Grass Roots Financial Ltd- Message for Site team

Deazee

GRF Claims, GRF Debt, About My Rights and all other companies that were under the "Debt and Claim" title are about to go under. Having recently been let go from the company on the grounds that there is no longer a job for me since Debt and Claim will no longer be trading. Whilst About My Rights (AMR) is not technically trading under Debt and Claim it was pretty much the same company since I worked for both. I would advice you to tell as many people as you can.

milly88

Thanks Deazee, I have posted this information up on AAD, the links with this company are very deep rooted back to Grassroots and Cartel who as you all know went down owing thousands if not millions.

esmerellda

FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financial Conduct Authority

Category: Consumer, Latest News

FCA Requirement Notice: Debt and Claims Limited
Published: 13/06/2014 Last Modified : 13/06/2014
The FCA placed a requirement on Debt and Claims Limited (Grass Roots (Financial) Limited) which applies to its Consumer Credit Interim Permission.

The requirement is that
a: WITH IMMEDIATE EFFECT all the money Grass Roots holds for clients relating to debt management activities whether deposited with a third party institution or otherwise may not as long as the requirement is in force be released, disposed of, or otherwise dealt with without prior written consent from the Authority
b. WITH IMMEDIATE EFFECT – Grass Roots must cease carrying on any business that involves the carrying on of regulated activities for which it has interim permissions from the authority. For the avoidance of doubt this requirement applies in respect of activities carried on by the firm itself as well as activities that may be carried on by any of its appointed representatives or other agents of the firm.
c: GRASS ROOTS shall WITHIN 7 BUSINESS DAYS of the date of this application notify in writing by first class post or electronically each of its customers and their clients creditors in a form approved by the authority prior to its dispatch that Grass Roots has agreed to a requirement to CEASE ALL ACTIVITIES regulated by the Authority ~INCLUDING DEBT MANAGEMENT BUSINESS.
d: d: Grass Roots shall within 10 business days of the date of this application provide the authority with the client list and the list of clients creditors to whom it has written and provide a copy of the letter
e: Grass Roots shall within 20 business days of the date of this application provide to the authority a credible plan to return the money it is holding for clients relating to debt management activities to those clients as soon as reasonable possible.
Signed by * – 9th June 2014
via FCA Requirement Notice: Debt and Claims Limited – Financial Conduct Authority.

treenie01

We have just had a complaint upheld against Grassroots from the Financial Ombudsman. Does this mean we will not be getting our money back as per their decision?

milly88

treenie01 wrote: »

We have just had a complaint upheld against Grassroots from the Financial Ombudsman. Does this mean we will not be getting our money back as per their decision?

According to Esmeralda's post above they have to have a credible plan to return monies held by Grassroots in relation to debt management activities within 20 days. Please let know what happens?








d: d: Grass Roots shall within 10 business days of the date of this application provide the authority with the client list and the list of clients creditors to whom it has written and provide a copy of the letter
e: Grass Roots shall within 20 business days of the date of this application provide to the authority a credible plan to return the money it is holding for clients relating to debt management activities to those clients as soon as reasonable possible.
Signed by Eric Fairweather – 9th June 2014
via FCA Requirement Notice: Debt and Claims Limited – Financial Conduct Authority.

treenie01

I've forwarded the information to our adjudicator at the ombudsman. hopefully she'll be able to find out more information.

We got our decision on April 23rd so it's already been nearly 2 months as it is so reading this today has obviously upset me.

Aquamania

treenie01 wrote: »

We have just had a complaint upheld against Grassroots from the Financial Ombudsman. Does this mean we will not be getting our money back as per their decision?

treenie01 wrote: »

I've forwarded the information to our adjudicator at the ombudsman. hopefully she'll be able to find out more information.

We got our decision on April 23rd so it's already been nearly 2 months as it is so reading this today has obviously upset me.

:cool:

When did you accept the ombudsman's decision?
What timeframe did the ombudsman then allow for the company to provide restitution in accordance with the decision?

treenie01

We accepted the decision straight away and the company were given until 3rd June to resolve (four weeks)c This didn't happen (we weren't surprised as they've delayed all the way through). They were then given another 2 week and still nothing.

I spoke to the ombudsman yesterday morning (before I knew about this) who had tried to contact them again and had no luck so had emailed and wrote to them again.

It's just frustrating to think after 18 months we may not get anything.

[Deleted User]

treenie01 wrote: »

It's just frustrating to think after 18 months we may not get anything.

I agree it doesn't look promising.

Aquamania

treenie01 wrote: »

We accepted the decision straight away and the company were given until 3rd June to resolve (four weeks)c This didn't happen (we weren't surprised as they've delayed all the way through). They were then given another 2 week and still nothing.

I spoke to the ombudsman yesterday morning (before I knew about this) who had tried to contact them again and had no luck so had emailed and wrote to them again.

It's just frustrating to think after 18 months we may not get anything.

I see you have been back on the phone to the ombudsman and presumably expressed how upset you are in that the comapny has not only failed to comply with the ombudsman's decision in the original timeframe specified, but also failed in the extended period allowed by the ombudsman, and that you have asked the ombudsman what enforcement action they will now be taking to ensure the company abide by the ombudsman's decision.

I would also suggest you complain to the ombudsman for failing to monitor the business in giving you the restitution agreed, especially when they had failed to do so in the originally specified timeframe. As an absolute minimum, I would have expected the ombudsman to have phoned you yesterday at the latest (rather than you phoning them) to ensure you had received the money awarded.

If the ombudsman cannot contact the business by telephone, then alarm bells should be ringing very loudly all around their building, and I fear an email that probably ends up disappearing into the ether is not going to be of any help whatsoever.