Companies in Default/FSCS Claims - Picture, London Scottish, Twopart

di3004

busbyh wrote: »

Just doing a little browsing myself on the fscs site. searched for deloitte and came up with this little bit of info


Other activities

QPU is also involved in the delivery of the internal audit programme with Deloitte, FSCS' internal auditors. During the financial year 2007/08 this included audits of our data protection and storage procedures; treasury management, processing of compensation payments and general ledger; manpower planning; case management process flow; the work of QPU; auditing of third party claim handlers (Insurance); and IT project implementation.

It appears FSCS have been using Deloitte for somw time. This was not something I was aware of.

Hi hun

this is very interesting, where did you find this info?:T;)XX

busbyh

di3004 wrote: »

Hi hun

this is very interesting, where did you find this info?:T;)XX

Go on the fscs site and search for deloitte in their search box. It was the first listed
XX

di3004

busbyh wrote: »

Go on the fscs site and search for deloitte in their search box. It was the first listed
XX

lol why did I not think of that :D lol, cheers hun X;)

pinknico

dialysis wrote: »

Thanks for the light reading:jPinknico I am ecstatic about it lol The thing I think is wrong is the bit where the FOS can compensate for distress etc whilst the FSCS dont. I think this is wrong when our claims have been upheld by the FOS in the first place, I hope you understand it isnt our fault that Picture went bust and our complaints have had to be passed on. It makes you slightly suspicious that Picture knew the outcome of all this so they went in liquidation on purpose. :mad: I hope you understand where I am coming from.

I totally understand where you are coming from and can see no reason why these payments for the same claims, but worked on by differerent organisations, are not worked out with the same conclusion eg compensation and 8%.

marshallka

Just found this one too and does this read like you may get the 8% statutory interest too???? Or does it mean any interest paid is taxed? It says its about a change that was made in October 2008....
http://www.ukbudget.co.uk/UKBudget2009/individuals/Budget09-individuals-financial-services-compensation-scheme.cfm

busbyh

marshallka wrote: »

Just found this one too and does this read like you may get the 8% statutory interest too???? Or does it mean any interest paid is taxed? It says its about a change that was made in October 2008....
http://www.ukbudget.co.uk/UKBudget2009/individuals/Budget09-individuals-financial-services-compensation-scheme.cfm

Hi marshallka
I think this refers to savings accounts, where you would have to declare any gross interest paid to the Inland Revenue, in order for them to deduct the tax.
I can't see any interest we are refunded being taxable, as we should not have paid it in the beginning.

We have been busy bees today haven't we

marshallka

busbyh wrote: »

Hi marshallka
I think this refers to savings accounts, where you would have to declare any gross interest paid to the Inland Revenue, in order for them to deduct the tax.
I can't see any interest we are refunded being taxable, as we should not have paid it in the beginning.

We have been busy bees today haven't we

I was thinking it meant perhaps they paid the 8% statutory interest. Just wishful thinking then on my behalf for you.

Thought it was perhaps something new they were doing.

(and I have been a busy bee today too - doing my daughters bedroom out with her)

busbyh

marshallka wrote: »

I was thinking it meant perhaps they paid the 8% statutory interest. Just wishful thinking then on my behalf for you.

Thought it was perhaps something new they were doing.

(and I have been a busy bee today too - doing my daughters bedroom out with her)

I have just read it again and maybe you are right. It all gets very confusing;):D

If the bedroom was anything like my girls used to be I bet it was a mammoth task;)

barloo69

busbyh wrote: »

This is the whole section.

Quality Programme Unit

The Quality Programme Unit (QPU) is the team at FSCS responsible for carrying out independent appraisals aimed at checking and verifying the Scheme's standard of quality and improving its effectiveness through sound internal control.
QPU's main function is to perform quality assurance reviews of work done by the various claims processing teams. This is primarily achieved by reviewing a sample of each team's claims files.
QPU's activities are designed to provide assurance that policies, procedures and rules are being correctly followed and that management decisions are based on accurate information. Each file that is reviewed by QPU is given a quality grading, and any issues noted during the review are discussed with relevant members of staff. If a material error is discovered, steps will be taken to correct it.
Claims Managers, the Chief Executive and the Audit Committee are all provided with regular reports setting out how each of the claims teams is doing.
Other activities

QPU is also involved in the delivery of the internal audit programme with Deloitte, FSCS' internal auditors. During the financial year 2007/08 this included audits of our data protection and storage procedures; treasury management, processing of compensation payments and general ledger; manpower planning; case management process flow; the work of QPU; auditing of third party claim handlers (Insurance); and IT project implementation.

So in a nutshell then. Deloitte are the organisation that performs quality control for the FSCS and picks up their slack when things get too much for them.

Surely this has got to be a good thing for us Picturites. The fact that Deloitte are experienced in dealing with this matters and have done this before for the FSCS suggests to me that they may know what they are doing.

Fingers crossed though, just in case. :rotfl:

dialysis

barloo69 wrote: »

So in a nutshell then. Deloitte are the organisation that performs quality control for the FSCS and picks up their slack when things get too much for them.

Surely this has got to be a good thing for us Picturites. The fact that Deloitte are experienced in dealing with this matters and have done this before for the FSCS suggests to me that they may know what they are doing.

Fingers crossed though, just in case. :rotfl:

Hi barloo thanks for that lets just hope they are quicker than the FSCS