Just a reminder that an update on complaints is due next Tuesday.
The FCA now have one more to deal with. (sorry the formatting disappears when I post here)
Official Complaint
Please add this complaint to my existing complaints (deferred) Ref. XXXX.
As per my previous complaints this one is written on behalf of myself Peter Cornell, my wife XXXX and my Limited Company XXXXX.
Please note that this complaint concerns the specific way the complaints procedures has been applied to all complaints that have been lodged regarding the FCA’s handling of Collateral (UK) Ltd and is not specific to myself, my wife and my Ltd Co.
Complaints started to be lodged soon after the Collateral website went dark on 26/02/2018.
To date not a single complaint has been answered even though answering some of the complaints would have had no effect on ‘the investigation’ prior to the trial, the trial or ‘the investigation’ into the complaints that was started on 31/07/2023.
The unacceptability of this position was also outlined by Anthony Townsend in FRCC ruling FCA00527 (08-04-2019)
frccommissioner.org.uk/wp-content/uploads/FCA00527-FR-080419-for-publication.pdf“
However, I do not think that the complaint investigation should be deferred until ‘any ongoing action is finished’. If the FCA’s Enforcement investigation leads to a decision to take action against individuals or firms, there is a significant risk that proceedings will take many months or years before they are concluded. I do not consider that it would be reasonable for you (and others) to have to wait for that long, unless there was a serious risk that completing the complaint would seriously jeopardise the enforcement action.”
It appears that the FCA have decided to ignore this ruling.
The enforcement activity was of course completed on 22/05/2023 with the conviction of the Currie brothers.
It took the FCA a further two months following the convictions to state on 31/07/2023 “ .....
we are able to progress our investigation into your complaint about the FCA.”
Nearly a year after the convictions investors have seen no tangible progress in the processing of their complaints.
In fact the latest update states “
We aim to be in a position to provide our decision by the end of the summer but will continue to update you every four weeks until the decision is communicated.”
Even with an optimistic date of September being taken this will mean the FCA will have taken 16 months after the end of the enforcement activity to answer complaints.
This will mean that many complaints will have been unanswered for over six years, this is clearly unacceptable.
In the meantime the FCA stated on 20/09/2023 “
We are currently investigating your complaint and hope to be in a position to write to you with our findings in the next 3 - 4 months.”
On 20/10/2023 the FCA stated “
We are currently investigating your complaint and hope to be in a position to write to you with our findings in the next 3 - 4 months.”
On 13/11/2023 the FCA stated “
We are currently investigating your complaint and hope to be in a position to write to you with our findings in the next 2 - 3 months."
On 06/02/2024 the FCA stated “
We are currently investigating your complaint and hope to be in a position to write to you with our findings in the next 2 - 3 months."Clearly the FCA is an organisation that does not care about providing accurate information to the very consumers whose losses have been directly caused by FCA failures.
This observation is further enhanced by the FCA having to apologise to Collateral investors in February 2024 for missing numerous promised four weekly updates, a subject that I have previously had to raise in several official complaints.
It should also be noted that the FCA have refused FOIA requests to state how many complaints regarding the FCA’s handling of Collateral with “We hold the information you have asked for, but we are unable to disclose it to you, as it constitutes ‘confidential information’ for the purposes of section 348 of the Financial Services and Markets Act 2000 (FSMA).” However I believe the number to be in excess of 350.
The FCA have continually pushed the answering of the Collateral complaints into the distant future, the latest addition being “
internal governance procedures” which have been added after the ‘investigation’ in the April update.
The FCA’s position is clearly untenable, the complaints will have to be answered, consumers are entitled to know how the FCA’s failures cost them so dearly.
Peter Cornell