taffy
Posts: 147
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Post by taffy on Feb 5, 2023 11:36:44 GMT
It`s now well over three years since F/S entered Administration and I see little progress in resolving issues so that funds can be returned to lenders. How long can this nonsense go on for? The FCA clearly failed in its duty when Authorising and Regulating this Companies activities. It allowed F/S to use the FCA as a promotional tool to entice investors that would not have invested otherwise. Have the ongoing issues ben referred to the Complaints Commissioner or Financial Ombudsman? Anyone fancy a bit of light reading might like the following, if not familiar with it already. www.casemine.com/judgement/uk/606aa15f2c94e02990ded5f8
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ilmoro
Member of DD Central
'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 Feb 5, 2023 13:02:18 GMT
It`s now well over three years since F/S entered Administration and I see little progress in resolving issues so that funds can be returned to lenders. How long can this nonsense go on for? The FCA clearly failed in its duty when Authorising and Regulating this Companies activities. It allowed F/S to use the FCA as a promotional tool to entice investors that would not have invested otherwise. Have the ongoing issues ben referred to the Complaints Commissioner or Financial Ombudsman? Anyone fancy a bit of light reading might like the following, if not familiar with it already. www.casemine.com/judgement/uk/606aa15f2c94e02990ded5f8Financial ombudsman is not an option as it can't deal with companies in administration. Complaints to the FCA are on hold until they complete their own investigation into FS. Client account failings will fall under that and were identified early on by the admin. Other ongoing issues largely relate to insolvency which the FCA doesn't regulate so complaints would need to be to professional associations via Insolvency Service. How long? As long as it takes ... see other P2P admin
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duck
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Post by duck on Feb 5, 2023 17:34:46 GMT
The Complaints Commissioner is also not an option.
In the early days of chasing Collateral (now just a few days short of 5 years) the lings and I put a couple of test complaints to the FRCC. The Complaints Commissioner* issued a ruling that it would not be reasonable that investors should have to wait until after the trial (scheduled for later this year) unless the FCA made the case that the trial could be predudiced. The FCA made the case and it appears that the FCA will not be answering any complaints until after the trial.
*In those days the FRCC was Anthony Townsend the current FRCC is Amerdeep Somal.
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taffy
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Post by taffy on Feb 6, 2023 11:23:35 GMT
Thank you both for the explanations, it will no doubt save me a lot of pointless letters of complaint. With inflation of over 10% our funds will be much reduced in value if and when we receive them. Perhaps involving the publications such as Which?, The Financial Times or the likes of Martin Lewis might encourage some action, who knows.
Being in my late 70`s, the several thousand pounds that I have (or may not have) invested in F/S contributes to making me or my wife ineligible for Pension Credits worth several thousands a year, along with the benefits linked to the eligibility, TV licence, Council Tax, etc.
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