jcm9000
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Post by jcm9000 on Sept 18, 2019 9:09:09 GMT
Thanks duck, much appreciated (as always).
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Greenwood2
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Post by Greenwood2 on Sept 18, 2019 11:25:43 GMT
Am I confused about the timelines? The journalist seems to say collateral applied to be regulated two months before going public - was that the case? I thought the push to get everyone under the FCA umbrella and get interim permission so they could fully apply came after collateral was up and running; and I swear at some point I read (either on here from a Col rep, or on Col's site) that Col's lawyers didn't think permission was required - and that was well after they supposedly had interim permission. . I think Col decided that they didn't need permission when they realised the game was up on the phoney interim permission.
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boundah
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Post by boundah on Sept 20, 2019 14:26:28 GMT
[...] my losses would represent approx 6 months of interest [...] For me it is a matter of principal. Sorry - couldn't resist! 
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bulletbill
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Post by bulletbill on Sept 27, 2019 14:20:36 GMT
The question the FCA could be asking themselves is if spitting out the odd £17m (minus recoveries) and moving on may be better than continuing to be bombarded with negative press. I doubt they care about negative press, they’re not a business with a brand and a reputation to protect. In fact I’d bet you can’t find a single piece of good press about this lot.
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duck
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Post by duck on Sept 27, 2019 14:46:45 GMT
The question the FCA could be asking themselves is if spitting out the odd £17m (minus recoveries) and moving on may be better than continuing to be bombarded with negative press. I doubt they care about negative press, they’re not a business with a brand and a reputation to protect. In fact I’d bet you can’t find a single piece of good press about this lot. But Andrew Bailey wants to have a good public profile so he can get the BoE job. Running an organisation with such a poor reputation does his chances no good, would you trust him running the BoE?
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Post by Ace on Sept 27, 2019 15:09:15 GMT
I doubt they care about negative press, they’re not a business with a brand and a reputation to protect. In fact I’d bet you can’t find a single piece of good press about this lot. But Andrew Bailey wants to have a good public profile so he can get the BoE job. Running an organisation with such a poor reputation does his chances no good, would you trust him running the BoE? I wouldn't trust him to run his own bath.
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keystone
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Post by keystone on Dec 19, 2019 23:54:08 GMT
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duck
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Post by duck on Dec 20, 2019 4:27:18 GMT
To quote AB 'that's unfortunate'. We should find out later today if the reporting is correct. That said the appointment would fit the usual pattern of 'failing upwards' so the new person coming into the job can say 'nothing to do with me, didn't happen on my watch', a line AB used more than once (even though he was a deputy at the time).
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m2btj
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Post by m2btj on Dec 20, 2019 7:42:06 GMT
Looks as if there is substance behind the Andrew Bailey speculation. I'll be dropping my MP another email today highlighting Bailey's role in the P2P debacle! If this appointment is confirmed it is a poor choice. The FCA has long been ridiculed as a toothless pussycat, staffed by those that didn't make it in the City! www.bbc.co.uk/news/business-50861129 |
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m2btj
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Post by m2btj on Dec 20, 2019 8:59:38 GMT
Looks as if there is substance behind the Andrew Bailey speculation. I'll be dropping my MP another email today highlighting Bailey's role in the P2P debacle! If this appointment is confirmed it is a poor choice. The FCA has long been ridiculed as a toothless pussycat, staffed by those that didn't make it in the City! www.bbc.co.uk/news/business-50861129 APPOINTMENT CONFIRMED!
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neeps
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Post by neeps on Dec 20, 2019 9:31:43 GMT
Looks as if there is substance behind the Andrew Bailey speculation. I'll be dropping my MP another email today highlighting Bailey's role in the P2P debacle! If this appointment is confirmed it is a poor choice. The FCA has long been ridiculed as a toothless pussycat, staffed by those that didn't make it in the City! www.bbc.co.uk/news/business-50861129 APPOINTMENT CONFIRMED! It's pathetic. Just another example of how failings and failures in the public sector get rewarded. How many times do we see top police chiefs or NHS managers heavily criticised only to be moved sideways or upwards or retired off with an enormous tax payer funded pension. It's high time the likes of Home Secretaries and Chancellors had the guts to sit these numpties down and just plain sack them. This man has proven time & time again that he's not up to the FCA job and now he's going to run Threadneedle Street. Not a very good start Boris!!!!!!!!!!!!!!
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Post by brightspark on Dec 20, 2019 13:46:48 GMT
Another good reason to abandon p to p completely!
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tony9239
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Post by tony9239 on Dec 20, 2019 15:40:42 GMT
It's pathetic. Just another example of how failings and failures in the public sector get rewarded. How many times do we see top police chiefs or NHS managers heavily criticised only to be moved sideways or upwards or retired off with an enormous tax payer funded pension. It's high time the likes of Home Secretaries and Chancellors had the guts to sit these numpties down and just plain sack them. This man has proven time & time again that he's not up to the FCA job and now he's going to run Threadneedle Street. Not a very good start Boris!!!!!!!!!!!!!! I agree. he's completely failed to protect investors from scandal after scandal during his time at FCA. And now, he hasn't even got his feet under the desk but there's already a scandal at BoE involving the streaming of press conference comments from Carney to (paying) hedge funds some 8 seconds ahead of normal transmission. A hedge fund could make a lot of money in 8 seconds.
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m2btj
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Post by m2btj on Dec 20, 2019 16:10:50 GMT
I agree. he's completely failed to protect investors from scandal after scandal during his time at FCA. And now, he hasn't even got his feet under the desk but there's already a scandal at BoE involving the streaming of press conference comments from Carney to (paying) hedge funds some 8 seconds ahead of normal transmission. A hedge fund could make a lot of money in 8 seconds. So are you blaming him for a “scandal” that has occurred and come to light not only before he’s taken up the post but even before his appointment was announced. He's being quite rightly blamed for his poor record at the FCA which has been dogged with problems....of their own making. I even find myself agreeing with Labour's John McDonnell. The man's a lightweight & a liability! "As an establishment figure with what some consider is a less than inspiring record at the FCA, Andrew Bailey will need to demonstrate early that he appreciates the need to address the deep structural problems of our economy and, like Mark Carney, understands the climate change threat."
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 21, 2019 11:28:45 GMT
I believe AB became CEO of the FCA on 1st July 2016. The seeds for the mess that is P2P were sown long before then. So hard to place all the blame on AB. Personally I wouldn’t even necessarily place the blame on his predecessor. I think a root cause of the mess is George Osborne and the Treasury. I don’t expect that view to go down well with posters and readers of this forum, but that’s how I see it. I don’t really care who is to blame just “GET COLLATERAL SORTED “ Get current funds distributed and then work on compensation etc. This is taking far too long.
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