bank transfer gone missing

ischris85

@eskbanker - ah yes my error in understanding the situation. I can't understand why Cynergy cant provide an MT103 report for the returned money though. Do you know if the FCA could assist if Cynergy refuse to co-operate?

eskbanker

ischris85 said:

@eskbanker - ah yes my error in understanding the situation. I can't understand why Cynergy cant provide an MT103 report for the returned money though. Do you know if the FCA could assist if Cynergy refuse to co-operate?

If Cynergy don't respond adequately to OP's complaint then he can escalate to FOS, although my suspicion would be that the money (allegedly sent last week) will probably turn up before it gets to that stage....

00neil00

eskbanker said:

ischris85 said:

@eskbanker - ah yes my error in understanding the situation. I can't understand why Cynergy cant provide an MT103 report for the returned money though. Do you know if the FCA could assist if Cynergy refuse to co-operate?

If Cynergy don't respond adequately to OP's complaint then he can escalate to FOS, although my suspicion would be that the money (allegedly sent last week) will probably turn up before it gets to that stage....

How long should I wait for Cynergy to respond before I escalate to FOS or FCA?   

eskbanker

00neil00 said:

eskbanker said:

ischris85 said:

@eskbanker - ah yes my error in understanding the situation. I can't understand why Cynergy cant provide an MT103 report for the returned money though. Do you know if the FCA could assist if Cynergy refuse to co-operate?

If Cynergy don't respond adequately to OP's complaint then he can escalate to FOS, although my suspicion would be that the money (allegedly sent last week) will probably turn up before it gets to that stage....

How long should I wait for Cynergy to respond before I escalate to FOS or FCA?   

15 business days after logging a formal complaint is the standard FOS escalation timescale for payment services, as mentioned in https://www.cynergybank.co.uk/media/2617/complaints-leaflet.pdf

00neil00

Hi guys

A quick update and advice required pls.

The FOS Have said they wont pursue Transferwise as they are no longer registered with the FCA, they have directed me to the FSCA to try there.
The FOS will take up the case regarding Cynergy bank but it will take 4 months. 

Since then Cynergy have offered me £250 compensation for there shortcomings. The problem is that they made no mention of being responsible for recovering my missing £50,000. This offer doesn't seem to Bare consideration if they can't locate my funds.

What should I do, is it worth pursuing the FSCA, this is very stressfull. Do I need to get a solicitor Involved. 

Who is ultimately liable for the missing money?

mab3000

I am a bit confused by this, as according to the Wise (previously transferwise I believe) website they are on the FCA register 

https://wise.com/help/articles/2932699/who-is-the-fca

Also who have they said is the FSCA? Doesn’t appear to be any organisation with that abbreviated name in the UK 

Keep_pedalling

Also who have they said is the FSCA? Doesn’t appear to be any organisation with that abbreviated name in the UK 

Financial Services Compensation Scheme, but they don’t seem to be the appropriate organisation as neither partythe OP is dealing with have gone bust.

https://www.fscs.org.uk/

mab3000

Keep_pedalling said:

Also who have they said is the FSCA? Doesn’t appear to be any organisation with that abbreviated name in the UK 

Financial Services Compensation Scheme, but they don’t seem to be the appropriate organisation as neither partythe OP is dealing with have gone bust.

https://www.fscs.org.uk/

The FSCS did spring to mind, but then like you’ve said they have absolutely no relevance to the OPs issue so I discounted them. 

noh

00neil00 said:

Hi guys

A quick update and advice required pls.

The FOS Have said they wont pursue Transferwise as they are no longer registered with the FCA, they have directed me to the FSCA to try there.
The FOS will take up the case regarding Cynergy bank but it will take 4 months. 

Since then Cynergy have offered me £250 compensation for there shortcomings. The problem is that they made no mention of being responsible for recovering my missing £50,000. This offer doesn't seem to Bare consideration if they can't locate my funds.

What should I do, is it worth pursuing the FSCA, this is very stressfull. Do I need to get a solicitor Involved. 

Who is ultimately liable for the missing money?

Whilst it is true that Transferwise is no longer registered with the FCA that is because they have changed their name to Wise Payments Ltd and now have a different register number.
The person from the FOS seems to be ill informed.

Check the register here https://register.fca.org.uk/s/
Search for Wise Payments or register number 900507

Direct link https://register.fca.org.uk/s/firm?id=001b000001EjC6SAAV

penners324

I'd be tempted to issue court proceedings against both organisations for the full £50k plus interest and costs.