Sygma bank uk

Chris1965

Something doesn't appear to sit right with this outfit

Can anyone throw some light on Sygma Bank UKs licence/authorisation status

It seems very odd that Sygma Bank UK are authorised and regulated by France and do not appear to be validly authorised by UK to conduct consumer credit activity within the UK

Seems to be a very strange set up because when I checked them out on Companies House I found that they hadnt filed any accounts for the last 10 years, and the accounts that had been filed by Sygma Banque up to 2005 included all of its european branches accounts

When questions started to be asked notices of assignment were sent to customers advising that Sygma Bank UKs accounts were being assigned to Creation Financial Services Ltd.

Paul_1977

They are creation now? so their site says.

Creation Financial Services Limited, Registered Office: Chadwick House, Blenheim Court, Solihull, West Midlands B91 2AA (England - company number 1091883). Creation Consumer Finance Limited, Registered Office: 6th floor, Royston House, 34 Upper Queen Street, Belfast BT1 6FD (Northern Ireland - company number NI032565).
Creation Financial Services Limited is authorised and regulated by the Financial Conduct Authority. Creation Consumer Finance Limited is authorised and regulated by the Financial Conduct Authority.

Paul_1977

Although it seems its not a good provider.

http://www.complaint-shop.co.uk/Sygma.htm

The moral of the story is quite simple. Unless you are absolutely desperate for a Credit Card do what I did and put it through your shredder. It’s not worth the hassle, aggravation, frustration and irritation. There are plenty of card issuers out there who are only too willing to give you credit, you don’t need SYGMA unless, of course, you like being intimidated and verbally abused by rude and discourteous people who work for a disorganized and incompetent company.

Stay away!!!!! if you can, as they provide cards for many stores.

Chris1965

Im trying to get to the bottom of this because it appears to me that Sygma Bank UK having been carrying out unauthorised consumer credit activity in UK, however I do appreciate that its all very confusing.
Until today Sygma Bank UK and Creation Financial Services Ltd were 2 separate companies. Sygma Bank UK closed its branch today 15th July 2015 and assigned all of its accounts to Creation Financial Services Ltd.
Creation (not Creation Financial Services Ltd) and Sygma Bank UK are the trading names in the United Kingdom of Sygma Banque SA, a private company limited by shares.
Sygma (not Sygma Bank UK) is a trading name of Creation Marketing Services Ltd

Creation has been submitting its accounts to Companies House, but Sygma Bank has not.
It is Sygma Bank UK that Im interested in because it seems on the face of it that it has been trading under CCA 1974 when unlicensed

dj1471

I'm not sure what axe you have to grind, or why you've jumped to the conclusions you have, but I don't see an issue here.

When you look on Companies House the first thing it says is to reference the French equivalent of Companies House and gives the reference. Being a French company they may not be required to submit UK accounts.

Searching the FCA Financial Services Register reveals:

206659 - Sygma Banque
This firm is authorised or registered by its home state regulator (other regulator within the European Economic Area but outside the UK) below and subject to limited regulation by the Financial Conduct Authority.

So they are registered and regulated. Sygma part-own the various Creation companies so this is really just a reorganisation.

And FWIW I have one of their cards and have had no issues.

Chris1965

1. Sygma Bank UK regulated agreements state that UK laws apply.
2. Companies House confirm that this company is required to prepare, disclose and deliver accounting documents under parent law and therefore must deliver them to Companies House within 3 months from the date on which the document is required to be disclosed in accordance with its parent law
3. .According to FCA/PRA Handbook it says that EEA Firms need to contact their home state regulator AND the appropriate UK regulator to obtain authorisation

dj1471

Chris1965 wrote: »

1. Sygma Bank UK regulated agreements state that UK laws apply.
2. Companies House confirm that this company is required to prepare, disclose and deliver accounting documents under parent law and therefore must deliver them to Companies House within 3 months from the date on which the document is required to be disclosed in accordance with its parent law

As I understand it they are only required to submit accounts if they have a physical place of business in the UK. It may be that they no longer do, it may have been passed to one of the Creation companies. I still don't understand why you care.

Chris1965 wrote: »

3. .According to FCA/PRA Handbook it says that EEA Firms need to contact their home state regulator AND the appropriate UK regulator to obtain authorisation

They are registered with and regulated by the FCA as I stated above, in addition to the French regulator. The Financial Services Register confirms this.

Chris1965

Sygma Bank UK had (until today) a physical place of business, ie a branch registered in Solihull
I just think its strange that it failed to file accounts for the last 10years

rh41

I believe they are part of bnp paribas

Chris1965

Yes, they are authorised by FCA but from what I gather they are only authorised to undertake investment and insurance activity, not consumer credit

jonesMUFCforever

Chris1965 wrote: »

Yes, they are authorised by FCA but from what I gather they are only authorised to undertake investment and insurance activity, not consumer credit

Are you trying to get a debt written off at all?