Cameron Farley, FSA & Grant Thornton

wantanswers

Quote
Seriously, we all have to learn to take responsibility for our own mistakes because there can't always be someone else around to blame or kiss it better.

Oh I do take responsibility for my mistakes however when they are helped along by a THE PROFESSIONAL REGULATOR (FSA) WHO HAS BEEN IN PLACE FOR 10 YEARS TO PROTECT ME AND OTHERS then I RAISE CONCERNS.

These CONCERNS have been raised with PROFESSIONAL PERSONS.
Just to clarify PROFESSIONAL PEOPLE IN LAW.

Hope that helps.

Reaper

You said previously you were not prepared to accept it was Cameron Farely employees that actioned the disasterous trades without absolute proof, but you are all too willing to make accusations against the FSA without it.

Until more facts are released by the liquidators, FSA or lawyers further discussion seems pointless.

wantanswers

Until more facts are released by the liquidators, FSA or lawyers further discussion seems pointless.

I agree.

Raywolfe, see if the FSA will return it might as well put in your whip round. LOL

FSA quote.
Thank you for the application for authorisation and the cheque for £5,000.

See ya.

wantanswers

Here's one for you IFA's

http://www.citywire.co.uk/personal/-/news/money-property-and-tax/content.aspx?ID=372376&re=7874&ea=235363

Reasonable questions and things to do, but where's mention of the FSA.
Seems you want our money but don't list the main pitfall.

Rollinghome

And here's a few questions for you.

Where did you hear about this character Farley ? Was it from your solicitor or accountant or from a dependable recommendation?

What made you think he could give you a fixed return of 9.25% plus bonus without significant risk when that was twice the return on cash at a reputable bank?

Did you check out his qualifications, how long he'd been in business, and his track-record for investment before you handed him your money?

wantanswers

Where did you hear about this character Farley ? Was it from your solicitor or accountant or from a dependable recommendation?

All.

What made you think he could give you a fixed return of 9.25% plus bonus without significant risk when that was twice the return on cash at a reputable bank?

Accepted the risk, no problem, however totally gob smacked at the way the FSA intervened and have apparently acted.

Did you check out his qualifications, how long he'd been in business, and his track-record for investment before you handed him your money?

Checked as far as I practically could but in fairness the FSA appear to have missed these checks. Ie criminal convictions, failed qualifications and applications etc.

wantanswers

1. How would you describe what you do? This might seem a strange question, but I would like a short explanation of what you describe as your role, as this tells me a lot about you and your firm.
2. What is your experience, and can you put me in touch with people that I can speak to, to ask about their relationship with you over many years? I want to ask your clients about your integrity, your reputation and whether I can trust you.
3. Can I come and see where you work from? I live nearby and would like to see how you operate – I like the idea of seeing my professional adviser in their offices, not on my sofa …
4. What is your typical client – I don’t want to be too big or too small for you to want to/ be able to deal with! After all, I don’t want to be a much loved prospective client but a much ignored ACTUAL client …
5. What are your qualifications, and what about your support? Is it just you, or can I speak to other people when you are busy? However, I don’t want to be just a name, so I’d like to meet those people too.
6. Who do you deal with in the other related professions? I like the idea of having a triangular service of Accountant, Solicitor and IFA – is that something you are happy to do, or do you expect to be in charge all of the time?
7. How do you charge for what you do for me? I don’t mind paying but I DO want to understand it, and for it to be clear now and in the future.
8. How do you provide me with value? What can you do for ME? I am the most important person in my financial life, NOT your other clients.
9. How are you different to everyone else? Really …
10. Do you take an interest in our community, because I do, and I am local too …

Ticked the boxes apart from 10 never thought of that question.

Added one though. FSA Regulation.
Answer yes application in progress.

Rollinghome

wantanswers wrote: »

Where did you hear about this character Farley ? Was it from your solicitor or accountant or from a dependable recommendation?

All

If this ponzi scheme was recommended to you by both your solicitor and your accountant then you seem to be exceptionally unlucky, or gullible, with the people you deal with.

Accepted the risk, no problem,

But now it is a problem? If you understood the near certain risk that a ponzi scheme would eventually be shut down and you would lose your money then you've little to complain about. It seems that all the warning signs meant nothing to you.

Checked as far as I practically could but in fairness the FSA appear to have missed these checks. Ie criminal convictions, failed qualifications and applications etc.

I'm not sure what as 'far as you could' means. This was an obvious scam and you walked into it. If you're determined to be parted from your money you can't expect to be personally nannied every step of the way and then blame everyone else.

wantanswers

Ponzi Scheme?

dunstonh

If this ponzi scheme was recommended to you by both your solicitor and your accountant then you seem to be exceptionally unlucky, or gullible, with the people you deal with.

You may have a case against your solicitor. Solicitors are only allowed to refer to IFAs. They are not allowed to refer to tied agents, multi-tied or unregulated individuals.

If the solicitor really did refer it then they have been negligent.

Ponzi Scheme?

What you invested in.

Checked as far as I practically could but in fairness the FSA appear to have missed these checks. Ie criminal convictions, failed qualifications and applications etc.

Did they have the FSA compliance message on their letterhead?

On their terms of business/initial disclosure documents, did it say that they were regulated by the FSA?

For the last 4 years, the first document an IFA or any authorised adviser gives you would have been a key facts about our services document. The very first point mentions the FSA. Point 5 confirms the company is regulated and the FSA number of the principle.

It is a mandatory document to be issued. Its typically summarised but the summary would cover the fact they the "adviser" is regulated by the FSA. Up until recently, these key facts documents were set in stone as to how you could amend them. The idea was that they would all be the same apart from the company specific details and the options available.

It is not uncommon for tied agents or multi-tied agents to try to make out they are IFAs. If you were committing fraud, you would certainly try to pretend you were an IFA as well. However, unless the person says "I am an IFA" (or chartered financial planner) and issue a document showing their FSA details, then you don't believe them.

I could come to the door and call myself Father Christmas but it doesnt mean I am. This is why these documents exist and why there is a register to verify the details. The register is even referred to on the document issued and there is a telephone number at the FSA to verify the IFA exists.