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Post by banffy on May 8, 2024 13:26:06 GMT
Hi all, are we going to get anything back from the loans or are they all done and dusted with regards to future payments.
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duck
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Post by duck on May 8, 2024 15:07:40 GMT
Hi all, are we going to get anything back from the loans or are they all done and dusted with regards to future payments. It all depends on which loans you are in. There should be some more small returns ........... but that return depends on how much BDO pocket. Then there is the FCAs " proceeds of crime" hearing scheduled for the 22nd of this month. The amount the FCA are going after is currently unknown (late entry from the Spanish connection?) but how this will be distributed is also currently unknown.
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duck
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Post by duck on May 8, 2024 15:42:44 GMT
The Treasury Committee is meeting the FCA next Wednesday. I have submitted a series of documents including a list of questions that need to be answered. Will anything be asked in the public hearing, I just don't know. In the past the FCA have used 'the investigation' and onging legal actions to avoid scrutiny will they try something similar this time? Well nothing said in public, in private no idea. Further questions to be followed up by letter ....... Not the most riveting 2.5 hours of my life!
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duck
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Post by duck on May 17, 2024 5:20:30 GMT
Well after gaining a couple of extra weeks by asking a pointless question the FCA did answer 4 of my FOI's yesterday. (3 were aggregated into one FOI) I say 'answer' using the broadest possible use of the word since they have refused to answer any of the questions! this is of course (insert your own term in here) they do have the documents, they used them as part of their bundle at the trial of the Curries. The second FOI which concerned the total mess that the FCA created wrt the Bolton Student Building received a similar non reply Whilst this result was far from unexpected in spite of the FCA's recent statement to me regarding another FOI that they had previously declared not to be able to answer because it was "too expensive", "of little to no public interest", and finally "vexatious" it appears that denial is still the default position. That said if you were an investor in Collateral these 4 FOIs will tell you a lot about what went on, information that the FCA would prefer did not become public knowledge. There were multiple frauds committed from day one, right under the eyes of the FCA but of course that would reflect badly on the FCA, hence as I have said many times there were very good reasons why the charges raised only related to the register change and the money taken out as the site was closed down. The aggregated FOIs can be found here here and here (scroll to the top to read the request, the 'answers' are all identical) The Bolton FOI can be found here.
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duck
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Post by duck on May 17, 2024 11:10:17 GMT
..... and another brick wall FOI11362 Dear Mr Cornell, Freedom of Information: Right to know request Thank you for your email of 24 April 2024, concerning Collateral (UK) Ltd and reproduced in Annex A below. In your email you asked: “Will the FCA be publishing the findings of the investigation so that these people can see how they lost their money? • If the answer is 'Yes' please give a timescale. • If the answer is 'No' please give an explanation why this is appropriate and also explain how the actions of the FCA during their dealings with Collateral (2016 – 2018 inclusive) met the requirements of FSMA S1c.” We would like to explain that the Freedom of Information Act 2000 (‘FOIA’) is about access to existing recorded information (if held). It does not require a public authority to either create new information in response to a request or provide explanations in response to questions raised by a requester. This is confirmed by [1]guidance produced by the Ministry of Justice (see page 6) and therefore, it follows that your questions are not valid for the purposes of FOIA. So the FCA following their clarification to me saying "we feel it is important to clarify that we appreciate that there is a strong public interest towards transparency on matters relating to Collateral (UK) Ltd" have decided that the level of clarity is that of a brick wall. (for those that don't know FSMA S1c that I quoted in the request refers to the consumer protection objective ) The FCA (as is usual) missed out the preamble to my request You can see the full request here.
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Post by brightspark on May 17, 2024 18:00:05 GMT
I can't see a change of tone until after a general election. A hung parliament might complicate matters.
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duck
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Post by duck on May 20, 2024 4:50:51 GMT
Two of my FOI's were recently rejected by the FOI dept for the following reason ( This one and this one) Rather than argue the semantics of what constitues 'creating new information' under the FOIA through an internal review the questions have been replicated as 'general consumer enquiries' and resubmitted to the FCA. Questions do not disappear that easily.
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duck
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Post by duck on May 20, 2024 15:49:25 GMT
A couple of points. Mousey reported here that the proceeds of crime hearing has been changed from the final hearing to a procedural hearing. The complaints were of course due to have been answered by now but now the aspired to timescale is 'the end of the summer', coincidence? On the subject of the refused FOIs (Mattanie, Auri and Client Account) I have now applied for an internal review. I have continued to use WhatDoTheyKnow so my grounds are visible for anybody who is interested. You can see the documentation by scrolling down to the bottom of the Mattanie FOI, here.
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