ozboy
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Post by ozboy on Jul 22, 2023 20:03:54 GMT
Nothing is perfect and the FCA does have an extensive remit. Many investors continue to express concern over what has transpired re Collateral. The response from the FCA has, as is to be expected, been to provide a factual account without admitting remiss and smoothing over any awkward matters. The FCA is accountable to Treasury and through them to Parliament. The FCA will become concerned if constituency MPs start asking awkward questions. I would happily bet my house, and my mother, that all the FULL, unredacted and unexpurgated facts surrounding Collateral have not yet come out The FCA has a massive and vested interest in keeping much of what went on under wraps, never to be revealed. It's called "Self preservation and sod the Consumers."Scandal wouldn't even begin to describe it. The bad joke is, that if the FCA themselves were a firm under FCA Regulation, they'd have been summarily shut down a decade ago!
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ozboy
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Post by ozboy on Jul 22, 2023 18:13:28 GMT
I'd be a lot more worried if I was him, about Taylor Swift's revenge, she's a VERY powerful woman in the music biz......hell hath no fury? 
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ozboy
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Post by ozboy on Jul 22, 2023 17:23:15 GMT
If staff at the FCA acted inappropriately and in a dilatory manner who is going to bring them to book? Lawyers can be engaged and failed investors invited to provide funding. All very expensive, bureaucratic, time-consuming and requiring organising. Also until administration/liquidation is completed all investor losses are not crystallised. Has anyone any suggestions? Seems to me some sort of class action on a no win no fee might be a way forward. You can't do ANYTHING, the FCA are completely 100% immune by virtue of the way they were set up. What else would encourage and allow such gross incompetence and arrogance to continue not only festering, but actually thriving? They can't be sued, nothing, and they know it, notice the smug look on the faces of all the Senior Execs and Board whenever they're "grilled". I believe that the FCA people at the coal faces are decent enough, but the rot soon starts at the lower levels of their "Management" right up to The Rotten Head. The FCA is supposed to be beholding to The Treasury Committee, but don't expect much remedial action from there either. I'm sure duck will correct me if I have got anything wrong. Welcome to The System, the same one that protects the cosy & highly lucrative "practices" of the Insolvency Practitioners, RICS, etc, etc, all One Big Club with NO-ONE willing to step up and upset the apple cart and address the VERY obvious Flaws & Failings of The System. .
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ozboy
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Post by ozboy on Jul 21, 2023 12:36:17 GMT
Hi l read you are Scottish taxpayer the 40 % limit is less than UK. However you do benefit or perhaps you or family will benefit in the future from free care at home up to 20k a year and uni fees up to 9k a year. (both nons means tested per person) Also the wide impact Scottish Government has on poorer people with 25 a week new extra Scottish child benefit payments ( no 2 child limit) praised for cutting child poverty , free under 22 over 60 bus passes and free prescriptions etc as well as lower council tax and water in public ownership lower bills as meters banned. I guess what you are saying is if you are low or no income go to Scotland, works well when it is taxes raised in England which are paying for this, these polices work well until you run out of other people’s money, perhaps another reason to leave the UK. In my case the reasons for relocating are 1. Crippling taxation. 2. Poor Healthcare. 3. Crime and very poor policing. 4. General anti business agenda so UK will be in managed decline for the foreseeable future. 5. No confidence in either of the 2 main political parties will address the issues facing the UK so IMO will just get worse.6. Weather. 7. Poor roads and Railways, big effort to go anywhere now. Although taxation is at the top of my list other reasons are important especially Healthcare and crime. In Gibraltar average wait time in A&E less than 20 minutes, in the last year myself and my partner (professional carer so sometimes has to take people to A&E) experience is 8 to 12 hours. I can fly to Gibraltar get seen in A&E, fly home and have time for a light snack and a cup of tea before being seen in my local A&E. Absolutely BANG ON, and not just the " the 2 main political parties", they are ALL shite.
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ozboy
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Post by ozboy on Jul 21, 2023 12:30:14 GMT
Wottasurprise!
Large firms see ‘notable drop in trust’ of FCA over past yearBy Michael Klimes 20th July 2023 4:05 pm There has been a “notable drop in trust” among large regulated firms towards the regulator over the past 12 months. An annual survey that asks regulated firms to assess the Financial Conduct Authority’s work was published today (20 July). The FCA and Practitioner Panel 2022/23 survey said big firms that have an individual supervisor have become more wary of the regulator. These companies referred to as ‘fixed firms’ replied they were twice as likely to say that their trust in the FCA had decreased in this survey compared with the previous one. In numeric terms that is 22% in 2022-23 compared with 11% in 2021 while attitudes towards supervisors have “deteriorated somewhat” over the last 12 months. The proportion of fixed firms saying that they now trusted the FCA more than they did 12 months ago was largely unchanged since 2021. The trend among ‘flexible firms’ (smaller firms with no individual supervisor) was less marked, with similar levels of trust compared to 2021. In both years around one in 10 flexible firms said their trust in the FCA had increased in the last 12 months. This was balanced by a similar proportion saying their trust had decreased in the same period. Flexible firms constitute the majority of respondents (99%) in the survey. Firms were also asked how effective the FCA had been in communicating the proposed approach to implementing the Consumer Duty. It was seen as effective by more than three-quarters of fixed firms (78%), with fewer than one in five firms feeling the communication was not effective (17%). Flexible firms had an almost identical response, with more than three-quarters of flexible firms rating communication as effective (78%). This was compared with 15% who felt it had not been effective date. Firms with appointed representatives (ARs) were asked how firms in their sector had changed the way they oversee ARs due to FCA actions in the last 12 months. Only 1% of firms said that oversight of ARs in their sector had decreased in the previous 12 months, with three in 10 (30%) saying it had stayed the same. However, the majority of firms (56%) reported an increase in oversight in the last 12 months. The regulator also published figures on the problem firms it has cracked down on. In the past year it stopped 627 firms, that failed to meet the minimum standards, from operating. This is up 30% from the previous year, illustrating the FCA’s determination to enforce high standards in the financial services sector. FCA chair Ashley Alder said: “Maintaining high standards is key to supporting growth. We are helping firms test their innovative products, guiding firms through the authorisation process and are supporting a range of supply and demand-side market reforms. “On the 31 July, the new Consumer Duty will raise the bar for retail financial services and place good consumer outcomes at the heart of everything they do.” By Michael Klimes 20th July 2023 4:05 pm SOURCE: www.moneymarketing.co.uk/news/large-firms-see-notable-drop-in-trust-of-fca-over-past-year/?eea=*EEA*&eea=SkM1WW9ONVFEMndQbXNSK202M0EwWmRKQThTMmpJNlpYcy9JbnZBYkdjMD0%3D&deliveryName=DM159506
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ozboy
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Post by ozboy on Jul 19, 2023 20:47:58 GMT
I think the answer is yes, but if I bung money into a cash ISA can I subsequently shift it to a S&S ISA later? Yes. It's a common move by the savvy.
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ozboy
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Post by ozboy on Jul 18, 2023 15:57:11 GMT
andrew bailey really does need to be replaced.but he really is helping the financial sector and banks make huge profits off the back of higher interest rates with very little being passed onto savers/those who can afford to save something/anything.he just seems to follow the fed and hope for the best. he should not be in charge of the school tuck shop never mind causing misery/stress and hard ship for millions of ordinary working class people.gina miller had him worked out a long time ago.maybe a petition to remove him would easily get the 100k required for people to be listened to. And Gina Miller to organise the Petition to have The Ignorant & Arrogant Oaf removed?
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ozboy
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Post by ozboy on Jul 15, 2023 23:32:34 GMT
The FCA do of course have a statutory duty to maintain an accurate register but without a flagging system in place no way to see when important changes had been made. As the trial showed there is a log of all changes made (and by whom) but if this isn't looked at until after the event it is worthless. If it wasn't so serious, the lack of controls would have been laughable. As was said in the trial words to the effect of 'the car window was left open and somebody reached inside'. And yet they appear to be blaming this on the Curries - no mention of their laughable controls. In December 2015 Peter Currie, a Collateral director, swapped the details of a separate company he had agreed to sell - Regal Pawnbrokers Ltd - for the details of Collateral on the FCA’s public Register.FCA, in full ar$e covering, "We did nothing wrong" mode, love to put it about that Peter Currie "sophisticatedly" "hacked" into their system. No he didn't. He simply logged into his account as per normal, and just nonchalantly changed the details. It was THAT easy. And £Millions were subsequently lost by innocent people because of a Grossly Incompetent and Lax FCA.
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ozboy
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Post by ozboy on Jul 14, 2023 13:44:01 GMT
Following guilty verdicts the former directors of the failed P2P firm Collateral have been given custodial sentences at Southwark Crown Court. Peter Currie has been jailed for 5 1/2 years Andrew Currie jailed for 2 1/2 years Both disqualified as directors for 10 years. More info when we get it near long enough. PC will be out in less than 2 years and AC in about 1. Disqualified for 10 years is a joke, should obviously be for life. Funding Secure next, come on FCA.
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ozboy
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Post by ozboy on Jul 12, 2023 20:16:00 GMT
which loans did jc starr think their money went into ?i hope it was the same huge loss loans that the rest of us got conned into funding.they were took in and shafted just like the rest of us.quistclose trust,bercley applegate,suspence accounts and all the rest of the cr*p.the admins should just open the flood gates and distribute whatever they are holding of lenders funds and stop all this faffing around because some ar*ehole lost a lot of money and is throwing the rattle out of the pram. The point is it shouldnt have gone into any loans ... thats the whole point of the QT ... the money was lent for a specific purpose, it wasnt used for that purpose so it should still be in the client account. Had the QT money not been used, the loans wouldnt have filled so lenders wouldnt have been shafted either, or more shafted but in less loans. Fraud then?
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ozboy
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Post by ozboy on Jul 11, 2023 15:41:37 GMT
i reckon thats the one they all made a complete bolls of with build outs and sub standard work.developer with 20 years experience.how was everything allowed to go so wrong with so many of these loans. Serious, Gross Incompetency by the Directors of MoneyThing. They lacked the most basic business skills and didn't have a clue.
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ozboy
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Post by ozboy on Jul 10, 2023 19:02:16 GMT
Need to build more prisons if there are not enough spaces. Or perhaps address the actual problems... The issue isn't we're not locking enough people up, because of lack of space. The issue is that there's no space because we're locking too many up. Why are there so many more inside here than Germany?Because it's nowhere near a valid comparison, SO many differing variables between the two countries, you're comparing a banana with a doughnut. I'm surprised at your "logic" adrianc Or lack of it ......
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ozboy
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Post by ozboy on Jul 8, 2023 9:52:06 GMT
As I have noted in previous posts the position of the chattels loans and their exact status is grim and uncertain. Naturally investors who were in these loans are very concerned and when you look at the figures there are some very large ‘discrepancies’. As the BDO report released yesterday says “ As set out in our previous reports, all known chattel assets securing the chattel loan book had been collected by our agents, following the borrowers’ refusal to settle the outstanding amounts due.
We have previously advised that there are significant discrepancies between the book value of these assets in the Companies’ records and the estimated values provided by the independent agents engaged by the Joint Liquidators. We have also previously advised that the directors had been unable satisfactorily to explain these discrepancies.
We instructed our agents to place the chattel assets which have been collected from borrowers into auction. The majority of the chattel assets were sold and the total amount realised was c£125,000.
A small number of the chattel assets remained unsold as the reserve prices for these chattels were not met at the auction, and we am liaising with our agents to complete the sale of the remaining assets.
Once that has been completed, a detailed breakdown of the amounts realised in respect of each chattel loan will be circulated.
We have also continued our investigations in relation to potential additional chattel loans which had not been disclosed at the outset of the preceding Administrations. This is another matter that the directors were asked to clarify (they having been formally interviewed by the Joint Liquidators under s236 of the Act), but they have been unable to provide any further assistance.
Our investigations and enquiries in relation to this matter are ongoing, however, it appears unlikely that any of these potential loans will be recovered.”
So what do we know? BDO have previously stated (previous report) that the ‘value’ (valuations are suspect as shown in the quote) of the loans it has identified were approx £1.67m. Other reports omit giving figures. When the platform closed the data shows that the chattels were valued at approx £2.85m (provable with data extracted just before closure). This information was passed to BDO early on in their work. So there is almost certainly a discrepancy of approx £1.18m between investor schedules and the loans identified by BDO. The brothers have been interviewed and have been unable to give assistance(!). So what we have is a situation where nearly half the chattel loans have not been recognised and the other half (£1.67m) sold off for c£125K. The FCA are unable and unwilling to disclose if investigations into the chattel loans are ongoing but I have established that so far (FOI dated a couple of weeks ago) that the police have not been involved.Police damned well need to be involved, and yesterday at that. We know the "Fraud Hotline" is a waste of space, all they do is "record", what they actually DO is FA.
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ozboy
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Post by ozboy on Jul 2, 2023 19:59:50 GMT
" Her view of a low traffic neighbourhood is correct and no dissent shall be tolerated"Not a Lefty Woke then? 
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ozboy
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Post by ozboy on Jun 29, 2023 20:42:56 GMT
So, basically, a crystal clear case of Fraud has been committed?
If so, where are the Police and FCA in this?
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