Letter to the FCA from Chris Williamson MP re Compass Debt Counsellors situation

[Amethyst]

[EXC]

Re: Letter to the FCA from Chris Williamson MP re Compass Debt Counsellors situation

Excellent.

[Debt Camel]

Re: Letter to the FCA from Chris Williamson MP re Compass Debt Counsellors situation

anyone any idea what "the £5bn [surely a misprint for £5mn] set aside in the compensation scheme for matters such as this" refers to?

[Amethyst]

Re: Letter to the FCA from Chris Williamson MP re Compass Debt Counsellors situation

I believe he's referring to the FSCS - so is the £5bn the entire FSCS fund ?

( I believe he's arguing FSCS SHOULD compensate on failed consumer credit firms as it currently doesn't ( in this case as they are basically 'savings'/deposits) - not sure if he's arguing for a full on change or a special exemption because of the OFT/FCA failings in these specific cases --- not sure if that is it, as he doesn't say it very clearly if it is - or if there's some mystery other fund )

[Debt Camel]

Re: Letter to the FCA from Chris Williamson MP re Compass Debt Counsellors situation

I can't imagine him winning that argument.

[Amethyst]

Re: Letter to the FCA from Chris Williamson MP re Compass Debt Counsellors situation

Here are the relevant changes to the FSCS to encompass client money at Debt Management Companies.

http://legalbeagles.info/forums/show...l=1#post763330


The meeting on Wednesday is to try and raise awareness and ask the gov't to consider making the compensation retrospective to cover those firms that buggered up between OFT & FCA regulation.

The lobby event is this Wednesday, Room Q, Portcullis House from 4pm. Call your MP and get them to attend! Send them the briefing below! We've made lots of progress, let's get everyone compensation!![

(just if anyone fancies attending )

[Amethyst]

Update from Chris Williamson

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[Amethyst]

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