Pcf Share Discussion Threads

[seasidehippo] 07/10/2021 11:27

Far, far better if the CFO signs especially when she has been instrumental in correcting them imo

[carcosa] 07/10/2021 10:12

GL post 3422


I think you are grabbing at straws there. The board need to approve the accounts (and that can be by majority vote) and only one (any) Director needs to actually sign the balance sheet or the secretary of the company can do so. There is no requirement, and there has never been, to wait for Director confirmations appointments.

[the millipede] 07/10/2021 09:57

George,

Post 3422. Really hope you are right.

Cheers, TM

[georgelees] 06/10/2021 23:31

Can live in hope. Is it better on a Monday morning than mid week? I don't know. I think this must be at an end now, and should be a good company when this nonsense is done with. But they have questions as to why it took so long to sort out.

[dandigirl] 06/10/2021 18:48

So George, appointments yesterday, sign off by the Board today and an announcement tomorrow to include lifting the suspension. Imagine a smiley face here!

[seasidehippo] 06/10/2021 16:49

A point well made George.
Don't Forensic Accountants charge by the quarter hour!!!! ;-)

[georgelees] 06/10/2021 16:12

Might this actually be the reason for the hold up? They needed to get regulatory approval of the Directors and they rather need the directors to sign off the trading updates? So they are now clear to release the new numbers... That and the danger of becoming reliant on accountants who charge by the hour and are being paid to pick holes in a rival so have no incentive to finish this off.

[hopespr1ngseternal] 06/10/2021 14:15

Hippo: agreed. Why does every RNS from these people leave me muttering ‘what do they mean by this?’

[seasidehippo] 06/10/2021 11:06

I will not sleep easy until I know precisely what "As we look to position the Group for the future" means for shareholders?

At least for now this RNS proves the Company still has a pulse!!

In my opinion we are unable to comment on the merits or otherwise of these appointments until after "The fat Lady sings"

[graham1ty] 06/10/2021 10:33

So, that is it ? Both go on to the Board ( would have been pretty disastrous if after all this time the Board decided either was not up to it.......)

But not a single comment on timing ?

Only thread of hope the phrase “will help place PCF Bank on a strong footing as we look to position the Group for the future." At least it does not say “as we all go to prison” or “orderly wind down of the loan book”.

The Board does know how to treat us with contempt

[the millipede] 06/10/2021 08:54

Seaside, I think the lack of a board clear out is probably one of the problems here. Along with finance staff still employed who were involved in providing false information.

To me, this set up is never going to deliver anything sensible. We have a new CFO and external consultants who are the ONLY people who can be trusted.

The rest are potentially working against the process, IMO, even if not consciously.

[seasidehippo] 04/10/2021 11:39

What baffles me is why no changes in key personnel, in particular, the Audit Committee, doesn't the buck stop there? Or again are we waiting for PwC findings?

"The Audit Committee (AC) consists of 3 non-executive directors and is chaired by Christine Higgins, an independent non-executive director. AC meets no less than 4 times a year and is primarily responsible for monitoring the integrity of the Group’s financial statements, the effectiveness of the internal audit function and external auditor, and the effectiveness of the financial controls and the control environment".

[dandigirl] 04/10/2021 10:24

Graham - Good point but it would be as well to learn more about the internal audit process too, especially IT.

As this is taking so long I am beginning to think the "f" word. Board needs to be sure one way or t'other before declaring.

Hippo makes a good point too. Maybe a class action is a possible. Surely the Board will be contemplating this as a possibility too.

[seasidehippo] 04/10/2021 08:10

Because we are waiting for PwC to tell us what those failings are.

[graham1ty] 03/10/2021 19:48

E&Y were PCf auditors ? Why are we not discussing their apparent failings......

[the big fella] 01/10/2021 12:12

Graham

The only correspondence I have received from them was a reminder of the Financial Compensation Scheme limits as I posted a while back. Nothing else. Fortunately the amount of my deposit and interest is under the 85k limit so I have some comfort in that. Obviously I don't want it to come to that, but I will not be placing any further fixed term deposits. As and when they mature I will be putting them in equities and property.

[seasidehippo] 01/10/2021 11:37

Am i correct in thinking it is only the Term Deposits which have been withdrawn? I think the Notice accounts have not been available for some time?

[seasidehippo] 01/10/2021 11:23

The fact that there is no RNS is encouraging.

As i said before i do not remember receiving any assurance communication as a retail customer, thankfully i gave notice upon suspension and have received all my money including interest.

[graham1ty] 01/10/2021 11:10

Big Fella, have you had any other correspondence from PCF ? Have they updated you regularly, because, as a depositor, you have every right to be worried.

Is there any “business as usual” correspondence, or anything seeking to reassure clients ? ( they have fundamentally failed to reassure shareholders)

[the big fella] 01/10/2021 11:01

I am not sure when or how this all went wrong, or even if it has. In some respects I count myself as fortunate as I sold these in the low 30's to fund a rights issue on another holding in my ISA (although they are now 20% down on the rights price so wish I hadn't bothered!).
I do have a fixed deposit with them at matures next year. When they suspended I asked to withdraw the position and foregoe the interest due but apparently in the small print I was unable to do that. Fortunately if the worst happens this is protected, which unfortunately will not be the case for shareholders. I hope this works out.

[cc2014] 01/10/2021 10:44

Dandigirl,

I am sourcing the PCF saving rates from here:


I can't tell from their website whether new business is being written but there is nothing to suggest it isn't.

[dandigirl] 01/10/2021 10:43

To try to answer my own question; I have just tried to apply for a car loan.
Was able to get a fair way into the application before I chose to stop at the point too much personal info was being requested.

[dandigirl] 01/10/2021 10:43

To try to answer my own question; I have just tried to apply for a car loan.
Was able to get a fair way into the application before I chose to stop at the point too much personal info was being requested.

[dandigirl] 01/10/2021 10:39

CC: Thank you for the update, bad though it is.
Frankly, if the PRA have intervened, great, for Franklin does not seem capable.
Doubtless PwC will have been conversations with the PRA.

CC, can you tell if business is still being written please?