STOCKCUBE PLC gets 100% return from KSFUK!!!

  • rk
  • 12/10/08 31/05/09
  • unspecified
  • Offline
Posted: Mon, 30/03/2009 - 12:12

http://www.marketwire.com/press-release/Stockcube-Plc-LSE-SKC-967281.html

posted to news also, but this looks like a plc company (not secured, not retail depositor) has received all it's cash on deposit back in full from KSFUK...

WHY HAVEN'T WE RECEIVED OUR 100%?????

Another example of favouritism / political interference ??

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FSCS small company definition

  • David9J
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 31/03/2009 - 13:10

With regard to comments on this page about the fairness or otherwise of this company being refunded their money by the FSCS, ironically, in checking whether the DAG Limited company we are setting up would be covered under the FSCS scheme I came across the definition of a small business on their website here: http://www.fscs.org.uk/consumer/latest_news/. I posted this link last week on another page on this site in response to a depositor who commented that we should be sure that any bank accounts DAG has are covered by the scheme.

We want to be sure that our funds, donated by DAG depositors, have the benefit of being covered under the FSCS rules. So it would be rather unfair of us to suggest that another company complying with the same rules should not be covered, or to suggest that by doing so they are getting preferential treatment or participating in a conspiracy of some kind.

Regards,

David (DAG Treasurer)


This proves we are not making enough noise

  • dj
  • 07/11/08 31/05/09
  • a depositor
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  • Mon, 30/03/2009 - 22:12

Every single one of us is bewildered and angered by this. It proves that the words coming from the UK Government - that they cannot do anything as it is in the hands of the liquidator - are a complete pack of lies. Lets not let them get away with it as they have been for the last six months.

We, as a group, are simply not doing enough - sending a few hundred pounds to help the DAG team is fantastic but we need to be active as well. If we dont then we will get railroaded into the Son Of DCS and, while those with not a lot at stake will get their money back quickly, we can kiss most of our life savings away. It may not seem much, or even productive, but posting on public forums (such as the BBCs iPM blog) gives the DAG team the power they need to really make a difference just as physical protests do.

The protest in Douglas is fantastic, and by God i wish i could be their to do my bit. I so hope it has a good turnout [and i do hang my head in shame at not being able to go] otherwise it could well be counter productive. But writing to MP's MEP's and public forums is almost as important and we are just not doing that enough.

Come on guys, the UK Government (and the opposition parties for that matter, they have been just as scarily silent) are getting away with this and we are letting them.


Money returned

  • amar
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 30/03/2009 - 12:35

I have spoken with the FD of Stockcube who very kindly informed me that even though they are a limited company they have been classified as a retail depositor because they are a SMALL company. Under the FSCS guidelines companies that fall under this ie need to have 2 criteria appiled based on employee numbers, turnover, net assets. They meet this criteria and therefore get refunded in full.

This is unfortunate for us but they do fall within the 'rules' set by the Government.

I am sure Whelan would not however have been covered by this rule.

One for DAG team to follow up on


Stock Cube PLC

  • bobwin
  • 23/12/08 n/a (free)
  • a depositor
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  • Mon, 30/03/2009 - 12:42

So PLC now equals small--wow no wonder we have a world crisis.
Small to me is 1000's of depositors with less than 50,000---about 8000 at the last count.

obviously stock cube are on the gravy train.


Stockcube

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
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  • Mon, 30/03/2009 - 13:48

Hi Bobwin,
Stockcube, whether you think it right or wrong have complied with the requirements as laid down with the UK FSA and UK FSCS. They are sympathetic to our plight for what thats worth, especially as their cash was supposed to be sent to them on the day before KSF UK went into administration, so they were caught in the problem too.
It is the IOM FSC and IOMG that we have to deal with initially


What the fcuk is going on-Stock Cube get their cash and interest

  • bobwin
  • 23/12/08 n/a (free)
  • a depositor
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  • Mon, 30/03/2009 - 12:30

How in the name of decency are these companies getting money from KSFUK and is it coming out of our 500 million--what are the DAG lawyers doing???

This is becoming a farce--can i get the stage rights?

Bent as a nine bob note the lot of them.


Stockcube

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
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  • Mon, 30/03/2009 - 12:27

I have just spoken to the Finance Director of Stockcube and posed the question are you a Retail or Wholesale Depositor of KSF UK. There repsonse was that they are a small limited company and under FSCS rules for compensation of small limited companies, they fulfilled 2 of the 3 rules necessary to claim.
1. Balance sheet less than £x
2. No Of Employee's less than x
3. Turnover less than x

So it appears to me that they have followed the UK FSCS rules.


FSC

  • bobwin
  • 23/12/08 n/a (free)
  • a depositor
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  • Mon, 30/03/2009 - 12:36

Is this the same organisation that had a memorandum of understanding with FSC IOM?

What bloody rules do they follow for that then---gentleman's agreement?

To paraphrase an eminent judge some long time ago

One that neither side will honour if it materially affects their interests so to do.


STOCKCUBE PLC gets 100% return from KSFUK!!!

  • grapow
  • 20/10/08 31/05/09
  • unspecified
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  • Mon, 30/03/2009 - 12:25

I wish I could take any heart (or anger!) from this articel which I saw earlier myself. However I was under the impression that everyone got 100% back from KSFUK, isnt our problem the fact that it happens to be KSFIOM?


They didn't get any money from KSFUK

  • steveservaes
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 30/03/2009 - 13:21

They got it from the UK compensation scheme.
Presumably Whelan - as an individual - got his the same way.
The UK rules are the UK rules I'm afraid.
Unfortunately the IOM FSC and KSFIOM should have been aware of those rules and that if they put all our cash in KSFUK it would be one debt owed to KSFIOM and no UK FSA compo scheme protection.