pfffill
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Post by pfffill on Dec 4, 2019 15:39:04 GMT
This has been discussed in several places already; until Counsel advice has been given and the legal status of the loans and lenders/creditors sorted out, I very much doubt we will see any release of cash. The Administrators say they wish to fasttrack return of funds and investments to lenders, but as is so often the case, that may come up against the reality of the mess that FS was in when it went into administration.
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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 4, 2019 16:40:07 GMT
Extract from F.S Terms. "The Financial Services Compensation Scheme (FSCS) seeks to protect the cash held in your Funding Secure Limited (‘FSL’) client money account (up to a maximum amount of £85,000)" So, should we make a claim? They should just let us withdraw it, as the administrators at Lendy have done I agree but will it be easy if the money in is in your FISA. You will want to transfer rather than lose the benifit of ISA funds.
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sarahcount
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Post by sarahcount on Dec 4, 2019 16:54:59 GMT
They should just let us withdraw it, as the administrators at Lendy have done I agree but will it be easy if the money in is in your FISA. You will want to transfer rather than lose the benifit of ISA funds. That's the least of my worries.
I'd just be pleased to get my funds out whichever way I can. New year's ISA 20k per person allowances come around faster than I have funds to fill them.
Plus tax free interest allowance of a thousand covers a fair bit of savings.
And I won't be short of a taxable losses to utilise. Thank you very much P2P.
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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 Dec 4, 2019 19:50:07 GMT
Extract from F.S Terms. "The Financial Services Compensation Scheme (FSCS) seeks to protect the cash held in your Funding Secure Limited (‘FSL’) client money account (up to a maximum amount of £85,000)" So, should we make a claim? No, it protects it only if the bank holding it fails, so you aren't eligible.
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Post by chris42 on Dec 12, 2019 21:03:54 GMT
I struggle to see the 85K protection as ineffective by that logic.
FS was FCA approved, if not for the money on loan, then it must be for the money held in trust, what else is there to be approved for?
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iRobot
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Post by iRobot on Dec 12, 2019 21:25:31 GMT
I struggle to see the 85K protection as ineffective by that logic. FS was FCA approved, if not for the money on loan, then it must be for the money held in trust, what else is there to be approved for? You could check the FSCS' list of failed / under investigation firms that they do cover: www.fscs.org.uk/failed-firms/ or, just go for it: claims.fscs.org.uk/PreScreening/EnterDetails!!!SPOILER ALERT!!! (scroll down) FundingSecure Ltd (FRN: 698305) aren't listed because they aren't covered. (sorry )
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