ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,870
Likes: 11,097
|
Post by ilmoro on Mar 25, 2021 19:19:17 GMT
Thanks for the reply can you explain what you mean by 'It might be helpful to your understanding if you were to regard the FCA as primarily a regulatory body that sets out the Regulations and maintain Registers' - do you mean to consider them as just the regulatory board rather than having any direct control on FS. As each month passes by it looks less and less likely of any action from FCA and feels like they have almost washed there hands of it. If they are waiting for all the loans/cases to be settled prior to investigating then the time will have reduced there actual concern for this. Totally lost on what they are doing if anything. All I get back is polite emails from them with no substance. You wont see the FCA doing anything but they will be in regular contact with the administrators and influencing the administration in relation to the regulatory regime. They have just launched an enforcement investigation into FS. You wont get anything other than polite emails as they dont comment on investigations or regulatory matters to avoid compromising any subsequent action.
|
|
micky
Member of DD Central
Posts: 651
Likes: 536
|
Post by micky on Mar 25, 2021 20:39:52 GMT
Fromthe FCA website well how many of us think FS have given us a fair deal - all we know if that we have been shafted by a director in collusion with a property developer both of whom are facing court action - we have no audit trails and don't even know where a lot of our money has actually gone - FCA to me are about as useful as paper gloves for a blacksmith! More easily concealed from an apprentice doing the audit, as I seem to remember someone wrote on here a few months ago. I don't know if its true or not, maybe someone could confirm or not???
|
|
duck
Member of DD Central
Posts: 2,584
Likes: 5,727
|
Post by duck on Mar 26, 2021 9:03:38 GMT
I don't know how others feel but I feel totally let down by FCAs lack of updates on the FS situation. Don't expect any more from the FCA than their original statement. 3+ years on Collateral investors still only have their original statement. This statement has had a couple of minor alterations over the years but no new statements have been issued .... and I don't expect any.
|
|
pfffill
Member of DD Central
Posts: 175
Likes: 206
|
Post by pfffill on Mar 26, 2021 9:36:03 GMT
Frankly, I'm astonished that the FCA granted the recent ex-gratia payments. I can only think that the recently publicised debacles on its watch, which have led to political pressure, are responsible. I don't expect that, when their lengthy and ponderous deliberations are finally concluded, we will see anything more than the token payments as specified in their recent consultative document - certainly nothing commensurate with our individual losses when they are finally computed. In all probability such payments will be the sop to us after the FCA absolves itself of any direct legal responsibility.
|
|
Mucho P2P
Member of DD Central
Posts: 945
Likes: 1,632
|
Post by Mucho P2P on Mar 26, 2021 9:45:15 GMT
I don't know how others feel but I feel totally let down by FCAs lack of updates on the FS situation. Don't expect any more from the FCA than their original statement. 3+ years on Collateral investors still only have their original statement. This statement has had a couple of minor alterations over the years but no new statements have been issued .... and I don't expect any. Never say never.....they are under pressure this time, and the pressure is set to continue. "Ex-FCA Supervision Heads Say LC&F Failings Were Collective, Law360, London (March 25, 2021, 5:43 PM GMT) -- Regulatory failings that led to investors losing £237 million ($325 million) in a collapsed investment firm were embedded in the culture of the Financial Conduct Authority, former heads of the watchdog's...".
|
|
|
Post by brightspark on Mar 26, 2021 9:56:38 GMT
Thanks for the reply can you explain what you mean by 'It might be helpful to your understanding if you were to regard the FCA as primarily a regulatory body that sets out the Regulations and maintain Registers' - do you mean to consider them as just the regulatory board rather than having any direct control on FS. As each month passes by it looks less and less likely of any action from FCA and feels like they have almost washed there hands of it. If they are waiting for all the loans/cases to be settled prior to investigating then the time will have reduced there actual concern for this. Totally lost on what they are doing if anything. All I get back is polite emails from them with no substance. All I am saying is perceive the FCA as promulgating the Regulations and keeping Registers. If push comes to shove the FCA will withdraw a Registration but to view them as some sort of financial policing and auditing service is wishful thinking.
|
|
micky
Member of DD Central
Posts: 651
Likes: 536
|
Post by micky on Mar 26, 2021 10:12:52 GMT
Thanks for the reply can you explain what you mean by 'It might be helpful to your understanding if you were to regard the FCA as primarily a regulatory body that sets out the Regulations and maintain Registers' - do you mean to consider them as just the regulatory board rather than having any direct control on FS. As each month passes by it looks less and less likely of any action from FCA and feels like they have almost washed there hands of it. If they are waiting for all the loans/cases to be settled prior to investigating then the time will have reduced there actual concern for this. Totally lost on what they are doing if anything. All I get back is polite emails from them with no substance. All I am saying is perceive the FCA as promulgating the Regulations and keeping Registers. If push comes to shove the FCA will withdraw a Registration but to view them as some sort of financial policing and auditing service is wishful thinking. Remember the FCA advertisement telling us to check the register before selecting companies to invest in because the register was there for our safety, implying that if companies are on the register that they had been vetted and approved by the FCA.
|
|
Mucho P2P
Member of DD Central
Posts: 945
Likes: 1,632
|
Post by Mucho P2P on Mar 26, 2021 10:19:39 GMT
Thanks for the reply can you explain what you mean by 'It might be helpful to your understanding if you were to regard the FCA as primarily a regulatory body that sets out the Regulations and maintain Registers' - do you mean to consider them as just the regulatory board rather than having any direct control on FS. As each month passes by it looks less and less likely of any action from FCA and feels like they have almost washed there hands of it. If they are waiting for all the loans/cases to be settled prior to investigating then the time will have reduced there actual concern for this. Totally lost on what they are doing if anything. All I get back is polite emails from them with no substance. All I am saying is perceive the FCA as promulgating the Regulations and keeping Registers. If push comes to shove the FCA will withdraw a Registration but to view them as some sort of financial policing and auditing service is wishful thinking. What is the point of the FCA Supervision Manual in that case? To give clients of financial firms a false sense security? In numerous instances the manual states the FCA "will". Maybe its a typo and should be "won't". www.handbook.fca.org.uk/instrument/2019/FCA_2019_67.pdf
|
|
duck
Member of DD Central
Posts: 2,584
Likes: 5,727
|
Post by duck on Mar 26, 2021 11:02:28 GMT
Never say never.....they are under pressure this time, and the pressure is set to continue. "Ex-FCA Supervision Heads Say LC&F Failings Were Collective, Law360, London (March 25, 2021, 5:43 PM GMT) -- Regulatory failings that led to investors losing £237 million ($325 million) in a collapsed investment firm were embedded in the culture of the Financial Conduct Authority, former heads of the watchdog's...". The pressure is continuing from several angles. Don't suppose you watched the TC hearing yesterday did you? Unbelievable Totally believable that Megan Butler was happy to say that she never once thought of resigning following the Gloster report and that she knew she wouldn't get sacked. She accepts responsibility but not culpability just like Andrew Bailey. But it's all OK, she and Jonathan Davidson are very sorry that bondholders lost millions.
|
|
iRobot
Member of DD Central
Posts: 1,657
Likes: 2,450
|
Post by iRobot on Mar 26, 2021 11:02:28 GMT
The principles of good regulation
<snip>Each to their own interpretation and emphasis. I place most emphasis on 4 and I form my own opinion on how likely is it that 5 will be done adequately by the firm. And yes I can read so I’m aware what the words are in 1-3 and 6-8. I personally don’t take comfort from them. Certainly not in insulating me from failings in 4 and 5. Perhaps there could (should?) be a number nine? (or 4a) 9. Education: We will engage in and promote suitable education to ensure these principles are understood by all parties before and during the interactions with the Firms and Products we regulate.and how about a 10th 10. Lobbying: we will actively seek custodial sentences for any those guilty of nonfeasance, misfeasance, malfeasance or fraud in their role as responsible persons leading to financial losses after all, prevention is better than cure. Bring back hanging, I say!
|
|
duck
Member of DD Central
Posts: 2,584
Likes: 5,727
|
Post by duck on Mar 26, 2021 11:08:09 GMT
Remember the FCA advertisement telling us to check the register before selecting companies to invest in because the register was there for our safety, implying that if companies are on the register that they had been vetted and approved by the FCA. Still a current campaign scroll down to 10th March.
|
|
|
Post by brightspark on Mar 26, 2021 13:46:42 GMT
It might be helpful to your understanding if you were to regard the FCA as primarily a regulatory body that sets out the Regulations and maintain Registers. And what about their supervision manuals that state what their duties are when it comes to supervising both authorised companies and approved persons at those companies. If only the FCA abided by their own rules they set out. In an ideal world the FCA would be all things to all investors. It is not. Investors who take investment decisions in the belief that an FCA imprimatur is a seal of probity would be wise to think again. The Financial Services Industry is huge. There are also vested interests and powerful lobbyists. Supervision will only be cursory with those that step too far out of line de-registered.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Mar 26, 2021 13:53:41 GMT
And what about their supervision manuals that state what their duties are when it comes to supervising both authorised companies and approved persons at those companies. If only the FCA abided by their own rules they set out. In an ideal world the FCA would be all things to all investors. It is not. Investors who take investment decisions in the belief that an FCA imprimatur is a seal of probity would be wise to think again. The Financial Services Industry is huge. There are also vested interests and powerful lobbyists. Supervision will only be cursory with those that step too far out of line de-registered. "You can trust the Register, .......only deal with firms which appear on the FCA register""Mark Steward - Executive Director of Enforcement and Market Oversight at the FCA www.youtube.com/watch?v=iAAmts-TdGg&t=11m46s Of all the P2P Fiascos, I'd say that Collateral Lenders have a 100% legitimate bone to pick Complaint with Mr Steward and the FCA.
|
|
Mucho P2P
Member of DD Central
Posts: 945
Likes: 1,632
|
Post by Mucho P2P on Mar 26, 2021 14:39:35 GMT
And what about their supervision manuals that state what their duties are when it comes to supervising both authorised companies and approved persons at those companies. If only the FCA abided by their own rules they set out. In an ideal world the FCA would be all things to all investors. It is not. Investors who take investment decisions in the belief that an FCA imprimatur is a seal of probity would be wise to think again. The Financial Services Industry is huge. There are also vested interests and powerful lobbyists. Supervision will only be cursory with those that step too far out of line de-registered. If supervision is to be cursory, that should be stated by the FCA to the general public, it certainly is not stated in their publicly and easily locatable documents aimed at the public. It was not even alluded to by Mark Steward - Executive Director of Enforcement and Market Oversight at the FCA www.youtube.com/watch?v=iAAmts-TdGg&t=11m46sSeveral people have worked tirelessly for 1000s of hours behind the scenes on both the 5% issue and also in pushing matters forward on several fronts for reparations for all lenders. Taking the side (or even explaining the FCA viewpoint) is of no assistance to our cause and has the potential to be used against us by the FCA in the future.
|
|
micky
Member of DD Central
Posts: 651
Likes: 536
|
Post by micky on Mar 26, 2021 14:44:32 GMT
Your hardwork is really appreciated by most if not all of us, please don't let a few misguided/stupid comments deter you.
Mark Steward - Executive Director of Enforcement and Market Oversight at the FCA says in this interview-
'The register is the best place to start'. Then he goes on to say 'The register is the best place to invest your money'. His words in his carefully prepared responses during this interview.
OK, we did that, these firms are UK based and you authorised them after checking them out, you said that they would have systems and control, experience, training and that they had good character.
The FCA allowed them to offer securities to sell investments to the public. They said that safeties where in place if things went wrong, yet they did go wrong. Very badly wrong so we should not allow them to play with words and wriggle out of taking ownership of the dire consequences that have happened and the massive impact this has had on many member's of the public who took Mark Stewards advice.
|
|