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Post by sebb on Nov 29, 2019 12:23:04 GMT
So, I am invested in the Southampton loan to the tune of £5k. Fortuantly that is my only loan but I am finding this whole FS thing crazy. My reason for investing with them was due to their FCA accreditation, the Southampton loan looking like an individual loan and not one tied up with multiple loans and because the value was listed at 70%. It is now obvious that all of this was not true, which means I was mis-sold and in particular, as with everyone else, very much let down by the FCA, a body that was meant to protect investors.
Now it is quite clear that almost none of us are going to get our money back. This maybe should not come as a surprise as P2P lending is risky. However, I feel that the negligence shown by the FCA should entitle investors in FS to file a case against them for gross negligence.
Therefore, could I ask if this is right or is there some sort of small print that lets the FCA off the hook?
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Post by brightspark on Nov 29, 2019 13:22:59 GMT
The FCA is a convenient whipping post. It was set up by a government elected by the likes of me and you. The prevailing attitude to fraud seems to be that it is a victimless crime. No-one gets hurt and only money disappears. Woe betide any fraudster where a National Insurance fiddle is central as this is a very heinous crime requiring the full force of the law. Otherwise nothing happens. Have you tried the fraud action line? Utterly useless.
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bugs4me
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Post by bugs4me on Nov 29, 2019 13:29:44 GMT
'....However, I feel that the negligence shown by the FCA should entitle investors in FS to file a case against them for gross negligence. Therefore, could I ask if this is right or is there some sort of small print that lets the FCA off the hook?....' I stand to be corrected but I understand that under the Financial Services Act 2012, the FCA cannot be sued for libel or damages unless it was acting “in bad faith” or unlawfully.
It's more than just annoying but all you can expect is discretionary compensation and that is without any admission of blame on the part of the FCA. Yes, they are a law to themselves - staffed often by failures from the commercial sector.
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Post by FSAG Forum on Nov 29, 2019 13:59:01 GMT
Discretionary compensation will do me though, as long as they use their discretion to award it to me/us of course!
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Post by sebb on Nov 29, 2019 15:24:45 GMT
'....However, I feel that the negligence shown by the FCA should entitle investors in FS to file a case against them for gross negligence. Therefore, could I ask if this is right or is there some sort of small print that lets the FCA off the hook?....' I stand to be corrected but I understand that under the Financial Services Act 2012, the FCA cannot be sued for libel or damages unless it was acting “in bad faith” or unlawfully.
It's more than just annoying but all you can expect is discretionary compensation and that is without any admission of blame on the part of the FCA. Yes, they are a law to themselves - staffed often by failures from the commercial sector.
Surely with the way FS were conducting business, this could be classed as unlawful. Doesn't that mean that FCA are directly implicated as they both knew about this and allowed them to continue trading.
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Post by mitosan on Nov 29, 2019 16:16:41 GMT
Has anyone had a reply to their complaints yet?
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Post by portlandbill on Nov 30, 2019 13:47:29 GMT
Has anyone had a reply to their complaints yet? Just a holding email:- Dear Portland Bill We have received your complaint against the FCA and have allocated it to an investigator in the Complaints Team. The investigator will write to you again within four weeks setting out a summary of our understanding of your complaint, and whether we are able to investigate the matters you have raised under the Complaints Scheme which you can view here. Further information on how we handle complaints can be found on our website here. In the meantime, if you have any queries please do not hesitate to contact us. Yours sincerely FCA Complaints Team
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Mucho P2P
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Post by Mucho P2P on Nov 30, 2019 21:05:35 GMT
'....However, I feel that the negligence shown by the FCA should entitle investors in FS to file a case against them for gross negligence. Therefore, could I ask if this is right or is there some sort of small print that lets the FCA off the hook?....' I stand to be corrected but I understand that under the Financial Services Act 2012, the FCA cannot be sued for libel or damages unless it was acting “in bad faith” or unlawfully.
It's more than just annoying but all you can expect is discretionary compensation and that is without any admission of blame on the part of the FCA. Yes, they are a law to themselves - staffed often by failures from the commercial sector.
I believe they can be sued under the Human Rights Act, and it specifically includes govt agencies that are otherwise immune to Court actions.
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greenslime
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Post by greenslime on Dec 1, 2019 1:17:25 GMT
I stand to be corrected but I understand that under the Financial Services Act 2012, the FCA cannot be sued for libel or damages unless it was acting “in bad faith” or unlawfully.
It's more than just annoying but all you can expect is discretionary compensation and that is without any admission of blame on the part of the FCA. Yes, they are a law to themselves - staffed often by failures from the commercial sector.
I believe they can be sued under the Human Rights Act, and it specifically includes govt agencies that are otherwise immune to Court actions. I cannot see which of the rights protected by the HRA have been infringed here.
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duck
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Post by duck on Dec 1, 2019 4:22:30 GMT
I believe they can be sued under the Human Rights Act, and it specifically includes govt agencies that are otherwise immune to Court actions. Indeed they can as confirmed by John Glen in Parliament. "It is important, however, to bear in mind that this statutory immunity does not confer immunity from (i) claims that property rights protected by Article 1 Protocol 1 of the Human Rights Act 1998 have been unlawfully interfered with, or (ii) claims for judicial review of the FCA's actions." but on looking at A1 P1 HRA you will note the use of 'general interest' (my bolding) which opens up all sorts of defense arguments. IMHO not a sensible route to take.
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cwah
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Post by cwah on Dec 1, 2019 7:56:35 GMT
Shall i also send a comlain to the FCA? Would that make a difference?
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Mucho P2P
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Post by Mucho P2P on Dec 1, 2019 9:37:49 GMT
I believe they can be sued under the Human Rights Act, and it specifically includes govt agencies that are otherwise immune to Court actions. Indeed they can as confirmed by John Glen in Parliament. "It is important, however, to bear in mind that this statutory immunity does not confer immunity from (i) claims that property rights protected by Article 1 Protocol 1 of the Human Rights Act 1998 have been unlawfully interfered with, or (ii) claims for judicial review of the FCA's actions." but on looking at A1 P1 HRA you will note the use of 'general interest' (my bolding) which opens up all sorts of defense arguments. IMHO not a sensible route to take. We are looking at ALL ROUTES, and I mean ALL routes, whether good, bad or ugly and we will distil down the limited options once we have a finalised list. Points to note: 1) A certain fund is already going down the HR A1P1 route and made significant inroads, hence why its on our list to investigate 2) ANY suggestions duck that we can add to our list to investigate, please let us have them - thx
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duck
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Post by duck on Dec 1, 2019 9:42:25 GMT
Due to my work on Col I'm very focussed on the FCA's role (light touch notwithstanding) I suspect there to be a few skeletons in the cupboard!
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Post by fsbloke on Dec 10, 2019 1:56:39 GMT
Hi Pip, Just to say I'm very impressed with your style! It will be tough to get through that bureaucratic monster but I wish you every success in your endeavours. I came across the FCA handbook during my latest surfing session and it just occurred to me that you may not have thought to look there?....although I expect you already have! Here's a link to the wind-down section: www.handbook.fca.org.uk/handbook/WDPG/1/?view=chapterI hope it's of some use to you and I'm sure you'd be able to seek out any necessary sections from there. Kind regards FSbloke
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pip
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Post by pip on Dec 10, 2019 14:44:27 GMT
Hi Pip, Just to say I'm very impressed with your style! It will be tough to get through that bureaucratic monster but I wish you every success in your endeavours. I came across the FCA handbook during my latest surfing session and it just occurred to me that you may not have thought to look there?....although I expect you already have! Here's a link to the wind-down section: www.handbook.fca.org.uk/handbook/WDPG/1/?view=chapterI hope it's of some use to you and I'm sure you'd be able to seek out any necessary sections from there. Kind regards FSbloke Thank you I am aware of this handbook and have read it although may do again. The FCA has four weeks to initially respond to the complaint which is tomorrow. I will update when I hear something.
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