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Post by multiaccountmanager on Aug 27, 2020 8:57:23 GMT
I suggest it is worth reading the "FCA starting to twitch" thread on the Lendy board on this Forum. The FCA has started a consultation about complaints and compensation systems. The consultation closes on 14 September. Link to Consultation |
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mah
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Post by mah on Aug 30, 2020 11:34:10 GMT
Some of us here made Complaints to the FCA as well as the Complaints Commissioner re Collateral. Do we need to make a separate Complaint re FS as well to be eligible for compensation (if any at all).
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pfffill
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Post by pfffill on Aug 30, 2020 12:14:42 GMT
Don't know the legalities, but it seems to me you would have to have made a complaint against a specific p2p in order to be considered for compensation. Besides anything else, otherwise how is the FCA to know about your other, uncomplained-against holdings?
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rd
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Post by rd on Oct 17, 2020 19:32:08 GMT
Does anyone believe there would be any compensation from FCA in this disaster of a company.
It seems like dodgy valuations, incorrect paperwork and the company lending to friends with any due diligence or regard for the investors money.
I would have never invested if it was not for the the FCA approval which I believed set it apart from other companies as they would have to adhere to strict FCA rules.
Some losses I can accept but some seem immoral and there to set up the investor.
I invested as believed would be safer than shares but with s company like this it had no chance
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Post by brightspark on Oct 17, 2020 20:03:34 GMT
There are a few who believe that the FCA will be so embarrassed as to cough up but I think they are in a minority. I believe most feel that they will have to accept the few crumbs of comfort provided by the Administrators and then move on in their lives. The alternative would be years of living in false hope, a long delay until all losses are crystallised and endless wrangling to apportion blame and compensation levels. The current head of the Bank of England is adept at fending off critics of his previous FCA role. The perpetrators of any financial misdeeds may end up with a bit of time in clink but that is of no comfort to those who have suffered significant financial loss. All a sorry tale which is starting to be lost in the mists of time. All very negative but in my view realistic.
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pfffill
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Post by pfffill on Oct 18, 2020 11:40:17 GMT
There are a few who believe that the FCA will be so embarrassed as to cough up but I think they are in a minority. I believe most feel that they will have to accept the few crumbs of comfort provided by the Administrators and then move on in their lives. The alternative would be years of living in false hope, a long delay until all losses are crystallised and endless wrangling to apportion blame and compensation levels. The current head of the Bank of England is adept at fending off critics of his previous FCA role. The perpetrators of any financial misdeeds may end up with a bit of time in clink but that is of no comfort to those who have suffered significant financial loss. All a sorry tale which is starting to be lost in the mists of time. All very negative but in my view realistic. I rather think that, if there is eventually any compensation paid by the FCA to us FS lenders, it will be a derisory sum, as mentioned at 4.9 on page 9 of their recent consultation document, see: www.fca.org.uk/publication/consultation/cp20-11.pdf. I expect they will do their utmost to absolve themselves under 4.10 of the same document, if for no other reason than the headache it would be to quantify each of our losses (which incidentally would take several more years at CG's current rate of progress).
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