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Post by outapocket on Feb 9, 2020 6:22:49 GMT
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Nomad
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Post by Nomad on Feb 9, 2020 7:11:58 GMT
“The FCA said its complaints team had witnessed a rise in both the volume and complexity of its workload, leading to delays in processing times. The regulator said this was despite progress in reducing the backlog of complaints last year and in response it had added five employees to its team of now 13 employees.“ Only 13??!!
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duck
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Post by duck on Mar 3, 2020 4:53:05 GMT
It's been a busy few days. First the Treasury Committee was formed and almost immediately a hearing with Andrew Bailey was announced for this Wednesday(suitability to head the BoE) Since the True and Fair Campaign are involved the scrutiny of AB will almost certainly involve the failures that have been seen at the FCA under his stewardship. To this end over the weekend a new 'dossier' which details in graphic terms a litany of FCAs failures over Col was written. Thanks to a couple of members of the IF two members of the Committee have received individual copies of the dossier from their constituents (we cannot contact MPs directly unless we are constituents). The clerk to the Committee will also be supplying a copy of the dossier to the Chair of the Committee. Whilst I cannot be confident that P2P will even get a mention, if the Committee wish to raise P2P they now have in their possession a document that shows very clearly just how badly the FCA performed wrt Col. Note; if anybody is brave enough they can watch the Committee, see the link above.
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Post by Please turn me over on Mar 4, 2020 16:05:54 GMT
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duck
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Post by duck on Mar 4, 2020 16:41:32 GMT
... and thank you to the member here who sent Harriett Baldwin the information. The response was as I have come to expect from Mr Bailey.
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11025
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Post by 11025 on Mar 4, 2020 17:02:51 GMT
Bailey repeated what he's said before, that the Register was not one of his priorities when he joined the FCA. An uninformative response.
Oh that's ok then Mr Bailey , all is forgiven.
They really took him to task over the failures didn't they ?
What a poor show.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Mar 5, 2020 9:04:46 GMT
Mmmm. Do we ignore that or take it as a worrying response. The question was asked and Colleteral was brought up. Bailey basically said he had bigger fish to fry and the register can go an f... itself. Then a bit of silence and moving on to the next subject which was biscuits and tea. Why didnt she get stuck into him. Looks like you could have blown him over.
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duck
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Post by duck on Mar 5, 2020 10:09:46 GMT
Mmmm. Do we ignore that or take it as a worrying response. The question was asked and Colleteral was brought up. Bailey basically said he had bigger fish to fry and the register can go an f... itself. Then a bit of silence and moving on to the next subject which was biscuits and tea. Why didnt she get stuck into him. Looks like you could have blown him over. With respect that isn't the point. What Mr Bailey said (in reference to the register and his lack of knowledge of its state when he took over) was 'biggest one', he knows the problem was big and the issues that has caused. This is more expressive than he has been before which is positive. Harriett Baldwin did very well to shoehorn Col into what was in effect a 'job interview' especially since she probably only received the information the previous evening/yesterday morning. Further questions would have no doubt led to further deflection from Mr Bailey and diluted the issue. What Harriett Baldwin did was bring up the failure, point out the failures, point out the FCA had the powers, (no perimeter issues) .... and they failed. All in one friendly sounding question. If you don't know Harriett Baldwin is a former Economic Secretary to the Treasury and had a career in finance, so she knows her 'stuff'. The other thing that was accomplished with this question was slightly more obscure. As Steve Baker was keen to point out to Mr Bailey he was going to name Companies involved in perceived failures by the FCA. This was to ensure that the names went on the record. We have now managed to get Col 'on the record' twice, yesterday and on the previous occasion when Nicky Lady Morgan was in charge. This shows that the problem of Col hasn't gone away and the TC will be keeping an eye on it. The other thing I should mention is that the FCA do record/collate 'MP involvement' and take it seriously which is why another letter to MPs will be made available soonish. This will keep the pressure up. With the liquidation and investigation progressing slowly all that we can do is to build the case for 'compensation' as comprehensibly as we can .... which is what we are doing. This cannot be finally sorted out until the extent of the losses are known. Yes this is taking a long time and an unbelievable amount of time and work has taken place but we are getting there.
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brush
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Post by brush on Mar 5, 2020 11:20:20 GMT
The duck logo should be on the new £20.00 note, great you are on our side. Many thanks for all the hard work, time and effort you are putting in for us lenders.
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Post by Please turn me over on Mar 5, 2020 12:45:01 GMT
The duck logo should be on the new £20.00 note, great you are on our side. Many thanks for all the hard work, time and effort you are putting in for us lenders.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 5, 2020 15:33:17 GMT
I agree with you tommytaylor, whilst we all appreciate duck 's wise and informative comment/s too. Baldwin should have had at least one quick supplementary question ready to slip in fast while he was flanneling. She could & should have, for instance, got in "OK, but when you finally discovered COLL should not have been on the Register, and they were carrying out Regulated activity whilst Unregulated, why did you/the FCA keep that secret to yourselves and not inform the Public/Investors as you are required to do, and for several weeks? That doesn't sound very much like 'Protecting Investors' to me Mr Bailey'" Not taking anything away from Harriett Baldwin whatsoever, we are all very grateful for her to bring COLL up and get it "out there", but as we so often see time and again, when Bailey is in a sticky situation he is allowed off the hook.
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duck
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Post by duck on Mar 5, 2020 16:01:38 GMT
You make a good point ozboy . My gut feeling is that question would have been met with 'we have an ongoing investigation .... '. The lack of opportunity to use 'the investigation' in the response to the initial question I view as another positive. As evidenced elsewhere in the hearing Mel Stride (chair) seemed keen to close down any discussion where there is an ongoing investigation or legal proceedings (evidenced by the NI case). When the NI case came up the MP was silenced and Mr Bailey had the last word by talking over Mel Stride.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 5, 2020 16:50:48 GMT
Hear what you're saying duck , but as we all know, the very convenient "ongoing investigation" excuse is 100% inappropriate, is completely inapplicable and just doesn't wash or work in this instance/question. "The investigation" has nothing whatsoever to do with Bailey's/the FCA's Gross Incompetence in keeping the fact that COLL were now Unregulated secret for several weeks and not informing Investors, as they are required to do and should have done so, immediately.Bailey also knows his stuff and is obvs VERY well versed in his subject matter. Baldwin knows this and was possibly reluctant to press matters and cross swords with him for fear of not being as well versed/informed about COLL and therefore possibly looking weak/foolish. Either way, their exchange clearly exemplifies again my oft repeated opinion that MPs need to totally understand the content/information in the letters they receive. MPs must comprehend in detail the numerous travesties in The COLL Cockup if they are going to be in any way able to argue our case.
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duck
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Post by duck on Mar 12, 2020 6:34:29 GMT
Pleased to report that Col appears in a very long list of items raised with Andrew Bailey at the recent Treasury Committee (oral evidence)"the FCA register and the case of Collateral;" Now keeping an eye out for written responses. If anybody wants to have a read the report is available here.
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neeps
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Post by neeps on Mar 12, 2020 13:32:10 GMT
Pleased to report that Col appears in a very long list of items raised with Andrew Bailey at the recent Treasury Committee (oral evidence)"the FCA register and the case of Collateral;" Now keeping an eye out for written responses. If anybody wants to have a read the report is available here. Many thanks again duck. Keep up the good work. We all greatly appreciate it. Re: Bailey. I've said it before & I'll say it again. Only at the top of the public sector do you, time after time, see people handsomely rewarded for being a miserable failure!!
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