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Dot ComUnity Credit Union - ISA

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15960626465130

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  • Bhamstudent
    Bhamstudent Posts: 483 Forumite
    Part of the Furniture Combo Breaker
    Not yet - but every previous call from Neil has been late in the day...
  • ajdj
    ajdj Posts: 567 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    My partner emailed today and received a response to say there is to be another meeting on Friday and they are hopeful the 'voluntary' restrictions will be removed.
  • MARTYM8`
    MARTYM8` Posts: 1,212 Forumite
    Eighth Anniversary 1,000 Posts
    ajdj wrote: »
    My partner emailed today and received a response to say there is to be another meeting on Friday and they are hopeful the 'voluntary' restrictions will be removed.

    Thanks.

    Hopefully their hopefulness will materialise into a positive outcome this time - there seem to have been quite a lot of these meetings with the regulators!

    "Hope begins in the dark, the stubborn hope that if you just show up and try to do the right thing, the dawn will come -Anne Lamott"

    "If you knew that hope and despair were paths to the same destination, which would you choose? - Robert Brault"

    "In reality, hope is the worst of all evils, because it prolongs man's torments - Friedrich Nietzsche"

    "I still believe in a place called Hope" - Bill Clinton
  • Forti
    Forti Posts: 15 Forumite
    Sixth Anniversary 10 Posts Combo Breaker
    ajdj wrote: »
    My partner emailed today and received a response to say there is to be another meeting on Friday and they are hopeful the 'voluntary' restrictions will be removed.

    Another meeting on Friday? This is beyond ridiculous now.

    Did anyone get the promised call back from Neil today?
  • Bhamstudent
    Bhamstudent Posts: 483 Forumite
    Part of the Furniture Combo Breaker
    I got a call back from Neil last night.

    No news in short - DCU's legal team is making another application to the PRA today.

    He has agreed to call again on Tuesday.
  • masonic
    masonic Posts: 27,218 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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.
    I got a call back from Neil last night.

    No news in short - DCU's legal team is making another application to the PRA today.
    Seems like the earlier news from 13th March is at odds with the latest statement. It certainly seems that the PRA did not agree to the proposal at that time and in fact DotCon are being sent back to the drawing board after each of these meetings. Let's hope they come up with a more compelling case this time.
  • Steve_xx
    Steve_xx Posts: 6,979 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    This makes interesting reading:

    2014 - Q2

    Credit unions are not the same as Banks and Building Societies

    The PRA has noted that a number of credit unions are marketing themselves – particularly on their websites – as offering similar services to those offered by banks and/or building societies. The PRA has also noted a number of credit unions stating on their websites that they are subject to a similar regulatory regime to banks and/or building societies. In making these statements, credit unions are misrepresenting their situation and the products and services they can offer their members. Credit unions should consider whether statements on their websites are appropriate and take steps to ensure the description of services offered is accurate.


    taken from here: http://www.bankofengland.co.uk/pra/Pages/supervision/creditunions/default.aspx
  • FOREVER21
    FOREVER21 Posts: 1,729 Forumite
    Energy Saving Champion I've been Money Tipped!
    edited 27 March 2015 at 4:08PM
    I got a call back from Neil last night.

    No news in short - DCU's legal team is making another application to the PRA today.

    He has agreed to call again on Tuesday, QUOTE Bhamstudent


    On the other hand,I Received an email from Rob yesterday (the bloke who used to post on here from DotCom in earlier days)
    Apparently they have now raised funds ( in his words" in excess of") the Capital required to meet The Capital/ Assets ratio, the money is held by solicitors, and they are awaiting clearance from the regulator.
    He has promised to keep me informed, for what that is worth.

    How the above squares with what Bhamstudent has been told by Neil is any ones guess.
    Does anyone at DotCom really know what is going on?
  • gwapenut
    gwapenut Posts: 1,431 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Rob is the CEO now, isn't he?

    But I thought they'd raised funds (in excess of what was required) a couple of months ago, and so this is nothing new? Without breaching any confidential detail of our letters, the sticking point with the regulator was not the level of raised funds?
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    gwapenut wrote: »
    Rob is the CEO now, isn't he?

    I doubt that. He is running their website, Facebook and Twitter accounts and is some sort of a communications manager.
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