ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,852
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Post by ilmoro on Jun 8, 2023 19:17:44 GMT
do administrators report their findings on how/why these platforms failed so badly?directors conduct and blatant misrepresentation of the true situations and still taking lenders funds while knowing the end was nigh. doing every thing to cover their own ars*s and secure as much of our funds with their T&Cs before calling in administrators knowing that it will take years to unravel the truth and will still be a nice little earner for them.lenders rank very low in the pecking order once the white collar brigade arrive. Yes, confidential report to Secretary of State BEIS or what ever its called now ... Insolvency service will then consider whether any action is required but its mostly only a directorial ban, criminal prosecution rare.
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Post by martin44 on Jun 8, 2023 19:57:56 GMT
- in actual fact when platform failure , administration etc occur the loans and your money are more akin to a carcass waiting for anyone to come and try to feed on... All this whilst the fca looks on , not quite sure how the fca could have ever deemed this model as worthy of regulation and fit for purpose. Not sure they did ... they got given it by Osbourne/govt/Parliament when P2P became a regulated activity in 2013/14 along with another load of stuff that doubled, or more, their workload overnight. Another issue is that there isnt actually a model but lots of different models that all fall under a general framework of P2P, both the regulated type & the non/perimeter type. Is it even the model or just circumstances of trying to tame the wild west ... I suspect we are about to see something similar with crypto though the FCA has the advantage of already having the basis of P2P et al regulation to work from, not something they had with P2P www.fca.org.uk/news/press-releases/fca-introduces-tough-new-rules-marketing-cryptoassetsThats not to say that Failey et all didnt make a complete balls up of it Personally, im 100% sure they did, the FCA has a job to do... to regulate the conduct of firms in the UK to ensure that our financial markets are honest, competitive and fair.... i dont reckon they did any of this in the p2p industry whatsoever... we were hung out to dry, as the returns from failed p2p platforms is showing, someones making a pretty penny from all this, administrators and platform cheats.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,852
Likes: 11,081
|
Post by ilmoro on Jun 8, 2023 20:53:40 GMT
Not sure they did ... they got given it by Osbourne/govt/Parliament when P2P became a regulated activity in 2013/14 along with another load of stuff that doubled, or more, their workload overnight. Another issue is that there isnt actually a model but lots of different models that all fall under a general framework of P2P, both the regulated type & the non/perimeter type. Is it even the model or just circumstances of trying to tame the wild west ... I suspect we are about to see something similar with crypto though the FCA has the advantage of already having the basis of P2P et al regulation to work from, not something they had with P2P www.fca.org.uk/news/press-releases/fca-introduces-tough-new-rules-marketing-cryptoassetsThats not to say that Failey et all didnt make a complete balls up of it Personally, im 100% sure they did, the FCA has a job to do... to regulate the conduct of firms in the UK to ensure that our financial markets are honest, competitive and fair.... i dont reckon they did any of this in the p2p industry whatsoever... we were hung out to dry, as the returns from failed p2p platforms is showing, someones making a pretty penny from all this, administrators and platform cheats. Im pretty sure the FCA didnt themselves deem the model worthy of regulation for the simple reason they didnt exist when the decision was made to merge the FSA & OFT and place the regulation of consumer credit activities under the new merged body to be called the FCA.
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11025
Member of DD Central
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Post by 11025 on Jun 9, 2023 6:32:34 GMT
Personally, im 100% sure they did, the FCA has a job to do... to regulate the conduct of firms in the UK to ensure that our financial markets are honest, competitive and fair.... i dont reckon they did any of this in the p2p industry whatsoever... we were hung out to dry, as the returns from failed p2p platforms is showing, someones making a pretty penny from all this, administrators and platform cheats. Im pretty sure the FCA didnt themselves deem the model worthy of regulation for the simple reason they didnt exist when the decision was made to merge the FSA & OFT and place the regulation of consumer credit activities under the new merged body to be called the FCA Aiui some people working at the fca tried to raise major concerns about this sector (maybe they could see this skip fire coming) they were ignored and then eventually dismissed. That to me says a lot about the management thoughts on P2P.
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Post by scepticalinvestor on Jun 9, 2023 10:15:17 GMT
It's like the state of advertising regulation.
On one hand you have fairly robust and systematic regulation of what TV ads can and can't show, etc., complaints systems, fines etc.
On the other hand you have the wild west of online ads on YouTube, FB, etc. where charlatans can say pretty much what they want while driving a Ferrari and chomping down on a cigar while lounging in their 20,000 sqft beach side mansion - "I earn £56,000 a day trading in my PJs, you can too!"
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Post by martin44 on Jun 9, 2023 18:56:05 GMT
Personally, im 100% sure they did, the FCA has a job to do... to regulate the conduct of firms in the UK to ensure that our financial markets are honest, competitive and fair.... i dont reckon they did any of this in the p2p industry whatsoever... we were hung out to dry, as the returns from failed p2p platforms is showing, someones making a pretty penny from all this, administrators and platform cheats. Im pretty sure the FCA didnt themselves deem the model worthy of regulation for the simple reason they didnt exist when the decision was made to merge the FSA & OFT and place the regulation of consumer credit activities under the new merged body to be called the FCA. Well... they have existed since 2013... so im sure they had plenty of time to look at P2P.... that said... the fact that they were formed on april 1st sums the fca up completely.
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mah
Member of DD Central
Posts: 328
Likes: 365
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Post by mah on Jun 10, 2023 22:38:58 GMT
do administrators report their findings on how/why these platforms failed so badly?directors conduct and blatant misrepresentation of the true situations and still taking lenders funds while knowing the end was nigh. doing every thing to cover their own ars*s and secure as much of our funds with their T&Cs before calling in administrators knowing that it will take years to unravel the truth and will still be a nice little earner for them.lenders rank very low in the pecking order once the white collar brigade arrive. The Ts & Cs are not worth the paper they are written on - as we've seen in the case of MT, FS, Wellesley, etc.
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mah
Member of DD Central
Posts: 328
Likes: 365
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Post by mah on Jun 10, 2023 22:41:50 GMT
do administrators report their findings on how/why these platforms failed so badly?directors conduct and blatant misrepresentation of the true situations and still taking lenders funds while knowing the end was nigh. doing every thing to cover their own ars*s and secure as much of our funds with their T&Cs before calling in administrators knowing that it will take years to unravel the truth and will still be a nice little earner for them.lenders rank very low in the pecking order once the white collar brigade arrive. Yes, confidential report to Secretary of State BEIS or what ever its called now ... Insolvency service will then consider whether any action is required but its mostly only a directorial ban, criminal prosecution rare. Call me a Cynic, but I'm sure it's shared with the Directors, who have appointed them in the first place and paved the way for milking the carcass (at least for MT).
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