RE: advice10 Sep 2022 12:58
This was my first reply, they had no knowledge of who Petroropavlovsk Plc were
Wed, 6 Jul at 12:27
Dear Lawrence Jenkins,
Thank you for contacting the Financial Conduct Authority (FCA) via email. Your initial query went to our Complaints team who’ve forwarded it onto the Supervision Hub to respond to you as we're the most appropriate team to do so.
I understand you have concerns about a London Stock Exchange Former FTSE 250 listed company called Petropavlovsk Plc, you've given information about sale of the firm and what you've called a boardroom coup. You've also said the share prices have dropped and that over the last 12 months two auditors have resigned as the firms external auditors, and that this causes you concerns. Thank you for contacting us.
What we do
I appreciate that you've asked if we can investigate, this being the case I thought it would be useful for me to give you an overview of our remit and what we do.
We're responsible for the conduct and supervision of regulated firms such as banks, building societies, insurers, investment firms and those offering consumer credit in the UK. We set the rules and regulations for authorised firms to follow in relation to their regulated activities; however we must remain impartial, this means we can’t investigate consumer’s individual complaints or disputes with an authorised firm, as we do not hold complaint resolution powers.
Petropavlovsk Plc
I've completed a search on our Financial Services Register, this is a public register of the firms authorised by us and warning pages for unauthorised firms. Based on the information you've provided, I've been unable to locate a firm called Petropavlovsk Plc which means they're not authorised by ourselves.
Market Abuse team
As your concerns are linked to the firm and what is happening to the share prices I've forwarded the information on to our Market Abuse team for their review. They do review all emails they receive about suspected market abuse. However, they operate under statutory confidentiality restrictions, and they do not provide feedback or confirm whether they are taking further action.
For more information please see our website page - How to report suspected market abuse as an individual
Legal guidance
As the firm isn't authorised our rules and complaints process will not apply, this being the case you may find seeking legal guidance useful. A good starting point can be Citizens Advice as they can offer free, impartial legal guidance to UK consumers.
Whilst I've been unable to assist you directly I hope the above is of use.
Finally, to help us improve our service, I'm interested in finding out about your experience with the Supervision Hub today. I’ll send you a link to a survey and I'd appreciate it if you could take a few moments to share your feedback with us.
Yours sincerely,
Kim
Supervisor / Supervision Hub
Financial Conduct Authority | www.fca.org.uk
Consumer Helpline: 0800