I don't think you are missing anything; this seems to be a popular Brit way of doing speaker terminals! A little Cambridge Audio integrated I used to own has the same damn arrangement. I had to cut off the beautifully made spades from my speaker cables and use the bare wire, stuffed down the hole. And if you have very thick bare wire, it will not fit! Little isolated tendrils of wire bristling all over the screw-down cap! It's hideous! I will be interested to see what others have to say, maybe there's a theory here that I too am missing.
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