Uptons Accountants... FSA wins £3.7M compensation on behalf of investors.

[Darren@UptonAccountants]

FSA

Hi YHB

The scheme shouldn't have been set up in the first place, yes it was unauthorised which has been the conclusion as a result of discussions with the FSA and lawyers. I'd already closed the scheme about 4 weeks before the FSA froze it, they then go to the High Court...that's not my option. The funds were paid offered over to them in March last year, eventually taken and put in the hands of the FSA in August 2009. The legalities have meant a lot of correspondence between the FSA and our solicitors. Since then they've been establishing and confirming who put in what then reconciling to our records. It seems to have taken quite some time to get to the point of payments being made....in the meantime, every effort is being made to make up any deficit which is why pursuing the third party, when this is recovered the fund will be showing a profit rather than a deficit. This is being done at my own cost and without assistance from the FSA. I'm not absolving myself from blame, holding hands up and trying to put it right which is the stance have held right from the beginning.

[NotAllThere]

I must say that the BBC and Financial Times aren't exactly well known for their sensationalist and unbiased reporting so you are up against formidable opponents...

I assume you meant "biased" there.

The BBC and FT are well respected, but if you've ever seen a report in any form of media, about something that you know a lot about, it becomes obvious that journalists (or their editors) frequently get things wrong, misunderstand and miss out on important detail. With the BBC and FT you have a better chance that this won't happen maliciously.

Take this quote from the link:

It is so rare for victims of unauthorised businesses to get any money back because normally the money is misappropriated and victims of unauthorised firms are not protected by the Financial Services Compensation Scheme

This applies a general principle to a specific case. Maybe the reason they got the money back is because Darren didn't misappropriate any money. But at first reading, you get a very negative view.

I'm not an apologist for Darren or his company - I'm entirely disinterested. I'm just pointing out that you cannot rely on journalists for a full picture of events. No matter how hard they try to provide that.

[Clippy]

I assume you meant "biased" there.

The BBC and FT are well respected, but if you've ever seen a report in any form of media, about something that you know a lot about, it becomes obvious that journalists (or their editors) frequently get things wrong, misunderstand and miss out on important detail. With the BBC and FT you have a better chance that this won't happen maliciously.

Take this quote from the link:

This applies a general principle to a specific case. Maybe the reason they got the money back is because Darren didn't misappropriate any money. But at first reading, you get a very negative view.

I'm not an apologist for Darren or his company - I'm entirely disinterested. I'm just pointing out that you cannot rely on journalists for a full picture of events. No matter how hard they try to provide that.

And neither can you rely on the individual who was found guilty.

Threads relating to these events have been posted a few times in the past and, IMO, Darren's comments really do come across as flippant for what is an extremely serious matter.

Even in this thread, the main message coming across is poor me, poor me rather than one of contrition which, for someone who I would imagine has a significant customer base that uses this board, is quite frankly shocking.

I've no axe to grind with Darren or Uptons and am just as dis-interested as NAT but based on Darren's answers to this thread and others relating to this matter, wouldn't ever consider using Upton's accountancy services.

A little humility (and an honest apology) goes a long way!

[SueEllen]

I've no axe to grind with Darren or Uptons and am just as dis-interested as NAT but based on Darren's answers to this thread and others relating to this matter, wouldn't ever consider using Upton's accountancy services.

A little humility (and an honest apology) goes a long way!

Especially when these threads can easily be picked up via a well-known search engine.

[Darren@UptonAccountants]

Google

Especially when these threads can easily be picked up via a well-known search engine.

That's one of the reasons have to be careful what I say....believe me no-one feels as bad as I do about the whole situation which is one of the reasons feel morally obliged to put it right and working to achieve it.

[Wanderer]

I assume you meant "biased" there.

Oops, yes. I've corrected the original post.

[gpc]

As an Upton Client

....this makes me a little nervous.

As an Upton Client, and someone that has recommended your services to colleagues this makes me wonder whether my accounts are safe in your hands.
I have to be honest it has made me question whether I am getting the service I pay for?
Is the advice that I receive from your company correct? Are my accounts being treated as I would expect a reputable accountant to treat them?

You say the accountancy side isnt impacted but it does raise the question of professionalism and trust....

What will you do to ensure that you are treating your acountancy clients with the professional service that they expect?

Rgds

[Newby]

Why would you write that in a public forum? - Why wouldn't you contact Darren privately?

You are right that the recent press reports concerning Upton will raise doubts, but this really is an issue between you/your co and Upton Accountants.

To publically ask him to beg for your business isnt v.professional IMHO.

[Darren@UptonAccountants]

Hi GPC, drop me an email and I'll be happy to discuss.

The accounts side of things is still being carried out by the same staff that have been with us for some time. You've kindly recommended us to others, the service will be the same going forward. About 95% of all our new business comes from referral which is greatly appreciated, in fact we've had a couple earlier today.

[gpc]

Newby - Where am I asking Uptons to beg for my business?. I think you have interpreted my questions as an attack!.

Uptons already have my business and I am happy with the service so far. I was speaking in general terms about how the accountancy side is safegaurded from what ever else is going on.

I have no issues with Uptons other than, on reading this, it knocks confidence. Im sure im not the only one interested whether there is any impact to the accountancy side.

I dont intend on moving my business, and so far I have no reason not to recommend the service. It was a general question of interest about how the matter is being dealt with and a reassurance that all is well on the accountacy side.

Whats wrong with that?