duck
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Post by duck on Apr 4, 2024 6:52:44 GMT
Whilst this is the "excuse" from the FCA, it should be noted, that I do not believe they pushed back when they were handed this extra workload. And seeing as they charged fees for the P2P industry both for authorisation, and approval, and yearly fees, maybe it could be argued that they did not charge sufficient fees to cover their costs for adequate supervision? So, if they were unaware of the work involved and they are professionals, how are we, the retail lender, meant to know about full risk involved in utilising authorised firms when placing our funds with them? Also, if the FCA is independent, then who exactly pushed this workload onto them, as that entity, govt dept/quango therefore has influence over the FCA, and the FCA is not a fully standalone entity like they claim? That of course would be HMG A new approach to financial regulation: transferring consumer credit regulation to the Financial Conduct AuthorityThe FCA is of course responsible to the Treasury. The Treasury appoints directors etc.
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duck
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Post by duck on Apr 4, 2024 11:21:16 GMT
The FCA is governed by a Board with members comprising: a Chair and a Chief Executive appointed by HM Treasury (Treasury); the Bank of England Deputy Governor for prudential regulation; two non‑executive members who are appointed jointly by the Secretary of State for Business, Innovation and Skills and the Treasury, and at least one other member appointed by the Treasury. The majority of the Board members are Non‑Executive Directors (NEDs). Corporate governance of the Financial Conduct Authority
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merlin99
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Post by merlin99 on Apr 4, 2024 16:24:56 GMT
Great work duck. From a cursory scan of the FCA governing documents I cannot see any reason for them to try to dodge responsibility to police the P2P market. However it may be similar case to the mess the Post Office got into.
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duck
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Post by duck on Apr 6, 2024 7:23:30 GMT
From a cursory scan of the FCA governing documents I cannot see any reason for them to try to dodge responsibility to police the P2P market. However it may be similar case to the mess the Post Office got into. In a just world that would be the case however we work in a different world when dealing with the FCA. It is not just a case of turning a blind eye it is a case of using two glass eyes 'to have a look'. In the case of Collateral (obviously the case I am most familiar with) there is documentary proof that FCA identified breaches critical to consumer protection but failed to rectify them. From November 2016 the FCA knew that Collaterals promotions were grossly misleading but failed to rectify them and in December 2016 the FCA received written legal opinion that Collateral’s investments could not comply with its supposed Interim Permission. The FCA knew all this time that Collateral was selling unauthorised regulated investments, yet allowed it to continue. The FCA knowingly inflicted harm on consumers .................. this is what the FCA term 'the appropriate level of consumer protection'. (their view of their statutory consumer protection duty) So whilst I agree with your statement merlin99 never forget the nature of the FCA.
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johni
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Post by johni on Apr 9, 2024 14:40:54 GMT
Update on site to say no updates as yet!!!!!! dealing with issue.
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averageguy
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Post by averageguy on Apr 10, 2024 20:52:57 GMT
Update on site to say no updates as yet!!!!!! dealing with issue. I’ve got that under update 300523….no general update after that date
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rocky1
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Post by rocky1 on Apr 10, 2024 22:47:12 GMT
dont think they will be seeking another extention after this one ends dec 24.might be just enough left for the xmas party.
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j1
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Post by j1 on Apr 21, 2024 10:38:58 GMT
Interestingly I’ve received an email from Fca having determined my complaint about their handling of money thing, the inadequacy of their wind down procedures and the cost of administration being borne by lenders. Unsurprisingly it determines that the fca are not at fault and bear no responsibility, however they are offering an ex gratia payment, mid to low three figures and representing about 10% of my remaining exposure to money thing loans. The offer is conditional on my acceptance by the end of the month, which is a cheek considering how long they have been sitting on the complaint itself. I didn't realise people were being successful with FCA claims / complaints. What is the process I need follow to make my own claim?
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