Cabot Financial UK Ltd

[mystery1]

Re: Cabot Financial UK Ltd

http://www.specialistautomotivefinan...-authorisation


This is a three-month calendar window during which a firm must submit their application for authorisation in respect of credit-related regulated activities (see ‘Full or Limited Permission’). The first application period started on 1 October 2014 and the final period ends on 31 March 2016. Any firm which fails to submit its application within its three-month application period will lose its Interim Permission, which will lapse, and the firm will need to submit a fresh application for authorisation. It will not be able to continue carrying out regulated consumer credit activities until such time as its application is approved, which may take some time given the volume of applications the FCA is expected to receive.



Seems on the face of it to explain what happened.

M1

[Nibbler]

Re: Cabot Financial UK Ltd

It's on the company house beta website. Should have linked first of all. For Cabot Financial Limited, which seems to be one layer up in their 'web'?

Filing history: https://beta.companieshouse.gov.uk/c...filing-history

Doc link: https://beta.companieshouse.gov.uk/c...pdf&download=0

08 May 2015 Group of companies' accounts made up to 31 December 2014, so not sure at what exact point in time that really represents their intentions, or whether it's is also the complete picture, as there are 7/8 linked and tiered companies that make their "group" up.

[pt2537]

Re: Cabot Financial UK Ltd

Group of companies' accounts made up to 31 December 2014

[ATTACH=CONFIG]20197[/ATTACH]

Nibbler could you perhaps email me that document please? if you have the complete document that is?

My email is paultilley@howlettclarke.co.uk

[Nibbler]

Re: Cabot Financial UK Ltd

Slightly off-topic, but I notice a mention of the proposed Debt Pre-Action Protocol and how that would impact their ability to issue claims due to the fact they do not hold documents, so it looks like they've all been rushing to issue claims in anticipation of such a protocol being implemented which, as stated on the letter, "may limit our ability to commence proceedings to recover a debt". :mmph:

Yes, I left that on the screenshot as I thought people would find that interesting.

[MIKE770]

Re: Cabot Financial UK Ltd

Group permissions are dead and buried, stop and look at the solicitors industry for an example of that. All solicitors were covered by the group licence but that provision was withdrawn

i cannot see how the rules which have been revoked can be relied upon, it makes no sense.

- - - Updated - - -

exactly, they dont any more.

And of course we have the Appeal Court decision of Hicks which confirms the use of an agent cannot oust the licening rules under the CCA.

- - - Updated - - -

i would say this, there is an appeal on going which raises the question of licensing, i must stress the licence part of the appeal is a new limb as it wasnt argued below, but FCA guidelines do not change the statute, they do not give the Court a right to ignore the will of parliament, and if the FCA was to be given powers of altering the statutes, then parliament would have passed law to allow for this.

The appeal will answer these points soon enough, in the mean time i see no reason why people cannot raise a challenge of illegality in their defences. Look up Ex Turpi on google

Time the Judiciary got off its backside and enforced logic & Regulators Regulate, also stop so called Recorders (District so called Judges) ignoring Legislation regarding CCA1974 and non-enforcement/enforcement of the same, whereby a lot are ignoring quotes from Government Legislation referring and stating oh! it is in the White Book!

[FlamingParrot]

Re: Cabot Financial UK Ltd

Group of companies' accounts made up to 31 December 2014

[ATTACH=CONFIG]20197[/ATTACH]

Slightly off-topic, but I notice a mention of the proposed Debt Pre-Action Protocol and how that would impact their ability to issue claims due to the fact they do not hold documents, so it looks like they've all been rushing to issue claims in anticipation of such a protocol being implemented which, as stated on the letter, "may limit our ability to commence proceedings to recover a debt". :mmph:

It also says that the much-awaited protocol wouldn't be released in April 2015, they may think it could be released in April 2016 so are trying to get in before that, just like Lowell issued SDs before the FCA took over regulation.

As it stands now, the helpful Annexes A and B of the PD Pre-Action Conduct that referred to money claims got removed in April, presumably to make room for a proper Pre-Action Protocol for those claims, yet the Debt Protocol wasn't released, very likely due to pressure from the credit industry.

[pt2537]

Re: Cabot Financial UK Ltd

Group permissions are dead and buried, stop and look at the solicitors industry for an example of that. All solicitors were covered by the group licence but that provision was withdrawn

i cannot see how the rules which have been revoked can be relied upon, it makes no sense.

- - - Updated - - -

The second part of that document shows just how much power undemocratic pressure groups have on legislation.
Because they fear it will reduce their profits they will do everything they can to stop it in its tracks

Do group licences still exist, I thought that they were being phased out

exactly, they dont any more.

And of course we have the Appeal Court decision of Hicks which confirms the use of an agent cannot oust the licening rules under the CCA.

- - - Updated - - -

i would say this, there is an appeal on going which raises the question of licensing, i must stress the licence part of the appeal is a new limb as it wasnt argued below, but FCA guidelines do not change the statute, they do not give the Court a right to ignore the will of parliament, and if the FCA was to be given powers of altering the statutes, then parliament would have passed law to allow for this.

The appeal will answer these points soon enough, in the mean time i see no reason why people cannot raise a challenge of illegality in their defences. Look up Ex Turpi on google

[meellis]

Re: Cabot Financial UK Ltd

This thread is just highlighting the grey areas all of these companies thrive and take advantage in with their operations. When it was questioned about the licences held by a sub prime lender the info given by the OFT was that each separate entity should be licensed for each and every category they operate within. It seems that again the rules and regulations we all interpret as black or white get twisted to suit the situation. As for the last section of that document they are trying to say they can buy and enforce a debt that they cannot prove exists, what tosh.

[Berniethebolt]

Re: Cabot Financial UK Ltd

The second part of that document shows just how much power undemocratic pressure groups have on legislation.
Because they fear it will reduce their profits they will do everything they can to stop it in its tracks

Do group licences still exist, I thought that they were being phased out

[Nibbler]

Re: Cabot Financial UK Ltd

Group of companies' accounts made up to 31 December 2014

[Berniethebolt]

Re: Cabot Financial UK Ltd

Would this be something that the likes of MoneyBox , or Watchdog would be interested in? I am sure Paul Lewis would go for it

[nemesis45]

Re: Cabot Financial UK Ltd

This is what was suggested weeks ago?

Yes.

[MIKE770]

Re: Cabot Financial UK Ltd

This is what was suggested weeks ago?

[nemesis45]

Re: Cabot Financial UK Ltd

When one looks at the new make up and the companies which
are now part of the new Cabot ( Marlin) group of companies and compare
this with other large debt purchase / debt collection groups, e.g.
Lowell, Fredrickson, Interlaken, with "trading styles" for various arms
Connaught, Red etc.
within the organisation all carrying out " authorised" activities
My guess is ( until I get the full view and information from the FCA)
is that Cabot Financial UK Ltd " trades" under a group licence.
nem

[nemesis45]

Re: Cabot Financial UK Ltd

Nem
Disagreements aside I hope your son is ok. If it means anything , many major heart problems are routine these days and people go on to live full and active lives after surgery

Thank you Jon that is much appreciated.

nem