The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Should have been 40k. Almost 40000 complaints
Robizm
“Between 1 Mar 17 to 28 Feb 22 Morse has received almost 40 complaints” ???????
Can you explain?
Agreed if this stays solvent then the upside should blast past all time highs !
Pretty insightful...thanks for posting this info.
We are either sitting on one of the largest bagger opps in the market right now or an outright loss...for those with balls this is a very exciting opportunity!
I spoke to my friend who works for FCA and she said she thinks Morse can survive. Between 1 Mar 17 to 28 Feb 22 Morse has received almost 40 complaints. The worst 6 month period was 1 mar to 31 aug 21 of 10200. I asked how come Morse did not issue a profit warning then and she said some cmc dump loads of complaints in one go and the rule change from 1mar 22 for cmc charges.
I did ask if any of these companies survive after receiving loads of complaints. She said the worst offender for shoddy practices is gain credit (lending stream). They are American owned and seem to be over the worst re complaints.
They have received almost 100k complaints from 1 jan 17 to 31 dec 21. Their worst year was 2019 (34k complaints) and 2021 they had 17k. They pay out nearly 60% without going to FCA.
I said provident set up a scheme of arrangement last year and does she think Morse will have to. She said provident had a very bad historical book and in 18 months received over 100k complaints which took the HCC business in to a loss. They knew they had loads of skeletons so had to do something. Provident scheme of arrangement will pay out a few pence in the £ and she thinks this will deter people from claiming against Morse (who also in her opinion has a better historical book). She thinks claims will start dropping year ending 23 and as long as the HCC earns more profit than the claims cost than Morse should be able to ride out the storm,
The HCC sector has been decimated with Morse the biggest lender who can cherry pick the best customers.