Mousey
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Post by Mousey on Jun 12, 2023 21:00:04 GMT
The FCA “don’t fully understand P2P as a market”, jurors hear^ Coverage from May 11th As one of the Currie brothers enters the witness box it's revealed that as early as October 2016 the FCA had concerns that the peer-to-peer finance firm Collateral was being “potentially misleading” in aspects of its work. Jurors also heard of Peter Currie's "devastation" when the FCA finally took action in January 2018. Apologies for the delay
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metoo
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Post by metoo on Jun 14, 2023 3:15:43 GMT
Thank you for all your time put into this, it is much appreciated.
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Mousey
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Post by Mousey on Jun 14, 2023 16:20:52 GMT
Aiui this wasn't a glitch but more a feature of the platform setup which the fca were aware of - but unsurprisingly the fca had no controls , constraints or failed to monitor it ... All sounds a bit too familiar now doesn't it. Here's the page from the FCA guide: 
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11025
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Member is Online
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Post by 11025 on Jun 14, 2023 17:23:07 GMT
Thanks for that - I must say Harriet Baldwin will be somewhat surprised .....
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duck
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Post by duck on Jun 14, 2023 19:03:44 GMT
Thanks for that - I must say Harriet Baldwin will be somewhat surprised ..... ah yes the ‘sophisticated hack’ Needless to say I have on record that such changes were not ‘flagged’ on the FCA’s system and that such changes were not routinely checked.
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Mousey
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Post by Mousey on Jun 19, 2023 19:27:34 GMT
Peter Currie - I wanted everything to be correct, above board.The director of the failed peer to peer lending firm Collateral, accused of fraudulently changing the name of his company on the FCA interim permissions register, has told jurors that he "never thought for a minute what I’d done was wrong" adding that "what I’d done has traumatised me" ^ Belated coverage from day 15 of the trial.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 19, 2023 20:45:30 GMT
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jonno
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nil satis nisi optimum
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Post by jonno on Jun 20, 2023 8:31:35 GMT
Do we actually know the story on the "chattels"?
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duck
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Post by duck on Jun 20, 2023 8:58:48 GMT
Do we actually know the story on the "chattels"? Not yet, the FCA have again used Section 31 against FOI’s. We do know that the FCA looked at the chattel loans but not what they found out (or any action taken). BDO will have certainly looked at the chattels (see their previous reports) and their reported findings certainly back up what has been found independently.
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eeyore
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Post by eeyore on Jun 20, 2023 9:20:02 GMT
Peter Currie - I wanted everything to be correct, above board.The director of the failed peer to peer lending firm Collateral, accused of fraudulently changing the name of his company on the FCA interim permissions register, has told jurors that he "never thought for a minute what I’d done was wrong" adding that "what I’d done has traumatised me" Can I just seek a bit of clarification here? (I'm not a Collateral lender.) Changing the company name on the system which manages FCA's register is allowed because companies do change their trading names - FCA don't want to be bothered with trivia. But my understanding from the trial reports is that he was alleged to have changed the company by substituting on the register a company which had been authorised by a different company which hadn't been authorised. I occurs to me that the flaw in the FCA's register management system is that, while it understandably allows companies to change their trading name (so that the public can recognise their identity), the register should also carry the official company name (as registered at Companies House, etc) which cannot be changed without FCA approval. Of course, someone who doesn't realise that substituting an authorised company by another company is wrong, isn't, in my opinion, a fit and proper person to be running an authorised company...
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duck
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Post by duck on Jun 20, 2023 11:48:18 GMT
Yes that is the gist of it eeyore but as always there are complicating issues e.g this was the interim register (not the main register) for the companies that were handed to the FCA by the OFT. Where the register fell down was that it allowed legitimate and illegitimate changes to be made with no checks being made at the FCA and no external proof being required. OK not all changes need to be checked but the lack of any ‘flagging’ of potentially damaging issues meant that the FCA had no way of telling when changes had been made. |
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amanda373
Anyone downloaded the full transcript of the Court Session with the FCA. .?
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Post by amanda373 on Jun 21, 2023 6:14:47 GMT
Despite all this…I just want to know when /if we are to get any further layouts and if so when? Life is difficult at the moment
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duck
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Post by duck on Jun 21, 2023 7:59:00 GMT
Despite all this…I just want to know when /if we are to get any further layouts and if so when? Life is difficult at the moment I would love to be able to post a definitive answer to your points but as you will probably understand that is out of my control, only BDO and the FCA can provide the answers. Needless to say the lings and I will continue to work as hard as we can to see a just conclusion to this matter.
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dh1
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Post by dh1 on Jun 21, 2023 9:02:12 GMT
amanda373 - the next substantive update will probably be the BDO 2023 annual report (normally posted here ). Other than that, the criminal court sentencing on 7th July may provide other information (such as the (potential) disposition of frozen funds - this is important as those funds may eventually come our way and could be significant).
I think it unlikely that there will be further distributions for at least 3 months but that is pure guesswork.
Hope that helps at least a little.
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amanda373
Anyone downloaded the full transcript of the Court Session with the FCA. .?
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Post by amanda373 on Jun 22, 2023 15:32:18 GMT
Thanks very much
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