alanh
Posts: 556
Likes: 560
|
Post by alanh on Apr 28, 2020 8:58:53 GMT
I suggest those that are dissatisfied with the AC pool system and small investor bailout raise the issue with the Financial Ombudsman in the next couple of weeks (for those that haven't done already). Clearly the more of us that do this the better. The idea would be to get the pool system removed and claim compensation for financial loss, non-financial loss and interest.
If you have already complained to AC and received their response (as I have) then you can raise the complaint with the FOS now. Its a straightforward procedure, done via their website.
If you haven't complained yet to AC then do so. Once you receive their response (which will say the pool is staying in place until some indeterminate date in the future) then you can raise the complaint with the FOS.
AC have had their chance to sort this out themselves but have done nothing and the disproportionate payout system continues. AC are able to ignore our requests and remain uncommunicative. They are not able to ignore the FOS.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Apr 28, 2020 9:06:53 GMT
Thanks, alanh that's a really helpful new thread. Don't forget to claim for all the time you have had to spend on the forum. |
|
SteveT
Member of DD Central
Posts: 6,874 
Likes: 7,919
|
Post by SteveT on Apr 28, 2020 9:09:18 GMT
Even if you've already received the definitive Final Response to your complaint from AC, which I doubt (financial companies have 8 weeks to provide one before the FOS will consider taking it on), the FOS currently have a 6-9 month backlog. Chances are that matters will have progressed at AC long before the FOS even appoint a case handler to look at it. You can tell if it is a Final Response because it will include the words "Final Response" and will describe the process for escalating your complaint to the FOS if still dissatisfied. The FOS won't simply accept escalations of initial company responses to a complaint. If you're not satisfied by the initial response to your complaint, you'll need to tell them so and request a Final Response. See www.financial-ombudsman.org.uk/consumers/expect/time-limits(I've a complaint at the FOS about another platform that's been in their in-tray since last October, with no sign of a case handler yet being appointed) |
|
iRobot
Member of DD Central
Posts: 1,674
Likes: 2,468
|
Post by iRobot on Apr 28, 2020 9:25:07 GMT
Fair enough; and on the FOS' complaints submission form, there is the option to reply 'no' to the question: " have you already complained to the business?". Another snippet from the FOS' website (their bold): "How long it takes It is currently taking around 7 months for us to allocate a complaint about investments to a case handler for review. Although it may take longer if your complaint is about spread betting or crowdfunding, or certain other of the most complex cases we receive – where it can take up to 9 months." See the new thread - I don't understand why you think people would be ticking "no" Just because it takes a while doesn't mean it shouldn't be done!! If everyone took that attitude then people would just get walked over all the time. As I said, all the compensation and damages get backdated. Interest is payable at 8%. Quite honestly, when people are looking at years and decades to get their money out of AC a wait of 9 months is a drop in the ocean. (I'll move my reply over here then.) As for people ticking 'no', I'm just pointing out that they can. (Whether that alters how the FOS responds in the first instance, I neither know nor care.) Question 1: how do you envisage this playing out? I'm curious as to how the FOS will evaluate a situation which still unfolding and - if your predictions of 'years and decades' come to pass - will continue to play out for some time. Can the FOS make a quantitative call on damages where it's possibly (probably?) impossible for the plaintiff to demonstrate absolute financial loss and the Firm involved might argue 'we are acting in the best interests of all investors as will be demonstrated in time'. Question 2: does the complaint change if AC introduce a variable SM for the AA accounts and/or return to the 'queued' system that was in place prior to the 19th March? Question 3: if one person complains and the FOS awards in their favour, do AC have to treat all similarly affected lenders equally and make restitution across the board?
|
|
alanh
Posts: 556
Likes: 560
|
Post by alanh on Apr 28, 2020 9:58:53 GMT
See the new thread - I don't understand why you think people would be ticking "no" Just because it takes a while doesn't mean it shouldn't be done!! If everyone took that attitude then people would just get walked over all the time. As I said, all the compensation and damages get backdated. Interest is payable at 8%. Quite honestly, when people are looking at years and decades to get their money out of AC a wait of 9 months is a drop in the ocean. (I'll move my reply over here then.) As for people ticking 'no', I'm just pointing out that they can. (Whether that alters how the FOS responds in the first instance, I neither know nor care.) Question 1: how do you envisage this playing out? I'm curious as to how the FOS will evaluate a situation which still unfolding and - if your predictions of 'years and decades' come to pass - will continue to play out for some time. Can the FOS make a quantitative call on damages where it's possibly (probably?) impossible for the plaintiff to demonstrate absolute financial loss and the Firm involved might argue 'we are acting in the best interests of all investors as will be demonstrated in time'. Question 2: does the complaint change if AC introduce a variable SM for the AA accounts and/or return to the 'queued' system that was in place prior to the 19th March? Question 3: if one person complains and the FOS awards in their favour, do AC have to treat all similarly affected lenders equally and make restitution across the board? The primary aim of complaining to the FOS is to get the discriminatory pool system removed. That is it in a nutshell. A secondary part of the complaint is to provide restitution for financial losses incurred up to the point at which the system gets changed back. Re your Q2, the variable SM makes no difference at all to the complaint itself but a return to the queue system would nullify the complaint (as that is the objective). There are also likely to be lenders who exit the platform via the QAA SM and therefore no longer have a need to complain. I am unsure about Q3 but logically I would think that the judgement would apply to all lenders
|
|
scooter
Member of DD Central
Posts: 366
Likes: 352
|
Post by scooter on Apr 28, 2020 10:39:09 GMT
Even if you've already received the definitive Final Response to your complaint from AC, which I doubt (financial companies have 8 weeks to provide one before the FOS will consider taking it on), the FOS currently have a 6-9 month backlog. Chances are that matters will have progressed at AC long before the FOS even appoint a case handler to look at it. You can tell if it is a Final Response because it will include the words "Final Response" and will describe the process for escalating your complaint to the FOS if still dissatisfied. The FOS won't simply accept escalations of initial company responses to a complaint. If you're not satisfied by the initial response to your complaint, you'll need to tell them so and request a Final Response. See www.financial-ombudsman.org.uk/consumers/expect/time-limits(I've a complaint at the FOS about another platform that's been in their in-tray since last October, with no sign of a case handler yet being appointed) Ditto in the in tray since October. I have a number of complaints outstanding and have been called by a couple of handlers who have zero clue about P2p. I even have one that has been with the Ombudsman since Feb. The only way you can get a complaint looked at more quickly is to claim financial hardship (be honest) I would say you are a year away from a response from an Ombudsman if you appeal. You can write to the FCA. They won't enter into a conversation with you but will pass to the relevant controller to form a picture of how the company operates for future audits. People should complain or nothing changes ever, but I think it is unlikely to change anything in the short or medium term. Top tip _ keep it simple!
|
|
alanh
Posts: 556
Likes: 560
|
Post by alanh on Apr 28, 2020 10:49:06 GMT
Even if you've already received the definitive Final Response to your complaint from AC, which I doubt (financial companies have 8 weeks to provide one before the FOS will consider taking it on), the FOS currently have a 6-9 month backlog. Chances are that matters will have progressed at AC long before the FOS even appoint a case handler to look at it. You can tell if it is a Final Response because it will include the words "Final Response" and will describe the process for escalating your complaint to the FOS if still dissatisfied. The FOS won't simply accept escalations of initial company responses to a complaint. If you're not satisfied by the initial response to your complaint, you'll need to tell them so and request a Final Response. See www.financial-ombudsman.org.uk/consumers/expect/time-limits(I've a complaint at the FOS about another platform that's been in their in-tray since last October, with no sign of a case handler yet being appointed) Ditto in the in tray since October. I have a number of complaints outstanding and have been called by a couple of handlers who have zero clue about P2p. I even have one that has been with the Ombudsman since Feb. The only way you can get a complaint looked at more quickly is to claim financial hardship (be honest) I would say you are a year away from a response from an Ombudsman if you appeal. You can write to the FCA. They won't enter into a conversation with you but will pass to the relevant controller to form a picture of how the company operates for future audits. People should complain or nothing changes ever, but I think it is unlikely to change anything in the short or medium term. Top tip _ keep it simple! It will take time, absolutely. But its the only way to get the pool system overturned. There will be compensation for losses incurred in the intervening period.
|
|
alanh
Posts: 556
Likes: 560
|
Post by alanh on Apr 28, 2020 11:16:47 GMT
Do you have anything of any relevance whatsoever to say regarding the procedure for complaining to the financial ombudsman (the purpose of this thread)? "the purpose of this thread"
Service update in light of the Covid-19 (coronavirus) outbreak
Given the unprecedented circumstances we’re all facing in light of the Covid-19 (coronavirus) outbreak, our service is currently being impacted in the following ways:
Our phones lines are open, but with limited availability, between 9.30am and 5pm, Monday to Friday. Please only call us if you are facing severe ill-health or financial hardship.
Please only send us post if you cannot contact us online or by email. For the safety of our staff, and in line with government guidance, we have limited access to our office significantly. While we are currently able to open post, this is not guaranteed and there will be delays in processing this.
We won’t be able to contact you if we don’t have your email address or phone number. So please get in touch with us if we normally correspond with you in writing – and you haven’t previously given us any other means of contacting you.
It will take us longer than we’d like to resolve complaints.
Our staff are working hard to continue to provide a service to the people who need us. You can find out more about our approach to complaints that might be caused or affected by Covid-19, here.
If your complaint has been allocated and you have the contact details of the case handler, you can contact them directly.
That's the process, so let's hope this is the end of anymore pointless notifications.
"unprecedented circumstances" those are the same events that are impacting nearly every business and organisationn in the UK, so a certain amount of acceptance of the situation will go along way. Perhaps a little bit of Forbearance of Complaints is needed in unprecedented circumstances.....
Ah. Something relevant to the topic. Thank you. If by "forbearance of complaints" you mean delay sending the complaint in then I see no point in that. Its already taking quite some time to address complaints as it is, so the sooner they go in the better. As I said before, it appears very unlikely that AC are going to remove the pool system voluntarily.
|
|
star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Apr 28, 2020 11:34:18 GMT
Mod Hat On/ The threads have now been unlocked minus a few fractious posts. Please keep all posts polite and constructive. Sure, there are vehemently different views and perspectives, but becoming personal, insulting, trading invectives, and repetitive posting makes the whole environment unpleasant for everyone. Please show a bit of self-restraint.
Thank you for your co-operation.
|
|
|
|
Post by kazamx on Apr 28, 2020 15:50:40 GMT
A secondary part of the complaint is to provide restitution for financial losses incurred up to the point at which the system gets changed back. I am interested in the above. How are you calculating your financial losses due to the pool system? You may well have received zero money as of now if the queue was a first in, first out system. If that was the case you currently have more money than you would have had under the other system.
|
|
|
|
Post by scepticalinvestor on May 6, 2020 13:43:20 GMT
I suggest those that are dissatisfied with the AC pool system and small investor bailout raise the issue with the Financial Ombudsman in the next couple of weeks (for those that haven't done already). Clearly the more of us that do this the better. The idea would be to get the pool system removed and claim compensation for financial loss, non-financial loss and interest. If you have already complained to AC and received their response (as I have) then you can raise the complaint with the FOS now. Its a straightforward procedure, done via their website. If you haven't complained yet to AC then do so. Once you receive their response (which will say the pool is staying in place until some indeterminate date in the future) then you can raise the complaint with the FOS. AC have had their chance to sort this out themselves but have done nothing and the disproportionate payout system continues. AC are able to ignore our requests and remain uncommunicative. They are not able to ignore the FOS. Thanks alanh , have put in complaints with AC for myself and partner and will escalate to FOS once we get a final response or 8 weeks elapse.
|
|
