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jimuckmac wrote: »
Firms and individuals must be authorised by the Financial Conduct Authority (FCA) to carry out regulated financial service activities and offer credit to consumers.https://www.gov.uk/registration-with-the-financial-conduct-authority
antrobus wrote: »
But Skye Loans don't 'offer credit'.
Your assertion was that it is illegal for them to administer those mortgages or collect on them. There is nothing in your very general link that addresses that point.
I was just curious as to what specific piece of legislation you cited when you took these "crooks to court to recover payments made to them". How did you get on?
Xbigman wrote: »
As I already said, Skye are using another companies licence. An example of this that I am familiar with is with Ebico who were partnered with SSE to supply energy. Ebico did not have a licence to supply energy so what happened is that I signed up with Ebico. I had bills with an Ebico letterhead that were actually from SSE. I made payments to an Ebico account that was administered by SSE and the money was under the control of SSE. When Ebico switched to Robin Hood energy customers had letters from SSE, letters from SSE with an Ebico letterhead and finally letters that were actually from Ebico. That is part of the reason it was rather chaotic.
Finance licensing works in a very similar way. The initial letter is from Skye. Once payments are agreed and a payment made it is made to a Skye account controlled by a third party. All the regulatory requirements for administering the account are carried out by the third party using letters with a Skye letterhead. As long as the money goes through the third party and not direct to Skye this is perfectly legal.
Ignoring Skye is a mistake, they can legally collect the debt and this needs to be dealt with.
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