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Kitty Ussher (Economic Secretary, HM Treasury; Burnley, Labour)

In light of the recent financial difficulties experienced by the money transfer company, First Solution Money Transfer Ltd, the Companies Investigation Branch (CIB) of the Insolvency Service, within the Department for Business; Enterprise and Regulatory Reform, is carrying out an examination of the facts of the case. CIB has powers to investigate companies where there is suspicion of some form of misconduct, or where the facts need to be substantiated.

The BERR Minister, Stephen Timms, also met with representatives of the affected community last week to hear their concerns.

An insolvency practitioner has not yet been formally appointed to act as voluntary liquidator. However, the company has asked customers who have been affected by the financial difficulties experienced by First Solution Money Transfer Ltd to contact their nominated insolvency practitioners, Panos Eliades Franklin & Co on 020 8815 4000.

The Government have already committed, following agreement reached on the EU Payment Services Directive (PSD) in April 2007, to bring money transfer companies into regulation from November 2009. HM Treasury will launch a public consultation on the implementation of the PSD in autumn 2007. The Government encourage money transfer providers and users to participate actively in this consultation.

The Government recognise that international remittances through formal channels are an increasingly important source of development finance, and can have a significant positive economic impact in developing countries, particularly in low-income countries. The Department for International Development (DFID) recognises the challenges associated with sending remittances to developing countries, and is currently supporting a project to improve the transparency and lower the cost with which migrants are able to remit funds home to Bangladesh. DFID also funds the UK Remittances Task Force, which aims to promote greater transparency, competition and better information within the UK remittances market, and has developed a voluntary Customer Charter to improve remittance services in the UK.

In HM Treasury's document "Financial Inclusion: the way forward", published in March 2007, the Government stated that they would approach the UK Remittances Task Force, to ask if it will consider how remittance services fit with existing financial service products offered to migrant communities by various providers. In taking forward this work, the Government will ask the Task Force to consider whether there are any lessons from the First Solution case for access to remittances and wider financial services by migrants in the UK.

Annotations

rescue deal
Posted on 13 Aug 2007 1:48 pm (Report this annotation)

Since the sudden closure of First Solution Money Transfer Ltd. on 28th June 2007 followed by strong media coverage, there have been severe concerns and adverse reactions within all sections n the Bangladeshi community.

The Directors of First Solution Branches who acted as the collection point for First Solution Money Transfer Ltd. are actively involved with their local community and hold respectable positions. Therefore, all the branch directors got together, consulted with various community leaders and came to a consensus that a solution must be found to resolve this situation, stand beside the victims and restore the confidence of people.

In this respect a suitable rescue package of First Solution Money Transfer Ltd. is being considered and legal professionals have been appointed to identify the barriers and its remedy. It is expected that a plan will be announced very shortly through a press conference stating the details of how and when the creditors will get their remittances processed again.

We, the Branch Directors, out of our moral and social obligations have been working relentlessly for the last 5 weeks and already raised some fund. We are constantly working towards raising more funds and have been engaged in discussions with various investors who have evaluated investment opportunity in the company and are also seeking potential investors. By the grace of Almighty, we shall be successful in our efforts and ensure that that all creditors receive their payment and restore the confidence of people in the money transfer industry. We are confident that we shall achieve our goal after all the logistic requirements are fulfilled.

We are appealing to all other Branch Directors and Agent who have not yet joined us, to come forward considering the victims. We are also requesting all community leaders and businesses that have been making positive contributions in finding a suitable solution to this unfortunate situation to also support our initiative.

Branches who took this initiative are:

Aston (Birmingham), Small Heath (Birmingham), Bradford, Bristol, Burnley, Coventry, Edinburgh, Leicester, Kings Cross (London), Drummond Street (London), Manor Park (London), Turnpike Lane (London), Luton, Newcastle, Oldham, Portsmouth, Southampton, St. Albans, Walsall, Hyde, Liverpool.

Agents and Branch Directors are requested to contact 0844 884 8774 or e-mail firstsolution.recovery@yahoo.co.uk for further details.

we are also appealing to any one who raised any funds to come forward and unite in this victims rescue deal

~ END ~

dulla miah
Posted on 1 Aug 2008 4:54 pm (Report this annotation)

Dear Reader, I’m Dulla Miah ( First Solution’s victim ), I have been robbed by First Solution. £70,200.00 from my re-mortgage, since it’s happened I am living with hell rising pain. today 10 July 2008 it is 13-months past, still no any single penny pay me back by First Solution director’s or the government. anyway I thank everybody who tried to get our money back. and if anybody can help me to combine for our money, please contact my e-mail: x_miah@yahoo.co.uk



plz watch the video of Dulla Miah’s story, DULLA MIAH did not get back any money from RE-MORTGAGE OF £70,200.00 http://news.bbc.co.uk/player/nol/newsid_6910000/newsid_69165...

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