FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financial Co

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

I doubt court will come up with much to be honest, you'll probably get default judgment and they'll be long gone, but depending how much it is worth a go as if they are liquidated you could get on the creditors list (though I suspect there's rather a long list)

How much do they owe you?

[Naptime80]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Not including statutory interest and goodwill compensation about £4000

It's been going on since 2012 and they've been dragging their heels all the way through.

[Naptime80]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia



This was the letter we received (well my husband because apparently I don't exist)

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Ouchy. What's the £4k for? Money you paid in that hadn't been given to creditors?

Has the FOS adjudication been accepted by GrassRoots ?

It might be a plan to get a court claim in asap as I'm pretty sure Angel Advances won't have bought the liabilities along with the client book. I'll have to check the rules on that with FOS adjudications.

What was the complaint regarding?

[Naptime80]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Precisely that. The decision is on the Financial Ombudsman's website.

Grassroots don't have to accept it. It went right through to the full ombudsman's final decision. We accepted it straight away. They should've paid us before the FCA application was signed.

They failed to contact ourselves or the ombudsman at all until the FCA application was released and then tried to use it as an excuse not to pay up.

I'm hoping (although I could be wrong) that as they state they are only selling off the debt management side that the court will rule that as a company (assuming they are keeping their claims side) that they will still have to pay.

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

If it is for the claims side they are still authorised and had conditions imposed in 2010 regarding the use of client accounts

Effective from 25 August 2010

1. Grass Roots (Financial) Ltd will place any client fees paid in advance to the business in an account equivalent to a client account, and treated as such under the requirements of the Client Account Rules 2006. The money placed in that account may then be accessed only at the conclusion of a successful claim, or in the event of issuing a refund.

2. Grass Roots (Financial) Ltd will provide the MCU with an accountant’s report (as defined by the Client Account Rules 2006) every six months.

Do you have a link to the FOS decision on their site?

[Naptime80]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

http://www.ombudsman-decisions.org.u...x?FileID=40196

[Naptime80]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

it's for the debt management side but surely as they are all subsidiaries then it's still the same company

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Thank you for that

''Had they been fully informed I think they would not have agreed to take out the plan, or therefore make payments to Grass Roots that exceed £3,500.''

Yet they still let them continue trading, wonder if they shared the info with the FCA/OFT before they gave them the interim permissions then.

I've attached the pdf as sometimes FOS adjudications come up as aspx files which makes them a pain to open.

[Naptime80]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

As you can see from that, it's been going on for a while.

I'm just starting the Court form online.

[Naptime80]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Have to admit my favourite bit throughout the whole thing was when they offered us £200 after the adjudicator's findings

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

As you can see from that, it's been going on for a while.

I'm just starting the Court form online.

I haven't done a FOS claim for a while but I believe it's an application for enforcement as opposed to a new claim. Let me try find the definitive info if you don't already have it? They used to have some guidance on their site.

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Yes here it is.


for a “money award”
When the ombudsman makes a “money award”, they tell the business to pay a particular amount of money as compensation. The actual amount involved is either specified by the ombudsman directly or calculated by the business following instructions (or a “formula”) given by the ombudsman.

If the ombudsman makes a money award in your case, you or your legal representative can:

• draw the court enforcement office’s attention to section 228(5) of FSMA 2000 which provides that the ombudsman’s decision is final and binding;

• draw the court enforcement office’s attention to paragraph 16 in schedule 17 of FSMA 2000, concerning the enforcement of ombudsman money awards; and

in England and Wales ask the County Court to order that the money award be recovered by execution issued from the County Court as if it were payable under an order of that court

[Naptime80]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

So which court form do I need then?

[Naptime80]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Quick update as I've been going around the houses a bit today.

I went to see citizens advice who showed me where to fill in the court form. Spoke to the ombudsman again today to just double check at when I calculate the interest from. I'm still not sure that I've calculated it correctly though.

I'm writing the Grassroots to inform them that I am applying through the courts for the money to be enforced. I'm not giving them any more notice. Naughty I know but as they've been given plenty of notice to sort this through the ombudsman and myself (I wrote to them personally on 6th June and have had no response) I don't see why I should (also I don't want to risk delaying this any further).

In terms of the interest do I calculate it at 8% divided by 12 (to get the exact months) for each payment as they were obviously made at different times

I'd originally done it at 8% per month but then realised that's wrong (dreams off getting a massive payout dashed lol)