ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 18, 2024 12:34:17 GMT
That is the key point The application was still being 'considered' in January 2018. Now that is not allowed in any rules or regulations and certainly not in FSMA. What isnt?
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11025
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Post by 11025 on Aug 18, 2024 13:03:19 GMT
Now that is not allowed in any rules or regulations and certainly not in FSMA. What isnt? The FCA taking that amount of time to make a decision on authorisation.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 18, 2024 13:50:53 GMT
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11025
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Post by 11025 on Aug 18, 2024 14:50:19 GMT
Unless I am missing something I don't see that. I don't see any information to this being subjective. Wouldn't that make the whole time periods and fsma regs pretty pointless ?
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duck
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Post by duck on Aug 18, 2024 15:58:31 GMT
Indeed they do, this is I believe how MT managed to get through approvals. Ignoring the fact that Col never held interim permissions and taking each clause in turn, 1 a b & c do not apply. 2 does not apply. 3 does not apply, determination was never formally made. 4 does not apply.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 18, 2024 16:00:24 GMT
Unless I am missing something I don't see that. I don't see any information to this being subjective. Wouldn't that make the whole time periods and fsma regs pretty pointless ? The FSMA does actually set any timescales for the determination of an application just when permissions would expire but the FCA can amend anything in those timescales by further direction. The FCA sets the rules within the framework of the FSMA ... the guidance timescales were 6 months but that was rapidly pushed out due to workload, incomplete or poorly prepared applications, &, as we know, legal problems regarding whether FCA could actually realistically refuse a genuine application. None of this is relevant to Collateral who never qualified & should have been shut down the minute that became apparent. That is in the FSMA IIRC
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11025
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Post by 11025 on Aug 18, 2024 16:21:37 GMT
Unless I am missing something I don't see that. I don't see any information to this being subjective. Wouldn't that make the whole time periods and fsma regs pretty pointless ? The FSMA does actually set any timescales for the determination of an application just when permissions would expire but the FCA can amend anything in those timescales by further direction. The FCA sets the rules within the framework of the FSMA ... the guidance timescales were 6 months but that was rapidly pushed out due to workload, incomplete or poorly prepared applications, &, as we know, legal problems regarding whether FCA could actually realistically refuse a genuine application. None of this is relevant to Collateral who never qualified & should have been shut down the minute that became apparent. That is in the FSMA IIRC Yes , it is irrelevant in the case of Collateral. But if the FCA did have or actually take any further direction here it would be interesting to see this....
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Greenwood2
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Post by Greenwood2 on Aug 19, 2024 9:00:32 GMT
Unless I am missing something I don't see that. I don't see any information to this being subjective. Wouldn't that make the whole time periods and fsma regs pretty pointless ? The FSMA does actually set any timescales for the determination of an application just when permissions would expire but the FCA can amend anything in those timescales by further direction. The FCA sets the rules within the framework of the FSMA ... the guidance timescales were 6 months but that was rapidly pushed out due to workload, incomplete or poorly prepared applications, &, as we know, legal problems regarding whether FCA could actually realistically refuse a genuine application. None of this is relevant to Collateral who never qualified & should have been shut down the minute that became apparent. That is in the FSMA IIRC Of course shortly afterwards Col claimed that they didn't need FCA approval at all for their business model, shifting the goal posts. And also at that point there was a large amount of money already on the platform to worry about. It seems Col were playing the FCA all along, quite successfully too, the FCA were always on the back foot and for a long time Col got away with it.
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duck
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Post by duck on Aug 19, 2024 15:56:50 GMT
Of course shortly afterwards Col claimed that they didn't need FCA approval at all for their business model, shifting the goal posts. And also at that point there was a large amount of money already on the platform to worry about. It seems Col were playing the FCA all along, quite successfully too, the FCA were always on the back foot and for a long time Col got away with it. I would only make one small change to the statement above From the information that I have Col first claimed that they were outside 36H in July 2016, the platform that we all saw was only available from 04 May so approximately 6 weeks after the platform went live. At that time there was little money on the platform. So even ignoring the unchecked application form (that showed Col could not have IP) there was very early red flags that the FCA ignored. If an early 'halt' had been called to sort out the mess the damage to consumers would have been minimal. As it was the FCA continued with the argument until the site went down.
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duck
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Post by duck on Aug 20, 2024 9:27:45 GMT
Am thinking of writing to my new MP but as they’re all on holiday at the moment I don’t suppose there’s any hurry. ... It is becoming increasingly obvious that apart from avoiding answering Duck's freedom of information requests, the only action currently is deciding who's turn it is to send the email this month. ... And so it continues. This FOI was due (by law) to be answered by 29th July. On the 30th July the FCA said Nothing came through by the 13th so yesterday I sent a 'reminder'. Today I note that this time the sentence "We will of course respond sooner if we are able to do so." is missing. IF the FCA do deliver on 6th September that will be the 48th working day when the statutory limit is 20. I have already referred one specific case of delays to the Information Commissioner, more coming? Oh and this internal review was due yesterday.No response yet.
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k6
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Post by k6 on Aug 20, 2024 11:25:34 GMT
... It is becoming increasingly obvious that apart from avoiding answering Duck's freedom of information requests, the only action currently is deciding who's turn it is to send the email this month. ... And so it continues. This FOI was due (by law) to be answered by 29th July. On the 30th July the FCA said Nothing came through by the 13th so yesterday I sent a 'reminder'. Today I note that this time the sentence "We will of course respond sooner if we are able to do so." is missing. IF the FCA do deliver on 6th September that will be the 48th working day when the statutory limit is 20. I have already referred one specific case of delays to the Information Commissioner, more coming? Oh and this internal review was due yesterday.No response yet. I am amazed on your perseverance and grateful at the same time. I can't do much more then Thank You and hope you keep faith and power to continue this fight . . . Thanks a lot Duck !!
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duck
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Post by duck on Aug 21, 2024 9:42:17 GMT
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duck
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Post by duck on Aug 22, 2024 12:06:52 GMT
another day ......
I sent a chaser earlier this morning since the FCA had again missed their date.
Response delayed again, this time until 6th September.
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duck
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Post by duck on Aug 22, 2024 13:56:35 GMT
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duck
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Post by duck on Aug 23, 2024 11:32:24 GMT
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