tony9239
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Post by tony9239 on Jun 24, 2020 21:59:10 GMT
Got a can-kicker email wrt FS which was due tomorrow by my reckoning. So, at least some part of the FCA complaint machinery got a new calendar for Xmas even if the Coll complaint team didn’t.
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duck
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Post by duck on Jun 27, 2020 17:43:06 GMT
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neeps
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Post by neeps on Jun 28, 2020 14:46:24 GMT
Interesting read and once again duck, thanks for being so vigilant and keeping us informed!!
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duck
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Post by duck on Jun 30, 2020 4:22:25 GMT
My deferral notice was dated 23/12/2019 and it promised an update at 6 month intervals so I have asked the FCA for one. Response received which included
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ptr120
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Post by ptr120 on Jul 3, 2020 11:02:51 GMT
I chased them on the 24th of last month as to why they hadn't kept to their self-imposed timeline, and received an auto-response telling me that they would aim to respond to me within 5 working days. Suffice to say that they have not met that timeline either.
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james100
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Post by james100 on Jul 3, 2020 11:59:23 GMT
I've just got another can-kicker in.
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radar
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Post by radar on Jul 3, 2020 12:03:48 GMT
Another six months wait
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markyg61
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Post by markyg61 on Jul 3, 2020 12:22:08 GMT
Me too. "The FCA’s investigation into the circumstances surrounding Collateral is continuing and is at an advanced stage."
I should bloody well hope so, it been going on far too long !
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micky
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Post by micky on Jul 3, 2020 13:10:31 GMT
Yep.
As six months have passed since the previous deferral of your complaint, we have reviewed it to determine whether it would be appropriate to consider the complaint now, or to defer it further. The FCA’s investigation into the circumstances surrounding Collateral is continuing and is at an advanced stage. Therefore, to avoid prejudicing the investigation, and any proceedings which may result from it, we have decided to defer consideration of your complaint until the result of the investigation is known. In the event that this takes longer than six months, we will conduct a further review at that stage.
If you have any questions about your complaint, please do not hesitate to contact us.
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duck
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Post by duck on Jul 3, 2020 14:05:22 GMT
Yep as I predicted another 6 months. I do know the investigation is progressing so this is the correct decision at this time.
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ptr120
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Post by ptr120 on Jul 3, 2020 14:15:06 GMT
As if by magic - it is almost as if someone from the FCA is reading this forum!
It isn't a completely unexpected response. What frustrates me is that they are delaying (again) starting to consider the complaint at hand. One option could be to consider the complaint, but to withhold a judgement for now. As it stands, the complaint won't even be looked at until after the investigation is complete. Naughty things may or may not have been done by those involved at Colatteral, but the main thrust of my complaint was the state of the register as it was presented to me.
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chris1200
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Post by chris1200 on Jul 3, 2020 14:41:48 GMT
Another point to consider is that we don't actually have any crystallised losses yet and you can't really make a claim for damages without a loss (not that this is a civil claim in court, but the logic still applies).
There are so many moving parts to this that, personally at least, I would prefer the complaint to only be examined properly once these issues are at least closer to being settled. So I'm also perfectly okay with this deferral.
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michaelc
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Post by michaelc on Jul 3, 2020 14:57:25 GMT
As an aside, how can we claim to have one of the finest legal and regulatory systems in the world, one that has apparently inspired others, if it can take _years_ to resolve these cases. Whether that is complaint to the FCA or a legal process up through the court system.
I wonder what the size of the fillip to the economy would be if 95% of all court cases and complaints to regulators were resolved in 30 days ?
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chris1200
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Post by chris1200 on Jul 3, 2020 15:11:56 GMT
As an aside, how can we claim to have one of the finest legal and regulatory systems in the world, one that has apparently inspired others, if it can take _years_ to resolve these cases. Whether that is complaint to the FCA or a legal process up through the court system. I wonder what the size of the fillip to the economy would be if 95% of all court cases and complaints to regulators were resolved in 30 days ? 30 days is nowhere near realistic no matter what you did. And this is an especially complicated case. I hope this doesn't sound too patronising; but as someone who used to be a City lawyer, I know this stuff really does take time. I can't comment on whether BDO should've been quicker (as without actually dealing with it day-to-day, it's hard to tell whether the pace so far has been reasonable and I don't know enough of the details of the clusterf**k they were left with by Collateral, RR et al.), but it does seem they haven't had an especially easy task. This then has a knock-on effect on the FCA's own investigations, which also have a knock-on effect on our complaint. As I said above, there are so many moving parts. But if you did want to improve things on the court/government side of things, to start with, you might want to have a look at some of the public sector cuts in the last decade and the damage they've done.
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michaelc
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Post by michaelc on Jul 3, 2020 19:52:24 GMT
As an aside, how can we claim to have one of the finest legal and regulatory systems in the world, one that has apparently inspired others, if it can take _years_ to resolve these cases. Whether that is complaint to the FCA or a legal process up through the court system. I wonder what the size of the fillip to the economy would be if 95% of all court cases and complaints to regulators were resolved in 30 days ? 30 days is nowhere near realistic no matter what you did. And this is an especially complicated case. I hope this doesn't sound too patronising; but as someone who used to be a City lawyer, I know this stuff really does take time. I can't comment on whether BDO should've been quicker (as without actually dealing with it day-to-day, it's hard to tell whether the pace so far has been reasonable and I don't know enough of the details of the clusterf**k they were left with by Collateral, RR et al.), but it does seem they haven't had an especially easy task. This then has a knock-on effect on the FCA's own investigations, which also have a knock-on effect on our complaint. As I said above, there are so many moving parts. But if you did want to improve things on the court/government side of things, to start with, you might want to have a look at some of the public sector cuts in the last decade and the damage they've done. I understand 30 days is nowhere near realistic right now - it was just an idealistic goal. In principle it shouldn't take months and months to get to the next hearing should it ? Queuing theory tells me you wouldn't need that many more courts (a few more), judges, barristers etc to slowly clear a backlog. I was more interested in what the economic effect might be of having these issues resolved much more quickly.
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