NI Presbyterian mutual society, Short of funds for withdrawal?

warmhands.coldheart

Newsletter Article was published on 10 April 2009 By Sam McBride

try [EMAIL="sam.mcbride@jpress.co.uk"]sam.mcbride@jpress.co.uk[/EMAIL] (Made this up based on other contact details of other people at the newsletter)

failing that Editorial is
[EMAIL="darwin.templeton@jpress.co.uk"]darwin.templeton@jpress.co.uk[/EMAIL]

freddiemae

crazymess wrote: »

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Presbyterian Mutual Society






9 April 2009
Investigation
The FSA's normal practice is neither to confirm nor deny that we are investigating a particular firm or individual. However, in the light of the information already in the public domain about the FSA's involvement and the public interest in this case, the FSA can confirm that it has investigated the activities of Presbyterian Mutual Society (PMS), now in administration, to consider if it was conducting regulated activities without the necessary authorisation or exemption.
We have concluded our investigation and have decided that it was conducting regulated activities without the necessary authorisation or exemption. However, on the basis of the information currently available to us, and applying the criteria in the Code for Crown Prosecutors, we have decided that it would not be right for us to take a case against any of those involved in running the PMS. However, we remain in touch with the administrator and, if further information comes to light relating to the issues we have investigated, we will look into it.



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© Financial Services Authority | Page last updated 16/04/09



Can anyone understand what this is saying?

I would advise you to save a copy of this document to your hard disk and also to print it out from the original site. This is a most important piece of evidence to take to court to get your money back and files can get changed over time. Although there was insufficient evidence for the FSA to prosecute
this does not mean there is not sufficient evidence for a civil case of recovery of lost monies,

Nomad25

conducting regulated activities without the necessary authorisation or exemption.

Correct me if I am wrong, but surely this is saying they were acting beyond directorial mandates/responsibilities and if the FSA have concluded and proven this .. and put it in writing in the public domain, it then provides the irrefutable basis of personal litigation against any directors for mismanagement [can't remember the correct term], what they are supposedly have ther director's insurance for.

Nomad25

Freddiemae -x'd posts, but I think we are of the same opinion.

does not mean there is not sufficient evidence for a civil case of recovery of lost

joylikes2shop

'' anybody has the email address of the main journalist dealing with this at the Newsletter (I'm too lazy to search back through posts to find it), it would be a good idea to email and ask if the omission was a journalistic/sub-editing decision or if the text had been pre-edited for an FSA press release.''

I managed to get in touch with the journalist concerned (I've defo too much time on my hands )...he said

''we will have an article on it in the morning''

:j

freddiemae

joylikes2shop wrote: »

'' anybody has the email address of the main journalist dealing with this at the Newsletter (I'm too lazy to search back through posts to find it), it would be a good idea to email and ask if the omission was a journalistic/sub-editing decision or if the text had been pre-edited for an FSA press release.''

I managed to get in touch with the journalist concerned (I've defo too much time on my hands )...he said

''we will have an article on it in the morning''

:j

Good . There should be no stone unturned in your search for the truth of this matter and getting justice for the savers.

crazymess

Sorry - after the find - I got very busy - school runs, haircuts etc!!!


Seems to be an editing mistake!!!

sickasaparrot

The lobby group has asked that Vince Cable's name be added for emailing.

He is the Deputy Leader of the Liberal Democrats and their Shadow Chancellor.

He has already raised the PMS issue in Parliament.


Email address: [EMAIL="cablev&#64;parliament.uk"]cablev@parliament.uk[/EMAIL]

D.A.

Looks like crazymess has found the smoking gun (good work!). As others have said, it seems slightly strange that the Newsletter article leaves out the most incriminating part, particularly when it looks like the FSA didn't release a separate press release (the document which crazymess found is in the Statements section of the FSA site, there is nothing in the Press Releases section). Hopefully the Newsletter article in the morning will clarify things.

The question is: where does this leave the Government now? Can they step in to bail out an institution where it has been shown that said institution was being run on the edge of legality (to use the mildest form of words possible)?

If not, the only option open to investors surely has to be to take the Directors through the civil courts, which would not be entirely edifying (not that this whole mess has been particularly edifying to begin with...).

One thing I pray that PCI will learn from this debacle: that they MUST start to be more careful with people's hard-earned money and must remember that any money given to PCI is given as a *gift* and must be treated with respect. They must also become much more accountable as to how money given to them is spent (I have seen at close quarters how it would have been possible to get a large amount of cash out of PCI and completely misuse it). And finally, they MUST learn that putting ministers in charge of things for which they are neither qualified nor experienced is just a recipe for disaster!

(EDIT: the above recognises of course that PCI and the PMS were completely unconnected ;-) )

sickasaparrot

The lobby group has asked that the following be contacted. They are all Conservative MPs with either a Northern Ireland connection or have held a financial post in Government.

Crispin Blunt - Shadow Minister for NI‘01 [EMAIL="crispinbluntmp&#64;parliament.uk"]crispinbluntmp@parliament.uk[/EMAIL]

Michael Howard - Ex Leader of Conservatives [EMAIL="howardm&#64;parliament.uk"]howardm@parliament.uk[/EMAIL]

Peter Lilley - Shadow chancellor ’97 [EMAIL="feedback&#64;peterlilley.co.uk"]feedback@peterlilley.co.uk[/EMAIL]

Michael Mates - NI Committee ’74-’79 [EMAIL="michael&#64;easthantsconservatives.com"]michael@easthantsconservatives.com[/EMAIL]

John Redwood since ’05 – Chairman of Conservative Economic Group [EMAIL="redwoodj&#64;parliament.uk"]redwoodj@parliament.uk[/EMAIL]



Sir Malcolm Rifkind QC - [EMAIL="1acms&#64;kcfc.org.uk"]1acms@kcfc.org.uk[/EMAIL]

Sir Michael Spicer - ExTreasury Committee [EMAIL="office&#64;wwca.org.uk"]office@wwca.org.uk[/EMAIL]


Sir John Stanley - Sec. Of State NI ’87
Letter to House of Commons
London
SW1A 0AA