FCA First Supervisory Notice info

cuscosteff

Hiya, looking for some information if possible. A company that has previously dealt with my DMP has now been issued a first Supervisory notice by the FCA due to its questionable distribution of funds and admin fees. Has anybody had this previously and will it result in any compensation ?.
I am producing ombudsman complaint anyway as I have been chasing statements without luck and it seems my suspicions are/were valid.
Cheers

sourcrates

cuscosteff wrote: »

Hiya, looking for some information if possible. A company that has previously dealt with my DMP has now been issued a first Supervisory notice by the FCA due to its questionable distribution of funds and admin fees. Has anybody had this previously and will it result in any compensation ?.
I am producing ombudsman complaint anyway as I have been chasing statements without luck and it seems my suspicions are/were valid.
Cheers

Hi,

Compensation ? I doubt it, chances are they could go bust taking all your money with them, you would then become one of there many creditors, with little hope of recouping any of your money, let alone any compensation.

My advice to you, if you are still paying this company, stop now, don't pay them a penny more, get some help from one of the free debt charities, Stepchange is your best bet, they will not charge you for any of there services, so all your money will go towards your debts, and not some bottom feeders profits.

http://www.stepchange.org

cuscosteff

Cheers Sourcrates for the info - Will see how my Ombudsman complaint goes and at least hope for the best for something. Im no longer with them (even got an FCA letter advising to make sure I was not dealing with them anymore)

sourcrates

cuscosteff wrote: »

Cheers Sourcrates for the info - Will see how my Ombudsman complaint goes and at least hope for the best for something. Im no longer with them (even got an FCA letter advising to make sure I was not dealing with them anymore)

Good, pleased to hear it !!!!! ☺️