More Questions Than Answers

Ian

Ian began writing Twohundredpercent in May 2006. He lives in Brighton. He has also written for, amongst others, Pitch Invasion, FC Business Magazine, The Score, When Saturday Comes, Stand Against Modern Football and The Football Supporter. Ian was the first winner of the Socrates Award For Not Being Dead Yet at the 2010 NOPA awards for football bloggers.

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8 Responses

  1. Antonio G says:

    Good sleuthing.

    And I think you’re wise not to jump to the conclusion that there’s something sinister going on: it could always be simple naivete or incompetence.

    But they are very important questions that someone needs to answer, and soon.

  2. ursus arctos says:

    Well, the date on the application is clearly a typo (lawyers do make mistakes, you know). They are in fact registered as an Industrial and Provident Society, and have been since 16 July 2007, as you can see here: http://mutuals.fsa.gov.uk/SocietyDetails.aspx?Number=30275&Suffix=R. And while not an expert on such registrations, I would be willing to bet quite a bit that illegible signatures and vague statements of purpose are not unique.

    None of that, however, takes away from the fact that the questions you (and others) have raised about the relationship between the My Football Club Society Limited (the registered non-profit Industrial and Provident Society) and the My Football Club Limited (the for-profit limited company) deserve to be answered, especially given the fact that they are apparently news to at least some of the people who paid their 35 quid.

  3. 200percent says:

    UA: I am absolutely certain that the name of the company secretary would have to be on the registration form – having had plenty of dealings with the FSA over the years (I work in the financial sector myself), I would be betting on them not having noticed it and/or having just let it go unquestioned. Whilst I am willing to accept that the incorrect date is a typo and that a vague statement of purpose is acceptable, I do not accept that it is acceptable for such paperwork to be sent without through without the name of a company secretary on it. I also consider this combination of vagueness, mistakes and typos on what is only a four page document to be concerning, to say the least.

  4. ursus arctos says:

    No argument there; the signature block should have been filled out, and given that it wasn’t, the application should have been bounced and the registration only completed once it was complete.

    My point was only that I very much doubt that such errors are unique, especially given the fact that the FSA treats its oversight responsibility over mutual societies rather like an ugly stepsister in comparison with its primary role of regulating “the City”.

    My guess (and it is a complete guess) is that you fill find that the secretary of the industrial and provident society is one of the directors of the limited company.

    The industrial and provident society’s annual report will be a very interesting document to read. I’m afraid that I don’t know how much time they have after year end to produce it.

  5. 200percent says:

    Their year end is noted on the application as 31st December, so not much. All paperwork has be submitted by then (they choose this date on their registration form).

  6. ursus arctos says:

    I read that as their fiscal year end.

    According to the relevant Information Note on the FSA website, they have until an unspecified “due date” after that date point to submit their accounts.

    Whenever they appear, they will make for interesting reading.

  1. July 21, 2008

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