Dot ComUnity Credit Union - ISA

Steve_xx

Steve3S13 wrote: »

I have posted once again on their facebook page asking then to answer to this thread

I'm surprised there isn't more activity on this. I'd be inclined to phone them if I had anything with them in order to try and get a handle on what's going on.

darren72

Have you seen their Facebook update from yesterday ? - The spelling and grammar is so poor it doesn't exactly give a professional impression.

"IF your saving, we would love to know why!?
If your not saving, what's stropping you?"

Steve_xx

darren72 wrote: »

Have you seen their Facebook update from yesterday ? - The spelling and grammar is so poor it doesn't exactly give a professional impression.

"IF your saving, we would love to know why!?
If your not saving, what's stropping you?"

You have to wonder that given all of the advice they've had on here that the least they could do would be to take advantage of a spell-checker.

Steve3S13

I'm going to post there every day until they reply to us

colsten

May be someone could try emailing Richard Nichols? Google suggests his email address might be richard@dotcomunity.org.uk

darren72

I've had the following reply from the FSA, although it doesn't really tell us anything new.

---

Thank you for your web form dated 24 February 2015. I appreciate your concerns and understand why you have contacted the Financial Conduct Authority (FCA).

Credit unions are regulated by both the FCA and the Prudential Regulation Authority (PRA).

The following Deposit taking requirement was imposed by the PRA onto Enterprise The Business Credit Union Limited.

With the exception of being able to continue to operate the managed accounts:

1. EBCU must not engage in its regulated activity of accepting deposits.

2. EBCU must not:

(i) make new loans, or make further advances in relation to, or otherwise vary the terms of, any existing loans;

(ii) redeem any member's shares;
(iii) repay any deposits;
(iv) effect any share to loan transfers, or
(v) without the written consent of the PRA, make any payment, or otherwise dispose of, deal with or diminish the value of any of its assets, except the payment of expenses incurred in the ordinary course of EBCU
business (by payment from any of its bank accounts or otherwise).

3. EBCU must within 14 days of the effective date:

(i) notify in writing all members of EBCU that it is no longer permitted to carry on accepting deposits and is subject to other restrictions placed upon it by the PRA; and

(ii) provide the PRA with a copy of the written notice sent to all members for its regulated activity pursuant to (i) above, together with a list of all members to whom the notice has been sent.

All queries relating to this matter needs to be directed at the credit union. You confirm the information they are providing is lacking. In this case I would guide you to seek input from the PRA as they are the lead regulator of credit unions.

Unfortunately, we will not be in a position to make any further comments.

Thank you again for taking the time to contact the FCA. I understand this is not the response you where hoping for. I trust I have explained your next steps.

Kind regards

---

Steve_xx

Clause 2(iii) means that DotCom could not allow you to withdraw your money even if they were prepared to allow you to. At least, that's how it reads to me??

If that is the case then until you see a further statement from the FSA then you may be unable to withdraw your ISA.

darren72

Steve_xx wrote: »

Clause 2(iii) means that DotCom could not allow you to withdraw your money even if they were prepared to allow you to. At least, that's how it reads to me??

That's what I read it as too. No wonder DCU are keeping quiet...

Steve_xx

darren72 wrote: »

That's what I read it as too. No wonder DCU are keeping quiet...

There isn't anything to keep quiet about really because the facts of what they can and cannot do are published.

They are certainly doing themselves no favours by not responding to posts on here. And, once the bar is removed you can imagine that every man and his dog will want to move their money out of there.

FOREVER21

Dear Mr xxxxx
Please accept sincere apologies that nothing further has been
provided - as a result of meetings held in London and in Bournemouth, it is
expected that a detailed statement will be released.

I would like to reassure
you that your Deposits are FULLY protected under the FSCS scheme.

DotComUnity Centres, PO Box 9042, Enterprise
House, 21 Oxford Road, Bournemouth, BH1 9YZ.




Above message received today after asking when the restrictions will be lifted, NOTE NO TIMESCALE FOR THE DETAILED STATEMENT!