaints Commissioner (complaints@frccommissioner.org.uk)
Whatever the outcome with BDO and however much is eventually returned to anyone invested through Collateral I believe the FCA should be held to account for what I believe to be a system not fit for purpose regarding authorisation and displaying/editing the information on the FCA website.
Whether this leads to any sort of claim being made possible against the FCA we will have to wait and see.
If someone could post a link to the Treasury Select Committee or the email address I would be most grateful.
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star dust
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Post by star dust on Nov 28, 2018 18:53:11 GMT
If someone could post a link to the Treasury Select Committee or the email address I would be most grateful.
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Post by rashi on Nov 28, 2018 18:57:02 GMT
Cheers star dust I must have missed that. I will now be sending a similar letter to all those on the list.
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Post by balloonthief on Nov 28, 2018 22:04:34 GMT
What's our Creditors Committee's take on this? Personally I don't think that is relevant, the Creditors Committee is dealing with the administration of Col, the FCA register is another matter all together. 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=11m46sSo 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 Best post yet. Thanks
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Post by rashi on Dec 3, 2018 11:10:15 GMT
I received a reply back from the Treasury Select Committee saying others had contacted them and they would like to use the content of my message for their investigations. Although I emailed all the MPs on the list I just got boilerplate replies from all of them with no follow ups so far.
I also received a boilerplate reply back from the FRCC saying that the FCA are currently dealing with my complaint therefore I need to let it take its course before they will get involved. So I'll be getting back to them in a few years at the earliest I imagine.
The FCA replied to my follow up complaint re BDO's progress report and said they are speaking to BDO today (3/12/18) and would be better placed to answer my questions after that meeting. In my follow up complaint I made the FCA aware that BDO have made little progress regarding rebuilding the loan book data and that from the information supplied to us by BDO only a worst case scenario would warrant this little progress. I urged them to look into the process and people that BDO are using to do this.
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duck
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Post by duck on Dec 3, 2018 17:49:05 GMT
You appear to be well ahead of me rashi even if you appear to be hitting a few of the usual 'brick walls'. Well done for sticking to it. So far there have been a few responses to this thread to say that 'letters' have been sent but if we are to get this raised by the TSC at their next hearing with the FCA we need to get this matter up the list. It doesn't take much effort to submit an Email with all the information available in this thread, my letter took just a few minutes to write. I know there are several individuals who will be prepared to do the 'heavy lifting' if required but the first step is to get the matter raised ... which I believe requires numbers.
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Godanubis
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Post by Godanubis on Dec 3, 2018 23:43:55 GMT
You appear to be well ahead of me rashi even if you appear to be hitting a few of the usual 'brick walls'. Well done for sticking to it. So far there have been a few responses to this thread to say that 'letters' have been sent but if we are to get this raised by the TSC at their next hearing with the FCA we need to get this matter up the list. It doesn't take much effort to submit an Email with all the information available in this thread, my letter took just a few minutes to write. I know there are several individuals who will be prepared to do the 'heavy lifting' if required but the first step is to get the matter raised ... which I believe requires numbers. Perhaps someone well versed in legalese could format a “form” email that people could just fill in their details. Along with an email available with all relavent people included that it could be forwarded too. I know this seems lazy but it would mean correct relavent information is sent to the most influential people.
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duck
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Post by duck on Dec 4, 2018 6:20:32 GMT
Perhaps someone well versed in legalese could format a “form” email that people could just fill in their details. Along with an email available with all relavent people included that it could be forwarded too. I know this seems lazy but it would mean correct relavent information is sent to the most influential people. I understand where you are coming from but I'm not sure that is the correct approach here. MP's are swamped with semi automated petitions from the likes of change.org and I imagine very little attention is paid to them. By taking a 'personal' approach it shows that there are real people at the other end of the Email/Letter who are in real danger of loosing a lot of money due in part to the failings of the FCA register. Whilst I don't expect any immediate results (how can there be when losses are not yet crystallised) by getting the matter in front of people with real clout is a good starting point.
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liso
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Post by liso on Dec 4, 2018 16:02:05 GMT
Sent my letter off to TSC, Nicky Morgan etc. The more the merrier.
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tommytaylor
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Post by tommytaylor on Dec 5, 2018 10:05:35 GMT
Sent my letter off to TSC, Nicky Morgan etc. The more the merrier. May i ask exactly what you put in your letter as a guide. Gonna jump on the bandwagon and fire one off.
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GeorgeT
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Post by GeorgeT on Dec 5, 2018 15:05:41 GMT
I am firing off more letters today.
Presumably we need to complain direct to the FCA as well. Because we cannot escalate it to the Financial Regulators' Complaints Commissioner until we have done so first? -
This needs mass investor action.
Is anybody doing hard copy or all just email ? Thinking of posting a proper letter to my MP.
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