duck
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Post by duck on Apr 7, 2021 11:33:34 GMT
Well..I can't tell you how encouraging a read that was Yes not a 'good read' but it is best that I find and read all these documents as I have for 3 years now, it all helps to build the full picture. By knowing such stuff you can at least counter the positions that are likely to be taken.
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Mucho P2P
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Post by Mucho P2P on Apr 7, 2021 15:01:26 GMT
In the case of FundingSecure, it was not a case of 1 or 2 of the Supervisory actions that the FCA overlooked, but the majority of their own mandated supervisory criteria that were overlooked. I stress strongly “majority”, and that is before we even get to the alleged ***** and ********* that took place. Indeed but my point remains. With FS (and Col with which I am far more in touch with, sorry I don't have the time to spend on FS Mucho) it is necessary to prove causation for the losses. Pinning these losses directly to the FCA's actions/inactions is shall we say 'difficult'. How do you prove that if the FCA had taken a certain action investors would not have lost £X's? The FCA need it to be proved that they are the primary reason why money was lost. Their default position will always be that the actions of the Company/Directors is the primary reason ..... and their part was only contributory to the losses which usually results in an ex-gratia payment of £150 for 'distress and inconvenience'. This isn't helped by the system where the FCA examine themselves and they don't specifically look at causation of the losses seen by investors. The Complaints Commissioner should provide the balance but I have to say I have far less confidence in Amerdeep Somal than I did in Anthony Townsend. Edit I am not doubting or posting against anything you are saying Mucho P2P merely pointing out the barriers that are put in our ways. Barriers and FCA seem to go hand in hand for us. Whoever decided to give the FCA a nuclear bunker?? As for PRIMARY REASON, we have several, and the matter is being pushed. My sincere apologies that I can not say more atm duck. There definitely needs to be an independent body that investigates complaints against the FCA.
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duck
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Post by duck on Apr 7, 2021 15:24:38 GMT
No need for apologies Mucho P2P I have to do exactly the same which is of course further complicated by potential/pending court cases. Naturally I do have my own FS Complaint firmly lodged at the FCA. indeed there does but as you probably know Amerdeep Somal came to the FCA from the Financial Ombudsman Service (amongst others) another organisation that has hardly covered itself in glory. Yes it is but whilst Anthony Townsend laid into the FCA's 'consultation' about limiting ex-gratia payments Amerdeep has been quoting the FCA's justification word for word in her judgments. that would be Parliament with FSMA2000 et al.
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Post by tomujain on Apr 16, 2021 20:28:37 GMT
Got my reply from the FCA today:
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rogerthat
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Post by rogerthat on Apr 16, 2021 23:01:20 GMT
Standard reply..they just photocopy them now..join the throng
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rogerthat
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Post by rogerthat on May 8, 2021 23:42:43 GMT
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 9, 2021 18:48:14 GMT
The Usual & Predictable OzBoy Rant ............................... The REALLY worrying thing is that the FCA don't give a toss, they evade any and all criticism, they've never done anything wrong, whilst they have been instrumental and directly responsible for, in many cases, people losing many, many £ Millions of very hard earned money. The FCA's aloofness, arrogance and gross incompetence is breathtaking. Still, you setup an Organisation with zero accountability, 100% teflon coated, what do you expect I suppose. Only Government could come up with that one. Consumer Protection my arse.
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Post by biscuit123 on May 12, 2021 18:49:00 GMT
Hi Folks
Due to health reasons I haven't been monitoring this board for quite a considerable time, having assumed that "All was Lost" except for the odd few bob appearing in my account from the administrators now and then.
Can somebody give me a qiuick update is there anything I should do even at this late stage.
Thanks
Biscuit
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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 May 12, 2021 20:01:07 GMT
Hi Folks
Due to health reasons I haven't been monitoring this board for quite a considerable time, having assumed that "All was Lost" except for the odd few bob appearing in my account from the administrators now and then.
Can somebody give me a qiuick update is there anything I should do even at this late stage.
Thanks
Biscuit
Still possible to complain to FCA though wont currently go anywhere as everything on hold due to FCA enforcement investigation being launched recently. Join FSAG on FB Read this p2pindependentforum.com/post/427848/thread (relates to Lendy as well if you are in that one as well)
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Post by overthehill on May 18, 2021 22:30:58 GMT
How many scandals can this organisation survive? Incompetence, cover ups, denials of responsibilty. A publicly funded organisation with zero leadership is just a very expensive pension fund.
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pfffill
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Post by pfffill on May 19, 2021 0:49:27 GMT
How many scandals can this organisation survive? Incompetence, cover ups, denials of responsibilty. A publicly funded organisation with zero leadership is just a very expensive pension fund.
Sadly, the answer to your admittedly rhetorical question is that the FCA will at worst be given a cursory spanking and perhaps disbanded, with another, equally incompetent body staffed by much the same people rising phoenix-like in its place. Just today in the Telegraph, Bailey is congratulating himself on his stewardship of the BoE during COVID last year, a fine demonstration of reward-for-failure if ever I saw one, with the wreckage of people's finances strewn in the path he has ploughed during his career.
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Mucho P2P
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Post by Mucho P2P on May 19, 2021 8:52:55 GMT
How many scandals can this organisation survive? Incompetence, cover ups, denials of responsibilty. A publicly funded organisation with zero leadership is just a very expensive pension fund.
Sadly, the answer to your admittedly rhetorical question is that the FCA will at worst be given a cursory spanking and perhaps disbanded, with another, equally incompetent body staffed by much the same people rising phoenix-like in its place. Just today in the Telegraph, Bailey is congratulating himself on his stewardship of the BoE during COVID last year, a fine demonstration of reward-for-failure if ever I saw one, with the wreckage of people's finances strewn in the path he has ploughed during his career. And naturally, the FCA can "phoenix" but they do not allow other companies to phoenix! www.fca.org.uk/news/press-releases/fca-announces-plans-stop-cmc-phoenixingSlightly hypocritical, possibly?
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rogerthat
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Post by rogerthat on May 26, 2021 22:29:03 GMT
Erm..didnt want to start another thread but... Interesting prog on the Beeb atm.. Scam City...another fraudulent operation..
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merlin99
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Post by merlin99 on Jun 2, 2021 14:36:04 GMT
I invite you good scammed folks to answer a simple question. Do any of you seriously believe the FCA are going to sort out this mess and the other P2P horrors?
Personally I do not think they will because it would create presidents which in turn will cost a huge amount of money to put right.
I am reminded of a phrase in common use in military circles it is called "p*ssing into wind"
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pfffill
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Post by pfffill on Jun 2, 2021 14:44:48 GMT
I invite you good scammed folks to answer a simple question. Do any of you seriously believe the FCA are going to sort out this mess and the other P2P horrors? Personally I do not think they will because it would create presidents which in turn will cost a huge amount of money to put right. I am reminded of a phrase in common use in military circles it is called "p*ssing into wind" I don't take such a negative view. The FCA has in recent months come under unprecedented scrutiny and pressure , both from the media and from MPs, to the extent that they are on the back foot, and it is incumbent on them to 'clean house' and be seen to be doing so. They may well still slip out of their responsibilities on technicalities and legal caveats, but I'd say we have more chance of nailing them now for their alleged incompetence than ever before, and hence it IS worth pursuing.
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