liso
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Post by liso on Dec 5, 2018 15:21:27 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. The general body of my letter is below. Exact copies are likely to have less impact, so probably better if you put it in your own words. "…….I have been a private investor for many years...….. I always conduct due diligence when considering investing, and in the summer of 2016 I began researching an online peer to peer lending company, Collateral UK, as a company which I might invest through. Collateral’s website stated they were registered with the FCA and regulated by them, and as an essential part of my due diligence I checked that Collateral UK were legitimate in their statement. The FCA’s register confirmed that they were, that Collateral UK were authorised to trade as a consumer credit business. On the basis of that confirmation and other research, I began to invest. In February 2018 Collateral UK closed their platform, ceased trading and went into administration. The FCA then stated that the company had been trading without authorisation! I now have a substantial sum of money tied up in Collateral’s administration process, and it appears likely that I will lose a great deal of it, if not all. The FCA’s ‘error’ is responsible for this. Without FCA registration I would not have invested with Collateral, and any financial loss which I suffer as a result of Collateral being placed in administration is entirely the fault of the FCA. The FCA have made no comment on what happened, or how Collateral’s entry on the FCA register was apparently an error, but despite this, as recently as last month their Director of Enforcement stated on BBC TV that inclusion on the FCA register meant that companies had been checked out and authorised by them to sell investments to the public. Frankly, this beggars belief! ….....I would be very grateful if the Committee would investigate this whole matter...…."
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duck
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Post by duck on Dec 5, 2018 16:44:44 GMT
....
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? -
... Correct like all complaints processes you have to complain and exhaust their procedure before you can take it higher up the food chain.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Dec 5, 2018 21:08:44 GMT
May i ask exactly what you put in your letter as a guide. Gonna jump on the bandwagon and fire one off. The general body of my letter is below. Exact copies are likely to have less impact, so probably better if you put it in your own words. "…….I have been a private investor for many years...….. I always conduct due diligence when considering investing, and in the summer of 2016 I began researching an online peer to peer lending company, Collateral UK, as a company which I might invest through. Collateral’s website stated they were registered with the FCA and regulated by them, and as an essential part of my due diligence I checked that Collateral UK were legitimate in their statement. The FCA’s register confirmed that they were, that Collateral UK were authorised to trade as a consumer credit business. On the basis of that confirmation and other research, I began to invest. In February 2018 Collateral UK closed their platform, ceased trading and went into administration. The FCA then stated that the company had been trading without authorisation! I now have a substantial sum of money tied up in Collateral’s administration process, and it appears likely that I will lose a great deal of it, if not all. The FCA’s ‘error’ is responsible for this. Without FCA registration I would not have invested with Collateral, and any financial loss which I suffer as a result of Collateral being placed in administration is entirely the fault of the FCA. The FCA have made no comment on what happened, or how Collateral’s entry on the FCA register was apparently an error, but despite this, as recently as last month their Director of Enforcement stated on BBC TV that inclusion on the FCA register meant that companies had been checked out and authorised by them to sell investments to the public. Frankly, this beggars belief! ….....I would be very grateful if the Committee would investigate this whole matter...…." Thanks for that liso. Shame we havent got some general letter templates knocking around then we could all just fill them in and get them sent off. The more that get sent the more chance of them seeing that there is a crisis over here
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duck
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Post by duck on Dec 7, 2018 7:11:47 GMT
I've been looking through the FCA complaints procedure and there is a time limit of one year to raise a complaint from the time the issue was noticed. We were notified by the FCA via the website update on 27th April that Col never had any permissions. What this means is that time is running out for complaints to be made to the FCA. Whilst this is a separate line of 'attack' to the Treasury Select Committee we really need to complain directly to the FCA as well. I originally complained directly in my returned questionnaire that all Col investors received. This does not constitute an official complaint so I will be entering the system today. Relevant section (my bolding)
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duck
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Post by duck on Dec 7, 2018 9:22:39 GMT
Complaints to/about the FCA can be raised online by filling in a form. My complaint is now raised. EDIT Thank you for your communication. Please note that this is an automated response to acknowledge receipt of your enquiry. This is a requirement of the Complaints Scheme. If you included an email address in the form, an automatic acknowledgement will also be sent to that address. We will inform you, in writing within 20 working days, whether we are going to investigate your complaint under the Scheme. Complaints against the regulators - A leaflet outlining the scope and procedure of the Complaints Scheme. Read our privacy policy.
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Post by Butch Cassidy on Dec 7, 2018 11:03:24 GMT
I've been looking through the FCA complaints procedure and there is a time limit of one year to raise a complaint from the time the issue was noticed. We were notified by the FCA via the website update on 27th April that Col never had any permissions.What this means is that time is running out for complaints to be made to the FCA. Whilst this is a separate line of 'attack' to the Treasury Select Committee we really need to complain directly to the FCA as well. I originally complained directly in my returned questionnaire that all Col investors received. This does not constitute an official complaint so I will be entering the system today. Relevant section (my bolding) Surely they must have a legal duty to treat all (1184?) collateral lenders the same; so as long as at least a single complaint has been registered for investigation the ultimate remedy must then be applied across all lenders??
If they choose to only favour the pro active lenders that have registered a complaint with any remedial action, then that will open up a whole new can of worms, but well done for highlighting the (deliberately?) obtuse procedure.
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SteveT
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Post by SteveT on Dec 7, 2018 11:07:25 GMT
Surely they must have a legal duty to treat all (1184?) collateral lenders the same; so as long as at least a single complaint has been registered for investigation the ultimate remedy must then be applied across all lenders??
If they choose to only favour the pro active lenders that have registered a complaint with any remedial action, then that will open up a whole new can of worms, but well done for highlighting the (deliberately?) obtuse procedure.
Given that only a small proportion of COL lenders may ever have thought to check the FCA register, let alone be motivated enough to complain about being misled by it, I somehow doubt that an upheld complaint will automatically lead to all COL lenders being compensated. Best not to take it for granted anyway, IMO!
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 7, 2018 13:00:52 GMT
Surely they must have a legal duty to treat all (1184?) collateral lenders the same; so as long as at least a single complaint has been registered for investigation the ultimate remedy must then be applied across all lenders??
If they choose to only favour the pro active lenders that have registered a complaint with any remedial action, then that will open up a whole new can of worms, but well done for highlighting the (deliberately?) obtuse procedure.
Given that only a small proportion of COL lenders may ever have thought to check the FCA register, let alone be motivated enough to complain about being misled by it, I somehow doubt that an upheld complaint will automatically lead to all COL lenders being compensated. Best not to take it for granted anyway, IMO! I’m sure this will attract the attention of “No Win No Fee “ lawyers as profitable class action were any compensation limited to certain lenders.
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ton27
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Post by ton27 on Dec 7, 2018 18:26:15 GMT
I have no investments in COL but have quite a few through Bondmason - has anyone complained to BM about investing in an unauthorised platform?
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Post by westcountryfunder on Dec 8, 2018 12:49:18 GMT
I have no investments in COL but have quite a few through Bondmason - has anyone complained to BM about investing in an unauthorised platform? Don't know the answer to that one, but what I would like to know is whether any losses which we incur on BondMason arising from any of their investments in COL will be tax-deductible.
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travolta
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Post by travolta on Dec 8, 2018 19:18:00 GMT
Just filled in the FCA complaints form . Took 5mins. Very straightforward. Recommend you all do it .'Nothing ventured nothing gained'....do I sound like your Mum?
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Post by simert on Dec 8, 2018 19:53:19 GMT
Me too
Didn't take long at all.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 8, 2018 21:40:19 GMT
Me too
Didn't take long at all.
Thanks for link sent my tuppence worth.
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Carter
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Post by Carter on Dec 9, 2018 11:44:23 GMT
Complaints to/about the FCA can be raised online by filling in a form. My complaint is now raised. Good work on this duck. Complaint lodged!
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11025
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Post by 11025 on Dec 9, 2018 12:07:36 GMT
Good work guys , Myself and others have also emailed the Treasury select committee and the Complaints Commissioner (as mentioned by Duck ) , if you haven't already done this can I suggest you do so , they oversee and scrutinise the FCA and have said they will be raising these issues to follow up on their existing work in relation to this . link
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