Dot ComUnity Credit Union - ISA

MARTYM8`

Archi_Bald wrote: »

Meanwhile, they are are begging to be voted "Business with a Heart".

They would get my vote for the "Business with a Heart Failure" award.

I also liked this tweet as well.

“Hundreds more people considered to be "too poor to go bankrupt" will be able to use a system of personal insolvency.”

Figures crossed they get on OK with the regulators on Friday – but has anyone factored in the potential impact of any mass outflow of ISA funds on 5 May?

FOREVER21

Bhamstudent wrote: »

Just as a quick update as promised - I spoke to Neil (their compliance manager) yesterday. He said that there was another meeting with the PRA this Friday and that their legal team were very hopeful that it would be business as usual following this meeting. He has promised to give me a call back following the meeting, so I'll update again on here once I've heard from him. He seemed happy to speak and said he had spoken to other members - so it may be worth giving them a call if you want to hear/ask things directly.

At least this Neil is telling the same story as I was told by him last week.

My concern is that presumably, their legal team must had thought that they had done enough to satisfy the regulators before the last meeting, which was clearly not the case.But hopefully they will be better prepared this time!

Steve3S13

still no letter received here only the brochure

Ed-1

Steve3S13 wrote: »

still no letter received here only the brochure

I haven't received a letter or a brochure...

Archi_Bald

No letter for me either.

MARTYM8`

Archi_Bald wrote: »

No letter for me either.

I have had the letter - but no brochure still.:j

Even if they can't be bothered to send a letter to all members - they should at least refer to the issues on their brand new website.

It also doesn't inspire confidence in the accuracy of their membership records that some mailings/emails are issued to some members but not all- which is a concern if the FSCS compensation scheme ever comes into play.

someone

MARTYM8` wrote: »

I have had the letter - but no brochure still.:j

Even if they can't be bothered to send a letter to all members - they should at least refer to the issues on their brand new website.

It also doesn't inspire confidence in the accuracy of their membership records that some mailings/emails are issued to some members but not all- which is a concern if the FSCS compensation scheme ever comes into play.

I've had nothing in the post since we got our statement and letter (the one that says you will see the dividend on your statement but there was no dividend).

No brochure, no letter. If the letter is to meet a regulators requirements them they may be in breach.

Bhamstudent

Good news. Phone call this evening from Neil - the PRA have agreed to the proposal from DCU and the restrictions will either be lifted on Wednesday next week or at the worst a date for them being removed will be confirmed on Wednesday.

FOREVER21

Bhamstudent wrote: »

Good news. Phone call this evening from Neil - the PRA have agreed to the proposal from DCU and the restrictions will either be lifted on Wednesday next week or at the worst a date for them being removed will be confirmed on Wednesday.

Thanks for the update, good news indeed if thePRA have in fact lifted the restrictions.

My only concern rests with your final few words, the date for lifting the restrictions could be any time to suit DCU, 2016 perhaps! Meaning we all have to renew our membership fees again in April and increase our subscription to the share account to £10.

I hope the news on Wednesday proves me wrong.

masonic

FOREVER21 wrote: »

My only concern rests with your final few words, the date for lifting the restrictions could be any time to suit DCU, 2016 perhaps! Meaning we all have to renew our membership fees again in April and increase our subscription to the share account to £10.

I was wondering the same thing. If true, why wouldn't the decision from the PRA be effective immediately. Perhaps it was an informal decision with formal confirmation to follow. Perhaps the decision was made subject to certain aspects of the proposal being implemented.

Either way, there should be no reason for anyone who doesn't want to remain a member to pay any more dues. Just get your transfer forms in as if nothing has happened, and pursue a complaint if you get into any difficulties over delays and continued membership.