69m
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Post by 69m on Jan 14, 2021 16:56:15 GMT
As can be seen from the link above, the response from John Glen MP (Economic Secretary at HM Treasury) is a typical politician's answer (i.e. it doesn't really address the issue in any detail). Unfortunately, he seems to have a lot of faith in the FCA.
The initial question was rather weak too. Arguably, potential fraud in P2P needs to be examined in terms of both fraudulent platforms and fraudulent borrowers. Without mentioning any names, there are undoubtedly candidates in both categories.
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Mousey
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Post by Mousey on Jan 14, 2021 19:31:44 GMT
Unfortunately we seem to live in a world where nuance is not very popular among the politicians.
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iRobot
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Post by iRobot on Jan 19, 2021 11:22:21 GMT
Short article in today's Times: ' Financial Conduct Authority opens new front in war on scams' Respecting copyright, two brief excerpts: ... and ... Some thoughts: - "planned to" - oh goody, so long as it's in planning we'll all be safe! How long has the COL debacle been going on for?
- Is this an explicit 'confession' that there are other companies handling consumer funds that are known to have "out-of-date or incorrect authorisations"?
- >1,500 cases - wonder where the likes of COL, LY, FS et al feature in that number in terms of
- date complaints first received
- number of investors
- quantum of lost capital
- Cynically (#1), I wonder if this is the FCA going into full defence mode; ie: 'too many cases to give any one priority, so join the never-ending queue while we get to the bottom of all this.' (COL complainants will already be familiar with the 'holding notes' received over the last couple of years. When that individual investigation finalises, what to stop the FCA from transferring the reason for further delays to some wider investigation.
- Cynically (#2), at what point will the FCA's overseers steps in and say "The stats speak for themselves. The FCA isn't fit for purpose. We're replacing it with another TLA and sweeping all the earlier failings under the carpet with no recourse for consumers. Sorry and all that, but ..."
- Lastly... All words; No action. My expectations were always low regarding any kind of satisfaction regarding the FCA. They haven't increased one single iota.
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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 Jan 19, 2021 11:35:48 GMT
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