Jeanine Desroses

FCA Investigation into Digital Wealth Ltd, Outsourcing Express Ltd Ref: RE00925

Jeanine Desroses
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Dear HM Treasury,

We the “Members” of DWS / Outsourcing Express Ltd are reaching out to you in relation to an FCA investigation led by Mr. John Thorpe into Digital Wealth Limited and Outsourcing Ltd (“DWL/Outsourcing Express Ltd”). The investigation started in September 2017 and to date is still ongoing.

In this communication we would like to address our concerns in relation to the above investigation.

The “Members” (Friends & Families of the Principals of the above companies) had individually & willingly entered into business transactions with DWL or Outsourcing Express Ltd. We were not coerced, misguided, misinformed nor misrepresented in any way whatsoever. In fact all “Members” were extremely happy with the conduct of the said companies as they always fulfilled their agreements & commitments to us.

Restrictions have been imposed as part of the FCA’s investigation, which includes undertakings that has prevented the said companies from using their business bank accounts.

To date the FCA has chosen not to release the undertakings, which in turn has prevented DWL/Outsourcing Express Ltd from trading as an e-commerce business.

The FCA has stated that the purpose of this investigation is to ‘protect us’ however this most definitely is not the case as many “Members” are now experiencing extensive hardship & financial difficulties as a direct result of their actions.

This investigation is not a consequence of any reporting to the FCA by any “Member of DWL/Outsourcing Express Ltd.

To say that we are concerned that this investigation is being conducted without any input from the “Members” is an understatement.

We the “Members” have been bundled together and sent the exact same correspondence regardless of the individual business arrangement or company we are involved in. With all due respect we are only interested in the company and individual arrangements that we are involved in.

Some of us are privy to information that does not concern us. Which would appear to breach Data Protection rules. It is also unclear which company it is that the FCA are referring to in their correspondence when they talk of a shortfall of funds which leaves us even more unsure of what is going on.

The “Members” collectively feel that the FCA has failed to consult or reciprocate with us in an acceptable, respectful & professional manner.

The “Members” are now demanding that restrictions are lifted which will enable our funds to be returned. Our funds are not under investigation and we did not request that they be ‘protected’ by the FCA. This is a private business and private arrangement within a tight knit family and friend’s scenario, only.

In previous correspondence sent to some of the “Members” John Thorpe stated that the core purpose of the FCA is to protect their “Members”, which are mostly financial institutions and banks. DWL & Outsourcing Express Ltd is clearly neither of these.

The “Members” would like to raise the following issues:

1-There appears to be a deliberate intent from the FCA to scare and intimidate “Members”.

2-Why has the FCA, who is meant to protect us, choosing to communicate with “Members” using differing mediums? Some “Members” have been contacted by email; others by post and some have received no communication at all.

3-No concrete facts have been given to any “Member” despite it being almost a year into the investigation.

4-Each time a “Member” communicates with the FCA, they receive ambiguous & vague answers or are fobbed off with the response that “due to the investigation in progress, they cannot divulge any information until the investigation is concluded”.

5-Telephone conversations between the “Members” and the FCA are not being recorded, therefore may not be used as evidence but may be considered as “hearsay” or refuted as having never taken place.

The “Members” request the following:

1-Immediate release of the undertaking to return the funds held in Outsourcing Express Ltd, to “Members”, as it has nothing to do with Digital Wealth Ltd. “Members were simply purchasing wholesale products. This should not have fallen into the FCA remit at all.

2-A consultation and mediation meeting be held between the FCA, the “Members” and the owners of Digital Wealth Ltd in order to find a suitable arrangement as regards to the "insufficient funds" matter.

3-The FCA must be held accountable for their actions in creating a shortfall. Should there be a shortfall the FCA are held liable as they began the investigation and gave the undertakings, without consultation and ceasing business activity midway.

4-The “Members” raised this petition for action to be taken and for your assistance in resolving this matter with a positive & swift outcome.

5-Our next course of action will be to have further discussions with the press should you be unable to assist us in finding a solution to our plight.

Kind regards.

The “Members”.

Please respond to ; by Friday 14th September close of business.

Copies sent to:

Rt Hon Philip Hammond, MP Chancellor of the Exchequer

Rt Hon Elizabeth Truss, MP Chief Secretary to the Treasury

Mr Mark Steward, Director of Enforcement and Market Oversight

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