chris1200
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Post by chris1200 on Jul 3, 2020 20:07:32 GMT
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. Sorry, I should have been clearer that I meant 30 days for virtually any court case or regulatory complaint in general. Your point about the economic effects is an interesting one, although in my mind I see potential negatives as well (after all, legal services do rather well out of all this, and aren't an insignificant part of the economy). But I'll maybe leave that there so as to not take us too off topic!
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ptr120
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Post by ptr120 on Jul 4, 2020 16:56:46 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. While that may be true, it is clear that there will be some, and it doesn't change the crux of the problem with the register. So, FCA - investigate my complaint, find in my favour but withhold your judgement if you must. Make me whole again, and you can be the ones waiting for the administrators and legal process
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duck
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Post by duck on Jul 5, 2020 3:44:54 GMT
While that may be true, it is clear that there will be some, and it doesn't change the crux of the problem with the register. So, FCA - investigate my complaint, find in my favour but withhold your judgement if you must. Make me whole again, and you can be the ones waiting for the administrators and legal process Appreciate the frustration but please try and look at the problem from another couple of angles. Being very careful here ...... assuming Court Cases are being considered, the Register entry will obviously feature. It is not in dispute that the entry was incorrect, everybody accepts that. How that entry appeared to consumers and the controls in place will also feature if/when court cases take place. Any final decision now would weaken the FCAs position, so a final position on Col cannot be made at this time (note not all complaints are based solely on the IP register). As for 'make me whole again' this is a complicated matter. The FCA is funded by levies on the Financial Industry which of course passes these costs onto consumers. One of the core remits of the FCA is to protect consumers (something that failed spectacularly with Col). Whilst Col is small (£) compared to some of the other current 'problems' it is still a large chunk of money. Do you raise an additional levy (and hence impose more costs on all consumers) to 'compensate' Col investors? Coincidence that the FCA recently issued a statement?
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duck
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Post by duck on Jul 19, 2020 4:56:18 GMT
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kermie
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Post by kermie on Jul 19, 2020 8:44:10 GMT
I view this as encouraging: the Collateral-related complaints are *not* getting lost in a sea of other complaints: in fact, I infer from the report that they seem to make up a very significant proportion of FCA complaints.
The FCA do appear to have recognised the issues with the FS register, and do appear to be doing something to address it. This is tantamount to an admission of fault, and so I would optimistically suggest that the FCA are not going to be arguing about the substance of the complaint.
Whether this positively effects the outcome for Collateral lenders, remains to be seem. We can but hope.
Thanks once again, duck .
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duck
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Post by duck on Jul 19, 2020 9:36:34 GMT
I view this as encouraging: the Collateral-related complaints are *not* getting lost in a see of other complaints: in fact, I infer from the report that they seem to make up a very significant proportion of FCA complaints. ...
Indeed the complaints have not been lost in any way shape or form and the FCA are very aware that this matter will have to be sorted. How this is to be accomplished I have no idea at present. I also noted in the report which is perhaps acknowledgement that this was somewhat 'lacking' in the past. A point very pertinent to Col where that simple check was not made and if it had been would have stopped Col going live and investors loosing money.
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micky
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Post by micky on Jul 19, 2020 14:03:05 GMT
To reinforce our case and increase pressure on the FCA---- Posted by sqh on Lendy-----Please complain to the ASA, Advertising Standards Authority. They are awaiting more complaints. Please read my post p2pindependentforum.com/post/348577 www.youtube.com/watch?v=NeFvYtCaykI#action=share
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 19, 2020 20:11:28 GMT
To reinforce our case and increase pressure on the FCA---- Posted by sqh on Lendy-----Please complain to the ASA, Advertising Standards Authority. They are awaiting more complaints. Please read my post p2pindependentforum.com/post/348577 www.youtube.com/watch?v=NeFvYtCaykI#action=share Just DO this folks, the ASA WILL act if they get further Complaints about the false & misleading FCA Register regarding COLL. The only way we'll get the arrogant, obstinate & pigheaded FCA to admit their Gross Incompetences and Failures is to hit them from all angles with everything we've got, and an ASA Complaint is one of them. And DO also get your Complaint letter off to your MP if you haven't already. I mean, , there's a template to make it easy peasy, JUST DO IT.And help yourself, as well as others.
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DeafEater
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Post by DeafEater on Dec 31, 2020 11:47:16 GMT
Imagine my excitement this morning when I opened the latest email from the FCA about the progress of my complaint. Could it be that they were finally going to do something about it rather than carry on deferring it until dementia sets in? Oh well maybe 2022...
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investibod
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Post by investibod on Dec 31, 2020 11:54:04 GMT
Just read the update email. Kicking the can down the road for another 6 months. We will eventually run out of road.
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blueninja
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Post by blueninja on Dec 31, 2020 12:03:18 GMT
Quote from the email:
"I understand you might be frustrated by the lack of action information"
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r00lish67
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Post by r00lish67 on Dec 31, 2020 12:18:33 GMT
Just came to mind somehow.
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duck
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Post by duck on Dec 31, 2020 12:33:58 GMT
Just to confirm an new batch of deferrals were sent out this morning, the ones I have seen are identical (as expected), FWIW I have a feeling that things may be happening, watch this space ......
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ptr120
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Post by ptr120 on Dec 31, 2020 13:22:07 GMT
My concern is that the deferral notice I received today stated that FCA investigations were continuing, where as the deferal notice I received back in July stated that they were continuing and were at an advanced stage, which leads me to think the investigation is going backwards. The complaints commissioner has of course not yet started their investigation which could take some time after the conclusion of the FCA investigation (and possibly prosecution too).
Why they can't conduct their own investigation now, but withhold judgement until the conclusion of the FCA investigation is beyond me? Why can't I have an update on the status and timelines of the FCA investigations! This can kicking can't go on for ever.
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jcb208
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Post by jcb208 on Dec 31, 2020 13:49:04 GMT
Had the email kicking the complaint down the road again.I'm hoping for a positive outcome as Collateral is my biggest P2P loss to date
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