Collateral account statements from BDO

Yes, I'm sure.

I had uninvested founds but not received any email

I had cash on the account but have not received an email

Jokers.

Nothing received here -  but what incredible behaviour , sending them out in batches , some late on friday and containing erroneous information ,

Why is it every time BDO move it appears they are  doing their utmost to upset as many Investors as possible   

This text is copied from a post on another forum - Credit to redskyatnight on Frank


As a member of the BDO "Creditor Committee" I would comment as follows.

1. All of this is news to me. It may seem unfortunate that people have been contacted at a time when (so it would appear) there are still problems with interrogating what may only be small parts of the recovered database. Guinea pigs need to show tolerance!

Previously BDO have tested recovered data against the records of members of the CC but we are few in number. Now, a larger sample has obviously been required. A sense of perspective might be useful - how else could BDO check their progress?

2. Whilst BDO might be criticised both for their costs and for the time all this has taken we need to remember that the data was somehow 'lost' in the period between the end of February 2018 and the day BDO took over. This was when RR were notionally in charge of the administration of Collateral - before they were replaced by order of the Court. We need to keep in mind the hand that BDO were dealt - they had first to recover a back-up copy of the investor data but (so it would appear) this lacked the necessary programs or software to process it. I am not a database or programming expert so I will leave this discussion to others.

3. I have always said (and I maintain) that costs of £500 per hour or more are absurd when compared to (for example) consultant salaries in the NHS - much of the work is not actually very difficult. Yet this is the 'going rate' in the insolvency and legal 'professions' so there is little we can probably do apart from suggest that the whole system is changed!

4. ALL of the problems of data recovery and subsequent processing could have been avoided. The investor data and/or the processing capability was somehow lost or corrupted. This should surely continue to be the focus of most of the criticism here. BDO are (merely) sorting out a mess that others somehow created. The cost of sorting out the mess is a secondary issue, as is the perceived competence or otherwise of BDO's IT staff.

4. Whilst we must hope that all of this will never happen again the FCA have a very poor track record of responding to concerns raised about dubious financial schemes - one such was reported today. www.bbc.co.uk/news/uk-england-47454328

5. Short of requiring that all financial services companies load all of their customer data at set intervals onto some gigantic central server controlled by FCA (and HMRC?!) it cannot surely be ensured that there will never be another case where investor data is lost. All that can be said in the Collateral case for the moment is that if the destruction was deliberate then someone didn't make a very good job of it - witness the recovery of so much of the data and (often) exact to the penny.

6. Anyone who has not yet complained to the FCA about being misled by information published on the FCA website relating to the 'permissions' that Collateral claimed to have should do so immediately because the one year time limit is I believe about to expire. Perhaps someone else could comment on this both here and on the other forum.

The FCA have already had to pay out compensation in other cases owing to their admitted incompetence. If the final result in the Collateral case is that investors lose £10 million out of the £17 million loan book (after allowing for escalating BDO fees of course!) the case could be larger than those settled to date. This figure is speculation on my part - the process of winding down loans is still ongoing and has obviously been delayed by the emphasis that to date has necessarily been placed both on understanding the company records and reconstructing the investor database. Most of the time and expense of the last year could have been avoided if proper company and investor records had been maintained and (crucially) not lost in the period before BDO took over.

The recent FCA letter to P2P companies will do nothing whatever to prevent another case of deliberate data destruction - if indeed this happened at Collateral.

www.fca.org.uk/publication/corre...ements.pdf

No email for me either and I had cash on account and parts up for sale. Only a small amount though as it would only cover BDOs costs for one person for 10 minutes or so 

Monetus and cooling_dude - thanks as always, for your posts. I was/am fully invested and have not received anything as advised - my prof of debt form back in June 18 was correct to the penny. My good lady had an uninvested cash balance plus one loan which we are unable to tell if was drawn down, but has not received any e mail yet - so will wait until Monday - again proof of debt form was correct to the penny. Therefore can I ask if the statements you have were by loan or is it just another breakdown of the total investment you had, with some items missing like cash? One hopes that individual loan balances have now been established and that is a question for Tuesday, along with have they valued and sold the chattels yet (one hopes so). I am sure these questions are on the list? BDO Comms not covering themselves in glory AGAIN - what happened to their 'promise ' of more regular comms/updates for investors - I am not aware of any and so one more thing to pick up on Tuesday by Monetus - Cheers P