taffy
Posts: 148
Likes: 360
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Post by taffy on Apr 20, 2023 12:38:36 GMT
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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
Posts: 11,330 
Likes: 11,549
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Post by ilmoro on Apr 20, 2023 12:54:48 GMT
Unlikely. Compensation is coming from the proceeds of the firm responsible for administering the fund ... no equivalent in relation to P2P. The precedent already exists as FCA has created compensation schemes previously where there is someone to blame eg Connaught investors got compensation from Capita & Blue Gate Capital, but they have to have cash to payout. Not an option when it comes to Lendy et al
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jhamster
Member of DD Central
Posts: 107
Likes: 145
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Post by jhamster on Apr 24, 2023 20:36:52 GMT
HAHAHAHA! You're having a laugh, right?
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taffy
Posts: 148
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Post by taffy on Apr 25, 2023 10:27:26 GMT
A bit tong in cheek perhaps, not really a laughing matter. It seems inherently wrong that a taxpayer funded department responsible for authorising and subsequent regulating business seem to deny any responsibility when they are undoubtedly negligent in their tasks. I wonder how many people would have invested in these failed Innovative Finance ventures if they were not approved by the FCA given it would be near impossible to carry out ant due diligence.
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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
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Apr 25, 2023 12:02:09 GMT
A bit tong in cheek perhaps, not really a laughing matter. It seems inherently wrong that a taxpayer funded department responsible for authorising and subsequent regulating business seem to deny any responsibility when they are undoubtedly negligent in their tasks. I wonder how many people would have invested in these failed Innovative Finance ventures if they were not approved by the FCA given it would be near impossible to carry out ant due diligence. Not tax payer funded ... funded by financial companies.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Apr 25, 2023 12:55:33 GMT
"Not tax payer funded ... funded by financial companies."
Explains why the FCA spends inordinate amounts of time and money running around simply covering their derriere, whilst denying any and all culpability, particularly when they are 100% bleedin' obviously the cause of many financial catastrophes.
Will MPs and the Teasury Committee take note, and actually DO something?
Don't hold yer breath, they've had decades of mounting, incontrovertible evidence to act and sort out the FCA, especially under Failey Bailey, and still choose to do ................ nothing.
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Post by rooster on Apr 25, 2023 21:25:12 GMT
A bit tong in cheek perhaps, not really a laughing matter. It seems inherently wrong that a taxpayer funded department responsible for authorising and subsequent regulating business seem to deny any responsibility when they are undoubtedly negligent in their tasks. I wonder how many people would have invested in these failed Innovative Finance ventures if they were not approved by the FCA given it would be near impossible to carry out ant due diligence. I for one wouldn't have. I was duped into thinking that the ' Financial Conduct Authority' had authority over the financial conduct of Lendy. If nothing more, the FCA should at least rename themselves to something far less purposeful and far more ambiguous.
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