littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Aug 16, 2021 13:04:15 GMT
Is the site still accessible so I can see historic transactions?
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archie
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Post by archie on Aug 16, 2021 13:31:03 GMT
Is the site still accessible so I can see historic transactions? No.
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duck
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Post by duck on Aug 16, 2021 13:34:52 GMT
Is the site still accessible so I can see historic transactions? No. Hence the reconstruction exercise carried out by BDO. EDIT interestingly I made reference to White Feather Designs in this post where I said "White Feather were heavily involved in the building and running of the website." The linked page has now disappeared ...... but of course I preserved a copy.
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duck
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Post by duck on Aug 25, 2021 4:16:13 GMT
A further sign that the investigation is progressing showed up yesterday. A further batch of requests to supply statements went out yesterday.
I'm wary of saying that the requests for statements means the investigation is nearing an end since this is the third or forth occasion where statements have been requested, the first being well over two years, possibly three years ago.
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ptr120
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Post by ptr120 on Aug 25, 2021 4:54:01 GMT
What was the sign? Who was the request from, and who was it to? Will in be fulfilled?
Cryptic you are, Duck.
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duck
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Post by duck on Aug 25, 2021 5:20:20 GMT
Sorry I didn't mean to be cryptic! The request came from "Unauthorised Business Department / Enforcement and Market Oversight" and is a follow up to the questionnaire that Col investors were asked to fill in at the end of 2018. I know about these things because people contact me. Will the request be fulfilled? That has to be a personal decision for those who have been asked.
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ptr120
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Post by ptr120 on Aug 25, 2021 7:14:25 GMT
Thanks duckI recall filling in a questionnaire from "Enforcement and Market Oversight" many moons ago, yet I've not heard anything from them since, so it would suggest that the request has not gone to everyone who filled in the questionnaire. Perhaps only to a sample number of lenders, or to those who's initial questionnaire suggested that they might have further useful information. I have to say that I take it that the promised update (which from memory it was suggested would be in September) is unlikely to be comprehensive or complete. We are at the end of August now, and I would imagine that they will reasonably allow at least two weeks for any statements to come back, and a further two weeks to review / process those that they have received.
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duck
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Post by duck on Aug 25, 2021 7:26:55 GMT
Thanks duck I recall filling in a questionnaire from "Enforcement and Market Oversight" many moons ago, yet I've not heard anything from them since, so it would suggest that the request has not gone to everyone who filled in the questionnaire. Perhaps only to a sample number of lenders, or to those who's initial questionnaire suggested that they might have further useful information. ... That is my understanding. As for the promised update that is to the Treasury Committee. (I suspect something might also appear in the public realm) From the May Transcript (talking about the investigation) Q147 Harriett Baldwin: Are they still under way? Have they come to a conclusion yet? Nikhil Rathi: What I would say is that they are very close to coming to a conclusion. The enforcement investigation is at an advanced stage. I am not going to comment too much further because one element of it is a criminal investigation, but they are at an advanced stage. Q152 Harriett Baldwin: Can you give the Committee an idea of how soon we might see that conclusion? Nikhil Rathi: I am certainly hoping that, on the investigation, we will be able to give you a very substantive update in the next few months. When pressed for a date Q154 Harriett Baldwin: So by 1 September? Nikhil Rathi: I certainly hope so. We often have these conversations in the Committee. There are rules set out in FSMA around how people are able to make their case, and they often have very well-resourced lawyers who will use every point of process to delay things. I am not saying that is happening in this case; I am making a general point. I have seen, having been six months in the FCA, just how these things can get drawn out, particularly in a contested case. So nothing is set in stone, more of an aspiration by Nikhil Rathi. There are no signs of anything so far, but I monitor all FCA websites and Twit feeds along with those of the Treasury Committee.
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registerme
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Post by registerme on Aug 25, 2021 9:37:33 GMT
"having been six months in the FCA" I had to google that. Apparently it means "this shambles isn't my fault".
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duck
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Post by duck on Aug 25, 2021 10:02:00 GMT
"having been six months in the FCA" I had to google that. Apparently it means "this shambles isn't my fault". Andrew Bailey was using that until the day he left, Charles Randall is similar. We do have (by FOI) that Andrew Bailey was told of 'the problem' on 9th December 2017, soon after the problem was discovered, but the FCA decided not to tell Col investors allowing us to 'invest' a further £3.8m whilst they tried to cover their tracks ...... apparently they were protecting us from a disorderly collapse.
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duck
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Post by duck on Sept 1, 2021 3:47:27 GMT
A couple of posts up I highlighted an aspirational deadline of "by 1 September".
Whilst (obviously) I have no access to private correspondence there is currently no mention of anything connected to the 'substantial update' showing on FCA/Treasury Committee websites / Twit feeds.
Obviously I will keep monitoring.
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keystone
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Post by keystone on Sept 8, 2021 12:18:35 GMT
Did they happen to mention what year?
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duck
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Post by duck on Sept 8, 2021 12:56:53 GMT
Did they happen to mention what year? They can't use that one Which led to I will leave you to draw your own conclusions as to why nothing has been seen so far ........
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ptr120
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Post by ptr120 on Sept 8, 2021 14:02:39 GMT
If anyone is a constituent of Harriett Baldwin and has previously raised our case with her, I wonder if they might be willing to contact her again to point out that 'hoped for' updated by 1st September has failed to materialise, and would she be willing to write to Nikhil Rathi to enquire about the current status. I seem to remember that duck was keeping an informal record of who here has engaged on this subject with which MP.
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duck
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Post by duck on Sept 8, 2021 15:06:26 GMT
If anyone is a constituent of Harriett Baldwin and has previously raised our case with her, I wonder if they might be willing to contact her again to point out that 'hoped for' updated by 1st September has failed to materialise, and would she be willing to write to Nikhil Rathi to enquire about the current status. I seem to remember that duck was keeping an informal record of who here has engaged on this subject with which MP. The delay doesn't surprise me almost certainly 'legal issues' that have intervened, the process is slow. AS NR's reply shows there are other issues that could potentially slow things down. There is indeed a Col investor who is a constituent of Harriett Baldwin, she is kept fully informed as are several other members of the Treasury Committee. Thanks again to those particular Col investors and to all the others who have been very active in keeping their MP up to date. The Committee will not make any decisions until the 'substantial update' is given. If you put this post and the recent one where I mentioned that 'witness statements' had been asked for together I think you will be able to guess what I think will be in the update. (I could of course be wrong!) What happens after that really depends on detail but without the headline it is impossible to predict what could happen in the near / distant future, 100% speculation. Needless to say we have looked at a lot of possible scenario's 'behind the scenes'.
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