This topic contains 55 replies, has 14 voices, and was last updated by  OwenSwansea 8 months, 3 weeks ago.

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  • #60

    OldBoyReturns
    Keymaster

    The TSC asked the FCA a further short follow up question on Lloyds ECNs at its hearing today. It is at about 13:00:50 at:

    http://www.parliamentlive.tv/Event/Index/59eeb5d2-1add-40ec-83c4-ce0dfd5d3cff

    Andrew Bailey’s reply is evasive and untrue. He says he thinks it is with the Complaints Commissioner whereas in his letter to me a couple of weeks ago he clearly knew the FCA has not even responded to the complaints yet. It is very hard not to be left with the impression that the FCA executive treats the Complaints Scheme, serious complainants and the Complaints Commissioner with contempt.

    Andrew Bailey has not yet replied to my response to his last letter but it is clear from the TSC hearing that he has read it and remembers it. He mentions that the complainant is concerned he is conflicted. No doubt this is because I happened to remind him of some unfortunate minutes of a meeting in April 2013 between him, Sam Woods and Antonio H-O where they discussed the ECNs….

    #414

    Dcplug
    Participant

    Hi Mark,

    FCA  are playing the old game of “kick the can ” until the problem goes away. In the days before social media and the net they must have gotten away with this  many times. Now of coure it is different, as you have proved.

    I have no doubt that Bailey and others ( RBS comes to mind most readily) are being economical with the truth and worse.

    Please keep up the pressure.

    Plug

    #847

    OwenSwansea
    Participant

    We must hope that Jacob Rees-Mogg also keeps up the pressure on Andrew Bailey.

    #848

    OldBoyReturns
    Keymaster

    If the FCA is true to its latest word we should have its response to the various complaints this month. However, I am not holding my breath especially as Andrew Bailey suggested to the TSC last month that it was already with the Complaints Commissioner.  I made four separate complaints against the FSA and FCA on 29 January 2016, 5 February 2016, 18 February 2016 and 22 February 2016. Following a series of errors and delays by the FCA in acknowledging my complaints the FCA chose, against my wishes, to treat all four complaints under a single complaint reference. The FCA assured me that this treatment would not delay resolution of any of the issues I have raised. Then –

    On 25 April 2016 the Senior Complaints Investigator informed me he hoped to issue a final response within 4 weeks. This did not happen.

    On 29 July 2016 the Senior Complaints Investigator informed me he hoped to issue a final response by the end of August, if not sooner. This did not happen.

    On 26 August 2016 the Senior Complaints Investigator informed me he hoped to issue a final response in the week commencing 19 September. This did not happen.

    On 21 September 2016 the Senior Complaints Investigator informed me he would not commit to a date for issuing a final response. He chose to copy his letter to the Complaints Commissioner.

    I am still waiting.

    It will be interesting to see how much the FCA gives us to play with in their response. They know it will end up with the Complaints Commissioner (who is giving them an increasingly hard time) so it will be a bit of a balancing act no doubt.

    At some point the FCA is going to have to come clean over how it enforced the Prospectus Rules. The FCA’s failure to take any meaningful action in respect of clear breaches of the Prospectus Rules is completely unacceptable and leads to unfair outcomes for consumers. The Prospectus Rules are based on the same statutory provisions as those which give rise to liability for damages so the FCA should apply the Prospectus Rules consistently with the statutory provisions in order to protect consumers rather than expect consumers to bring courts proceedings against issuers. The FCA is aware, and has acknowledged, that it is not feasible for individual consumers to bring such actions due to the cost, time and complexity. Failure of the FCA to act leads to unfair outcomes whereby sophisticated institutional investors obtain private confidential settlements from issuers with consumers who are retail investors in the same listed securities get nothing. I have seen this happen numerous times and there is the current live example of the 2008 RBS Rights Issue prospectus where RBS is settling with institutional investors whereas most retail investors are not even part of any group involved in litigation and will get nothing unless the FCA acts to ensure fair outcomes.

    #994

    OwenSwansea
    Participant

    I expect  one can assume that  the FCA have, by now, commenced their Christmas holiday period.

    #995

    OldBoyReturns
    Keymaster

    I expect one can assume that the FCA have, by now, commenced their Christmas holiday period.

    Owenswansea – or maybe not if the following email I received yesterday from Andrew Bailey is accurate …
    From: Andrew Bailey <Andrew.Bailey@fca.org.uk>
    Subject: RE: Letter from Andrew Bailey
    Date: 16 December 2016 10:55:10 GMT
    To: Mark Taber <mark@fixedincomeinvestments.org.uk>

    Dear Mr Taber

    Thank you for your email of 11 October and I apologise for the delay.

    I believe that I have addressed your first and second points in my previous correspondence and therefore do not have anything to add.

    Finally, let me assure you that there is absolutely no interference by the FCA executive in the investigation of your complaints. I expect that it will not be long before you receive a response.

    Yours sincerely

    Andrew Bailey

    #1009

    holts
    Participant

    Another holding e mail arrived

    I write further to my email of 31 October 2016.

    Regrettably, I am not going to be able to complete my investigation into the Lloyds ECN complaints by the end of December as I anticipated in my last email. I appreciate this is not ideal but there have been a number of factors that have meant I have been unable to devote as much time to finishing this off before the end of the year. I am very sorry about this.

    I will issue my response during January 2017 and have made the Complaints Commissioner aware of this.

    #1010

    OldBoyReturns
    Keymaster

    OwenSwansea – Just had the following from the FCA. So it seems your prediction was more accurate than that of Andrew Bailey. I suppose at least the FCA has not managed to bury its response in Xmas !

    From: Complaints Scheme
    Subject: Lloyds ECN
    Date: 19 December 2016 15:27:16 GMT
    To: “mark@fixedincomeinvestments.org.uk”
    Cc: “Complaints Commissioner (ComplaintsCommission@fscc.gov.uk)”

    Dear Mr Taber

    Regrettably, I am not going to be able to complete my investigation into your Lloyds ECN complaints by the end of December as I anticipated in my last email.

    I appreciate this is far from satisfactory but there have been a number of factors that have meant I have been unable to devote as much time to finishing this off before the end of the year. I am very sorry about this.

    I will issue my response during January 2017 and have cc’d the Complaints Commissioner’s office so they are aware.

    Yours sincerely

    Chris Green
    Senior Complaints Investigator
    Complaints Team / Corporate Services

    #1022

    OldBoyReturns
    Keymaster

    I think the FCA’s inexplicable failing here need a good airing so have fired off the following –

    From: Mark Taber [mailto:mark@fixedincomeinvestments.org.uk]
    Sent: 21 December 2016 17:51
    To: Complaints Scheme <complaints@fca.org.uk>
    Cc: Complaints Commissioner <complaintscommission@fscc.gov.uk>; Liz McCracken <treascom@parliament.uk>; REESMOGG, Jacob <jacob.reesmogg.mp@parliament.uk>; george.kerevan.mp@parliament.uk
    Subject: Re: Lloyds ECN
    Dear Mr Green

    Thankyou for your email. The situation is completely unacceptable and no plausible or transparent explanation has been provided by the FCA. On 25 April 2016 you advised me that you hoped to issue a final response within 4 weeks. It is now 7 months later, 4 promised times for response have been missed and still no response has been forthcoming. Furthermore the Chief Executive of the FCA has told the Treasury Select Committee he thinks the complaint is with the Complaints Commissioner ! In these circumstances I can have no confidence that my complaints have been properly and objectively considered nor that the FCA Complaints Team has the resources and access to independent expert assistance to properly investigate serious and complex complaints involving a large number of consumers. Yet the problems the FCA is having operating the Complaints Scheme have not been discussed at any FCA board meeting.

    For completeness below is a summary of the FCA’s handling of my complaints to date:

    i.          I made four separate complaints against the FSA and FCA on 29 January 2016, 5 February 2016, 18 February 2016 and 22 February 2016. Following a series of errors and delays by the FCA in acknowledging my complaints the FCA chose, against my wishes, to treat all four complaints under a single complaint reference. The FCA assured me that this treatment would not delay resolution of any of the issues I have raised.

    ii.         On 25 April 2016 the Senior Complaints Investigator informed me he hoped to issue a final response within 4 weeks. This did not happen.

    iii.        On 29 July 2016 the Senior Complaints Investigator informed me he hoped to issue a final response by the end of August, if not sooner. This did not happen.

    iv.        On 26 August 2016 the Senior Complaints Investigator informed me he hoped to issue a final response in the week commencing 19 September. This did not happen.

    v.         On 21 September 2016 the Senior Complaints Investigator informed me he would not commit to a date for issuing a final response. He chose to copy his letter to the Complaints Commissioner.

    vi.        On 31 October 2016 the Senior Complaints Investigator informed he he was on course to send a response during December at the latest. This did not happen.

    vii.       On 8 November 2016 George Kerevan MP asked Andrew Bailey (CEO of the FCA) about the status of complaints concerning the ECN prospectus during a Treasury Select Committee evidence session. Mr Bailey gave the following response –

    I have a feeling that that is still possibly with the Complaints Commissioner but let me come back to you on that one as well. I also just have to declare an interest there because, in my PRA context, I was involved in that case.

    viii.      On 19 Dec 2016 the Senior Complaints Investigator informed me he would not be able to issue a response during December and would do so in January 2017.

    I am copying this email to to the Complaints Commissioner and Andrew Tyrie MP, Jacob Rees-Mogg MP and George Kerevan MP of the Treasury Select Committee for their information and invite you to provide them with an honest and full explanation of what has happened here.

    Kind regards

    Mark Taber

    cc:       Antony Townsend – Complaints Commissioner
    Andrew Tyrie MP – Chair Treasury Select Committee
    Jacob Rees-Mogg MP
    George Kerevan MP

    #1024

    OwenSwansea
    Participant

    Well done Mark, and thank you for your efforts. Dealing with the FCA must be like trying to nail jelly to the wall!

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