# Still no Communication with Crown Currency!



## Telbell

A bit worrying- Website u/s-(refers to a different Company) and it seems ALL phone lines are down-0800 and geographic :roll: 8O

And been over 24hrs now!


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## Happycampers

Hi ya Terry, are you waiting any currency from them??

Nigel


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## Telbell

Yep Nigel-not till later in Month though


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## Zebedee

Website works for me Tel.

Dave


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## tattytony

try these some of them work ok



Crown Currency Exchange 
0870 803 4576 01736 751620 
Crown Currency Exchange 
0870 803 4576 01736 751663 0800 6129505 

These below I have tried and they work :wink: 

Crown Currency Exchange 
0870 803 0283 0800 6129505


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## Telbell

Website works for me Tel.


> Click on "order online"


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## Telbell

> These below I have tried and they work Wink


yeah but have you tried to get a reply??


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## Zebedee

Telbell said:


> Click on "order online"


See what you mean! 8O

Dave


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## tattytony

Telbell said:


> These below I have tried and they work Wink
> 
> 
> 
> yeah but have you tried to get a reply??
Click to expand...

I only waited for the answer phone sorry 

try calling the FSA on 0845 606 1234 and quoting ref (Ref: 503404) and ask them what is happening with this company Crown Holdings (London) Ltd.


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## blongs

Rumour on MSE has them as going bust

http://forums.moneysavingexpert.com/showthread.php?p=37116456#post37116456

Also

http://www.disboards.com/showthread.php?t=2567282

and

http://www.tripadvisor.co.uk/ShowTo...06-Urgent_crown_currency-Orlando_Florida.html

Someone ordered this morning and had their money returned back to their card straight away.

Some people are advising that the money should have been held in a client account separate.

Barclays will not give out information due to Data protection.

Locals report the staff all were not in the office yesterday

The sister company website is also down.

Deliveries were made this morning though.

The company is not in the financial services compensation scheme.

Ben


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## Telbell

> try calling the FSA


Can do-but if they're not regulated??


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## tattytony

Telbell said:


> try calling the FSA
> 
> 
> 
> Can do-but if they're not regulated??
Click to expand...

They say they are under the ref number I listed


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## Telbell

thanks ben-i hope barclays are not accepting anymore cash from hopeful clients :twisted:


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## raynipper

Hope you get your pre ordered cash Tel. The Pound is dropping like a stone. €1.15 today mid range.

Ray.


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## javea

Some months ago I did post to say that I had contacted them to ask why they did not use a Client Account as others do, and that they had failed to respond to my enquiry.

That is why I use Torfx who do use Client Accounts and you are quite safe there.


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## Rapide561

*Euro*



raynipper said:


> Hope you get your pre ordered cash Tel. The Pound is dropping like a stone. €1.15 today mid range.
> 
> Ray.


I know, for once I got it right and bought a 1000 at 1.20/1.21. Most unlike be to get it right!

Russell


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## Br1an

*CROWN CURRENCY / TRAVELMONEYSERVICES PROBLEMS*



hi, i don't have a motorhome (would like one some day), i am overdue dollars however for a holiday from crowncurrencyexchange, no US dollars arrived today, nobody in at their offices (all 3 different companies), They even took payment for more dollars this week before going silent.

I phoned the FSA today, they advised lots of concerned callers and to contact the police. There is no FSA compensation scheme for this firm.

I'm gutted as I have an awfully bad feeling i've just lost nearly a grand in holiday money. Sorry to be the bearer of bad news but unless all of their companies are out of the office, and my order has been screwed up and their website is redirecting to currency-express.com who seemed unsurprised to hear they may have folded...then i'm right.

I'm off to email watchdog.


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## loddy

******** :x


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## loddy

javea said:


> Some months ago I did post to say that I had contacted them to ask why they did not use a Client Account as others do, and that they had failed to respond to my enquiry.
> 
> That is why I use Torfx who do use Client Accounts and you are quite safe there.


Told you so :twisted:

Loddy


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## Rapide561

*Currency*

Hi

Today's cash rate is about 1.11.

Russell's new exchange service will take your money today, and send you your euro in three months time at 1.13. So are you going to send me money? No. Why not? Why would that be any different to buying from a firm?

Is it worth the risk for such a small gain, then after factoring in the interest lost on your sterling account.....

I hope all is well for those involved, but why part with your money in advance of getting the goods?

Many of the Icelandic banks were offering "better than average" and look what happened there.

Keep your cash in your pocket, and pre order from www.travelex.co.uk - pay on collection.

Russell


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## Telbell

Hmm...but Russell...aren't I correct in saying you use Caxton Cards (not regulated by FSA either) to get a "small gain"

Yes, in theory, the money is loaded onto a card, but if you don't use that card for a few days/weeks you're in effect "forward buying" and there's no "guarantee" that when you try and use it the card will be "honoured" by a Company NOT regulated....

just as "risky" as CC I think.

And, if you did wish to comment at all, at this stage people like Brian may appreciate a little sympathy rather than a "smacked wrist-serves you right" Post.

and the FSA should know better (I think they do!)- the Police just won't want to know!


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## Rapide561

*Cash*

Hi

My post was not intended as a "smacked wrist" and I did state that I hoped it would all be resolved.

In respect of Caxton - I tried it, and did not feel safe doing so. I have a few hundred Euro on there at the moment. Once withdrawn this week, the account will be closed. I am holding some Euro cash at present but this is foolish, although bought at 1.20, so the near 9% fall in the rate is worth losing sterling interest for. In addition, the refusal of the Caxton Card at various locations makes it a none starter for me.

Today's Caxton rate - 1.1305 as seen at 10.45 on Saturday 2nd October

Travelex rate, pre order, pay on collection - 1.122 - as seen on the Travelex website at 10.45 on 2nd October

So, for £1000, a potential gain of less than ten euro.

I have read in detail the thread on the MSE website and am horrifed at what I am reading.

1) Some want to call the police. 
2) Others seem to blame Martin Lewis
3) The amounts involved.

Did people call the police when MFI went under? Or Woolies? Or Speedferries?

At the present time, we do not know what is going on with the currency firm mentioned and I repeat that I hope it is resolved for those involved.

If I wanted 10,000 euro, in December 2011, I would approach my bank and arrange a forward contract. You settle up on settlement date, not 14 months in advance. No way in this world would I pay now for it! I would have expected some kind of comment though from the MSE team.

I lost money on Northern Rock shares - and blame no one but myself for buying at their most precarious moment. The shares were a risk. I would love to earn higher rates of interest on my savings at the moment, but will not take a chance with it. There are many threads on various forums about prepaid currency etc and given that (most) people with have ordered on line, then the internet was also there as a source of "warnings" etc.

Next week, I am experimenting with cards and overseas ATM's and will write an article about it with all the facts and figures.

Russell

I apologise if anyone thinks my previous post was not appropriate in the circumstances and I again express my wish to see no one out of pocket.

EDIT - just read on MSE that some people have received their cash this morning, so it might all be a hoo har about nothing.


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## erneboy

We have a Caxton card but will load what we want weekly and the withdraw it to reduce the risk. We we still use a credit card for other purchases and clear the balance monthly, Alan.


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## cabby

If you used a credit card to pay for the currency tellbell are you not covered by the insurance, just a thought.Give them a ring and find out.

cabby


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## Hobbyfan

Is this not typical of modern consumerism though, where we're conditioned to get the very best deal and if we don't we've somehow failed?

All this business of dealing with unregulated and unprotected companies to get a few extra Euro is par for the course I'm afraid.

When I go abroad I draw cash from an ATM as I need it. I shall pay Nationwide the market rate less the 2% they're now charging but be happy knowing that the rest of my cash is sitting in a savings account getting 2.75% interest, and that it's absolutely safe.

I'm truly sorry if anyone loses large amounts of money here but if you take risks or don't read the small print you must also be prepared for the downside.

To explain the savings account line - I keep modest amounts in my current account, more than enough to cover emergencies and transfer as necessary further cash from a savings account, where it's earning 2.75%.


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## erneboy

This has just been covered on Moneybox on BBC Radio 4. They said that Barclays had frozen the companies accounts to protect creditors, which may be a hopeful sign, and that the company was not in administration. Hope that helps, Alan.


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## Telbell

> Is this not typical of modern consumerism though


Hobbyfan- have you thought of changing your username to Hobbyhorse?- I see you're on it again :wink: :lol:

Cabby- CCE transactions are BACS transfers-not Credit cards


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## Hobbyfan

Telbell said:


> Is this not typical of modern consumerism though
> 
> 
> 
> Hobbyfan- have you thought of changing your username to Hobbyhorse?- I see you're on it again :wink: :lol:
Click to expand...

No, it was the discussion on the NEC thread that prompted it. This is in the same vein really. Most people's hobbyhorse seems to be moaning about prices and so-called rip-offs!


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## Stormycat

It is not a hoo har about nothing, I wish it was.
I spoke to Peter Benstead on Friday (it is his company) and he said the company was going into liquidation.
I too have lost £1000 of Euros ;-(


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## TR5

javea said:


> That is why I use Torfx who do use Client Accounts and you are quite safe there.


Be aware that there appears to be some affilliation between Crown Currency, Torfx, and ICE. Also a compay called Grants of Cornwall, dealing in gold exchange (also appear to have "closed").

Directorships in each by members of the same family, I am informed!


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## androidGB

As I posted in May, I'm always concerned when a company refuses to answer emails, particularly when one of the emails asked the question what steps do they take to secure their client's money in the event of a collapse.

Their refusal to answer was the signal I needed to go elsewhere.

I sincerely hope that Barclays stepping in , has protected some of the money.


Andrew


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## javea

TR5 said:


> Be aware that there appears to be some affilliation between Crown Currency, Torfx, and ICE. Also a compay called Grants of Cornwall, dealing in gold exchange (also appear to have "closed").
> 
> Directorships in each by members of the same family, I am informed!


Interesting post TR5.

Have made some enquiries as I have access to a credit checking facility and can confirm that 2 former directors of Crown Currency Exchange are also directors of TorFX. Will do a little more research into this, I have previously relied upon the fact that TorFX are authorised by the Financial Services Authority and operate a Client Account which should ensure complete security of any client monies in their possession, however, your advices have raised concerns which I will be addressing in the near future.


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## raynipper

BBC West featured someone who was concerned about Crown Currencies and turned up at the premises in Cormwall Sunday.
He intends to see if there is anyone who can answer his questions this am.

Ray.


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## TorFX

Removed by Admin


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## Telbell

> I sincerely hope that Barclays stepping in , has protected some of the money.
> 
> Have I missed something here Andrew?
> Do you have evidence of this?
> ( A reply without "scoffing" would be appreciated :wink: )


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## loddy

Android SHUT UP

Loddy :evil:


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## ICDSUN

TorFX said:


> Good Morning,
> 
> I would like to correct the above statements and the links with Tor FX and Crown Currency Exchange. The directors of TorFX categorically state that the company has no commercial or managerial links with Crown Currency
> 
> The directors you referred to are no longer at Tor FX and haven't been for over 12 months.
> 
> Susan Benstead retired from Tor FX in the summer of 2009.
> 
> Edward James retired from Tor FX in the autumn of 2009 on his 70th birthday.
> 
> I would like to take the opportunity to inform readers that Tor FX operate client segregated accounts with Barclays Bank, something which Crown did not have. This means our client funds are 100% secure and we as a company cannot touch them.
> 
> I would also like to highlight the fact that Tor Currency Exchange Ltd is authorised by the Financial Services Authority under the Payment Service Regulations 2009 (FRN 517320) for the provision of payment services and HM Revenue & Customs Certificate of Registration for Money Laundering Regulation, Number: 12191606.
> 
> To reiterate, TorFX has no management or trading links with Crown Currency. Peter and Susan Benstead are not involved with TorFX in any way and the directors are appalled by the apparent situation at Crown Currency.
> 
> Kind Regards
> 
> Ian Cragg
> Business Development Manager
> [email protected]


Ian

Thanks for the clarification, incidentally, is one of your shareholders Katey Benstead a relative of Peter or Susan Benstead

Your company have in previous times had a number of directors who would appear to have been involved with Crown at various stages, so forgive our concerns about placing our trust in yours or any other currency traders

Chris


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## ICDSUN

Not Good News

http://www.travelmole.com/stories/1144475.php


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## Zebedee

Indeed not Chris.

From your link, _"It confirmed that customers who had ordered currency from Crown *would not be receiving their deliveries*. The company's bank accounts have been frozen by Barclays."_ (My emphasis.)

Dave


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## blongs

On the BBC now

http://www.bbc.co.uk/news/business-11466272

Crown Currency has gone belly up.

Ben


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## androidGB

Telbell my post was not an "I told you so post", but merely a warning to others to be very careful. I'm sorry if it came across this way.

Regarding my mention of Barclays, I was reiterating what erneboy has said, and adding some genuine support.

Loddy, I don't appreciate being told to shut up.

There is a perfectly safe way of obtaining currency with no risk involved.

You exposed yourself to a significant risk for a small reward, your choice.

Please don't vent your anger on others, when things don't work out.


Andrew


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## loddy

Android

Your post came across like "I told you so " perhaps you should keep your mouth shut and get down off your soap box , we don't need comments like yours. I have used Crown several times without any problem and whether I put myself at risk is my business and don't need it pointing out

Loddy


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## bognormike

please, gents. let's keep it civil

Mike
Mods team


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## androidGB

bognormike said:


> please, gents. let's keep it civil
> 
> Mike
> Mods team


Mike, I think my posts are civil.

I have already apologised if my post appeared to be "scoffing" which as I said was not my intention.

It was meant to help others and at least one member found it so.

Loddy as you said, you've dealt with Crown several times, you knew the risks, so deal with it, and don't have a go at people who have genuine sympathy and have merely posted to help others.

Andrew


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## erneboy

The first report I heard saying that Barclays had frozen banks accounts was on Saturday at lunch time on Moneybox, they probably knew about that on Friday. They said that this was done to "protect creditors" so all may not be lost. It remains to be seen to what extent they were playing silly buggers, if at all, Alan.


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## camper69

erneboy said:


> They said that this was done to "protect creditors" so all may not be lost. It remains to be seen to what extent they were playing silly buggers, if at all, Alan.


That means protect themselves not the customers.

Derek


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## erneboy

Yes Derek, I can see how that could be. I hope it's not only that, Alan.


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## loddy

androidGB said:


> bognormike said:
> 
> 
> 
> please, gents. let's keep it civil
> 
> Mike
> Mods team
> 
> 
> 
> Mike, I think my posts are civil.
> 
> I have already apologised if my post appeared to be "scoffing" which as I said was not my intention.
> 
> It was meant to help others and at least one member found it so.
> 
> Loddy as you said, you've dealt with Crown several times, you knew the risks, so deal with it, and don't have a go at people who have genuine sympathy and have merely posted to help others.
> 
> Andrew
Click to expand...

I am dealing with it but don't need people like you rubbing it in

Genuine sympathy think not

Loddy


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## rayc

erneboy said:


> The first report I heard saying that Barclays had frozen banks accounts was on Saturday at lunch time on Moneybox, they probably knew about that on Friday. They said that this was done to "protect creditors" so all may not be lost. It remains to be seen to what extent they were playing silly buggers, if at all, Alan.


is this latest info any help?
http://www.bbc.co.uk/news/business-11466272


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## javea

TorFX said:


> Good Morning,
> 
> I would like to correct the above statements and the links with Tor FX and Crown Currency Exchange. The directors of TorFX categorically state that the company has no commercial or managerial links with Crown Currency
> 
> [email protected]


Ian,

Thank you for the information that you have posted on this forum. I have used you on a number of occasions for substantial sums and have been totally satisfied with your service. However, you will appreciate that there is now some unease in regard to currency traders and I would ask you to answer the following questions.

Is it not the case that Jon Beddell and Tracy Jackson were previously directors of Crown Currency Exchange.

As you are authorised by the FSA does this mean that your customers are protected by the FSCS? Whilst I appreciate that your operate Client Accounts there could be a delay between receipt of monies into your accounts and the transfer of those sums to the Client Account. If your company were to experience difficulties between those times the client monies could be at risk.

Your advices would appreciated.


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## lindyloot

Found this posted on Martin Lewis' facebook page

Martin Lewis Crown Currency Collapse - someone was asking earlier for our view as the currency company had been in the Travelmoneymax. Here's the latest on it - with my view in there. Obviously we're really gutted for people this has happened, though quite what we could've done I dont know. http://www.moneysavingexpert.com/ne...wn-currency-exchange-goes-into-administration

This may explain why you cannot contact them


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## gaspode

This makes interesting reading:

http://www.investorschronicle.co.uk...65c-0015171400aa/When-segregation-is-good.jsp

Dated September 2009. 8O


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## blongs

One of the administrators for the company was interviewed on 5live this morning.

He mentioned 13,000 customers and from what they have seen so far they believe the total outstanding is £20million of customer money.

Looking at the bank accounts they think they have £3million to spread out to creditors and it will take quite a while.

Ben


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## raynipper

If this goes true to form, the £3 million will just about cover the liquidators costs and fees. 

Ray.


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## randonneur

This is the latest from Sky News last night.

http://news.sky.com/skynews/Home/Bu...aymakersWithoutTravelMoney&lpos=searchresults


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## javea

Copy of an email today received from Caxton FX which is reassuring:-

You may have read recently about the collapse of Crown Currency Exchange, a travel cash supplier, based in Cornwall. I am writing to reassure you about your funds held on your Caxton FX card. 

In addition to the financially robust nature of Caxton FX Ltd, as a Caxton FX cardholder you have an additional level of security as all monies loaded onto Caxton FX cards are deposited at Newcastle Building Society (NBS) on behalf of our cardholders. 


NBS is a well capitalized 'mutual' Building Society. As such, NBS is regulated under the Building Societies Act of 1986 as amended at the end of 2003, as well as by the Financial Services Authority (known as the FSA). Under the terms of the Act a company can only be called a Building Society if "its purpose or principal purpose is that of making loans which are secured by residential property and are funded substantially by its members". The Act goes further and stipulates that at least 50% of the funds raised by a Building Society must be raised from deposits from the members. In this respect, the Building Societies are much more conservative than Banks and therefore less risky.

Therefore, in the unlikely event of NBS running into financial difficulties, the money would be protected. Indeed, the following statement has been made by NBS directly - "We are able to guarantee the safety of all prepaid card balances as this money is held completely separately in a designated client account, which would not be affected even in the event of the Society experiencing financial difficulty".



If you have any concerns please call our customer service team on 0845 222 2639 who can answer any queries you may have. 

Yours sincerely, 





Rupert Lee-Browne 

CEO
Caxton FX
4 Grosvenor Place
London, SW1X 7HJ

Notice I have not yet had a response from Ian Craggs to the questions posed yesterday.


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## bognormike

I suppose Caxton would need to do a bit of "distancing" of their set up from the currency traders. 

The deals that were possible from companies like Crown depend on them betting on the currency market movements. If they get that wrong, they will lose money. It can then be a slippery slope into teeming & lading (good old fashioned accountancy term!) where current investors' money is used to pay out on currency due out on the day. Then it's only a matter of time if incoming funds dry up before it all goes pear shaped :roll: . I'm not saying that's what has happened at Crown, but as an example :wink: 
Of course all company directors have an obligation not to knowingly trade while insolvent, or they WILL be held personally liable.


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## Rosbotham

bognormike said:


> The deals that were possible from companies like Crown depend on them betting on the currency market movements.


Can't provide a link as it's subscription nowadays, but according to the Times today "betting" is indeed the operative word. Apparently they weren't executing hedge strategies / forward buying the currency. With that backdrop unless you're miraculously lucky enough to have matched customers exchanging currency from A->B / B->A, it's only a matter of time before the whole thing tumbles down. Problem is, as a customer it's very difficult to know what they're doing behind the scenes (indeed who knows if the Times are accurate).

Paul


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## androidGB

If the figures that the administrators mention are correct, I find it inconceivable that a cash positive business such as this could get into this position without the directors being fully aware of the situation for some time.


There would seem no justification to continue trading in the hope they would be able to trade out of it.



Andrew


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## raynipper

BBC News this morning said they would be more discussions with the directors in Moneybox Live today...... I think.

Ray.


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## ICDSUN

androidGB said:


> If the figures that the administrators mention are correct, I find it inconceivable that a cash positive business such as this could get into this position without the directors being fully aware of the situation for some time.
> 
> There would seem no justification to continue trading in the hope they would be able to trade out of it.
> 
> Andrew


From previous accounts they appear to have considerably less in their bank, last accounts show a figure of £1,393031.00 at bank, net assets as a - £188288.00 so very little chance they have had such a huge increase since Nov 09

Some harsh lessons will be learnt for many customers, hopefully they will not get caught again

Incidentally it is interesting how quick TorFX came on to distance themselves from Crown but have not answered my question about a shareholder who shares the same surname as one of the Crown directors

Chris


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## javea

javea said:


> TorFX said:
> 
> 
> 
> Good Morning,
> 
> I would like to correct the above statements and the links with Tor FX and Crown Currency Exchange. The directors of TorFX categorically state that the company has no commercial or managerial links with Crown Currency
> 
> [email protected]
> 
> 
> 
> Ian,
> 
> Thank you for the information that you have posted on this forum. I have used you on a number of occasions for substantial sums and have been totally satisfied with your service. However, you will appreciate that there is now some unease in regard to currency traders and I would ask you to answer the following questions.
> 
> Is it not the case that Jon Beddell and Tracy Jackson were previously directors of Crown Currency Exchange.
> 
> As you are authorised by the FSA does this mean that your customers are protected by the FSCS? Whilst I appreciate that your operate Client Accounts there could be a delay between receipt of monies into your accounts and the transfer of those sums to the Client Account. If your company were to experience difficulties between those times the client monies could be at risk.
> 
> Your advices would appreciated.
Click to expand...

I have not seen a response to this question to Ian Craggs. Checked with the Financial Services Authority website and whilst it is correct that they are a registered company it does confirm that monies deposited there are not covered by the Financial Services Compensation Scheme - wording as follows:-

Customers of payment institutions will not have access to the Financial Services Compensation Scheme, but eligible customers can refer complaints to the Financial Ombudsman Service as well as the FSA.


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## GEMMY

Bad news :

http://www.telegraph.co.uk/finance/...tims-will-get-back-just-10p-in-the-pound.html

tony


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## Coulstock

Capitalism pays ( but not back !!)

Harry


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## jonno8007

*crown currency*

I saw news topic on bbc wales last night and think these have gone bust? Am I right?

john


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## foll-de-roll

Hi



What sort of twisted person gets pleasure from other peoples misfortune.


I saw young couple on the News last night, who had lost £2000 of their savings. Yet this brings crowing comments from some corners. The mind boggles :roll: :roll: 


Andy


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## erneboy

I agree Foll-de-Roll. A most inappropriate comment I thought, Alan.


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## Baltictrust

ICDSUN said:


> TorFX said:
> 
> 
> 
> Good Morning,
> 
> I would like to correct the above statements and the links with Tor FX and Crown Currency Exchange. The directors of TorFX categorically state that the company has no commercial or managerial links with Crown Currency
> 
> The directors you referred to are no longer at Tor FX and haven't been for over 12 months.
> 
> Susan Benstead retired from Tor FX in the summer of 2009.
> 
> Edward James retired from Tor FX in the autumn of 2009 on his 70th birthday.
> 
> I would like to take the opportunity to inform readers that Tor FX operate client segregated accounts with Barclays Bank, something which Crown did not have. This means our client funds are 100% secure and we as a company cannot touch them.
> 
> I would also like to highlight the fact that Tor Currency Exchange Ltd is authorised by the Financial Services Authority under the Payment Service Regulations 2009 (FRN 517320) for the provision of payment services and HM Revenue & Customs Certificate of Registration for Money Laundering Regulation, Number: 12191606.
> 
> To reiterate, TorFX has no management or trading links with Crown Currency. Peter and Susan Benstead are not involved with TorFX in any way and the directors are appalled by the apparent situation at Crown Currency.
> 
> Kind Regards
> 
> Ian Cragg
> Business Development Manager
> [email protected]
> 
> 
> 
> Ian
> 
> Thanks for the clarification, incidentally, is one of your shareholders Katey Benstead a relative of Peter or Susan Benstead
> 
> Your company have in previous times had a number of directors who would appear to have been involved with Crown at various stages, so forgive our concerns about placing our trust in yours or any other currency traders
> 
> Chris
Click to expand...

Katey Benstead is their daughter and shareholder.
Vicki O'Brien is their daughter , Non-Exec director and shareholder.
The following links explains all the tie-ins with the Benstead and James family who owned Crown Currency Exchange that went into Administration on October 4th 2010.

http://www.standup4shepton.com/post/1491220407/when-did-barclays-first-know-crown-currency-exchange


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## ICDSUN

Baltictrust said:


> ICDSUN said:
> 
> 
> 
> 
> 
> TorFX said:
> 
> 
> 
> Good Morning,
> 
> I would like to correct the above statements and the links with Tor FX and Crown Currency Exchange. The directors of TorFX categorically state that the company has no commercial or managerial links with Crown Currency
> 
> The directors you referred to are no longer at Tor FX and haven't been for over 12 months.
> 
> Susan Benstead retired from Tor FX in the summer of 2009.
> 
> Edward James retired from Tor FX in the autumn of 2009 on his 70th birthday.
> 
> I would like to take the opportunity to inform readers that Tor FX operate client segregated accounts with Barclays Bank, something which Crown did not have. This means our client funds are 100% secure and we as a company cannot touch them.
> 
> I would also like to highlight the fact that Tor Currency Exchange Ltd is authorised by the Financial Services Authority under the Payment Service Regulations 2009 (FRN 517320) for the provision of payment services and HM Revenue & Customs Certificate of Registration for Money Laundering Regulation, Number: 12191606.
> 
> To reiterate, TorFX has no management or trading links with Crown Currency. Peter and Susan Benstead are not involved with TorFX in any way and the directors are appalled by the apparent situation at Crown Currency.
> 
> Kind Regards
> 
> Ian Cragg
> Business Development Manager
> [email protected]
> 
> 
> 
> Ian
> 
> Thanks for the clarification, incidentally, is one of your shareholders Katey Benstead a relative of Peter or Susan Benstead
> 
> Your company have in previous times had a number of directors who would appear to have been involved with Crown at various stages, so forgive our concerns about placing our trust in yours or any other currency traders
> 
> Chris
> 
> Click to expand...
> 
> Katey Benstead is their daughter and shareholder.
> Vicki O'Brien is their daughter , Non-Exec director and shareholder.
> The following links explains all the tie-ins with the Benstead and James family who owned Crown Currency Exchange that went into Administration on October 4th 2010.
> 
> http://www.standup4shepton.com/post/1491220407/when-did-barclays-first-know-crown-currency-exchange
Click to expand...

Many Thanks for posting the info, no more than I expected

Chris


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## raynipper

Little item in The French Connexion paper.

"Expats villa raided by UK and French police".

Police from Bergerac and Devon constabulary have raided the French villa of a man accused over the £16 million collapse of currency firm Crown Currency Exchange.

The raid with a helicopter and a dog squad saw four British officers leave Peter Bensteads villa in Couze-et Saint-Front laden with files. More than 8000 people lost money they had paid to take advantage of a higher exchange rate.

Ray.


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