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Post by dl292 on Jul 30, 2019 17:38:41 GMT
Can anyone point to specific examples of FS misselling loans? (ie: factually wrong, misleading due to lack of information etc...). FS are regulated by FCA yes? In which case if there are examples of misselling can we not expect compensation from the FSCS?
LAG is going down this route with Lendy, so is it applicable here? Two examples spring to mind: Art loans which were never in FS's position, and 5 park homes which transpired to actually be only 2 park homes.
Perhaps Im late to the party and others have already progressed with this(?).
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michaelc
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Post by michaelc on Jul 30, 2019 17:54:35 GMT
Whitehaven
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ashtondav
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Post by ashtondav on Jul 30, 2019 18:29:55 GMT
FS are next to useless. Anyone still investing with this bunch of incompetents is either beyond redemption or very good at spotting the fraudulent creeps who apply and are granted loans from this platform.
Pawn is safe. You hand me your asset I value it, give you a little money and flog the asset if it defaults. FS doesn't have a clue about asset value, doesn't take the asset and is pretty pathetic at flogging the thing.
In short - its a freaking basket case.
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rogerthat
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Post by rogerthat on Jul 30, 2019 18:46:36 GMT
Can anyone point to specific examples of FS misselling loans? (ie: factually wrong, misleading due to lack of information etc...). FS are regulated by FCA yes? In which case if there are examples of misselling can we not expect compensation from the FSCS? LAG is going down this route with Lendy, so is it applicable here? Two examples spring to mind: Art loans which were never in FS's position, and 5 park homes which transpired to actually be only 2 park homes. Perhaps Im late to the party and others have already progressed with this(?). Im sorry to say you're too late for the party but as it happens you will be in time for the wake 
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Post by brightspark on Jul 30, 2019 19:51:45 GMT
Can anyone point to specific examples of FS misselling loans? (ie: factually wrong, misleading due to lack of information etc...). FS are regulated by FCA yes? In which case if there are examples of misselling can we not expect compensation from the FSCS? LAG is going down this route with Lendy, so is it applicable here? Two examples spring to mind: Art loans which were never in FS's position, and 5 park homes which transpired to actually be only 2 park homes. Perhaps Im late to the party and others have already progressed with this(?). Information about loan offerings are provided by borrowers. Platforms do not audit it. presumably therefore it can unknown to a platform be factually wrong or misleading. I am not in the Art loans nor the park homes so would not comment specifically on them.
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squid
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Post by squid on Jul 30, 2019 20:09:18 GMT
This has the potential to become an important thread.
As a FCA regulated firm, FS is required to adhere to certain rules. Specifically, the following two FCA Principles (PRIN 2.1 The Principles) apply:
6. Customers' interests - A firm must pay due regard to the interests of its customers and treat them fairly.
7. Communications with clients - A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.
If an investor feels that the promotion of any loan (or loans) was not clear, or was unfair or misleading, then they are entitled to complain to FS. If unresolved, or after eight weeks has passed, such complaints should become eligible for referral by the complainant to the Financial Ombudsman Service for their involvement.
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Monetus
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Post by Monetus on Jul 30, 2019 20:18:32 GMT
Whitehaven Whitehaven Whitehaven Whitehaven Whitehaven
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Post by tomder on Jul 30, 2019 21:47:18 GMT
Development Plot, Liverpool - Renewal (2355178947) et al. The latest update reveals that this loan is connected to many others by s common borrower. I am sure that from the information provided, the connection could not be made by the investor.
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rogerthat
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Post by rogerthat on Jul 30, 2019 22:12:19 GMT
Development Plot, Liverpool - Renewal (2355178947) et al. The latest update reveals that this loan is connected to many others by s common borrower. I am sure that from the information provided, the connection could not be made by the investor. Have I got news for you !..are you sitting comfortably ?
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Post by tomder on Jul 30, 2019 22:30:39 GMT
Development Plot, Liverpool - Renewal (2355178947) et al. The latest update reveals that this loan is connected to many others by s common borrower. I am sure that from the information provided, the connection could not be made by the investor. Have I got news for you !..are you sitting comfortably ? ?
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rogerthat
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Post by rogerthat on Jul 30, 2019 23:05:33 GMT
Have I got news for you !..are you sitting comfortably ? ? Its late..and frankly I haven't got the incentive to even guesstimate approximate figures / %ages..but maybe someone who has better book keeping skills than myself will enlighten you. As you're clearly new here (by number of posts) you haven't got access to FSDD central but if you have already invested in anything, I would hold off from investing more until hopefully, someone kindly opens your eyes with a better response than I can. In a sentence or two, more than a few loans have common borrower/s, which investors were not made aware of at the time of issue and it involves an awful lot of money (investors money). A lot of those loans are either late, very late or now classed as unredeemed (because FS wont officially default them and therefore spoil their advertised performance charts). If you've already got an account (with FS) as an investor, I would spend some time scrolling through the All Active & Past Loans tab. Clearly you have access to this forum so a random selection of various popular threads will give you of the flavour of what im trying to portray without me sitting here all night. Bon chance
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smee
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Post by smee on Jul 30, 2019 23:17:11 GMT
Lytham St Anne’s with a stated LTV of 17.7% which encouraged extra lending on my part and turned out to be not what it seemed. Very misleading.
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Post by brightspark on Jul 31, 2019 10:36:29 GMT
Can anyone point to specific examples of FS misselling loans? (ie: factually wrong, misleading due to lack of information etc...). FS are regulated by FCA yes? In which case if there are examples of misselling can we not expect compensation from the FSCS? LAG is going down this route with Lendy, so is it applicable here? Two examples spring to mind: Art loans which were never in FS's position, and 5 park homes which transpired to actually be only 2 park homes. Perhaps Im late to the party and others have already progressed with this(?). The Irish wind turbine loan is such a case. It was described in the prospectus as recently constructed and just needing connection to the grid. When eventually sold it went for a knockdown price ostensibly because it needed a lot of remediation to bring it to working order. Investors received around a third of their capital back. The platform of course was reliant on the borrower to make the original pitch. It is the nature of p to p. Caveat Emptor and all that.
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michaelc
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Post by michaelc on Jul 31, 2019 13:36:19 GMT
Another candidate:
Just re-read the description of the art loans. Has it changed or did it always say: "The painting is held at Constantines, London."
The terms and conditions also say today: "FundingSecure provides valuation and logistics services and holds Borrowers' pledged Assets as security for Loans entered into."
The assets for this loan were not held or controlled by FS.
I'm no lawyer but that seems to mean they broke their own agreement with us. But does breaking that agreement mean anything was miss-sold? I feel it was as I absolutely assumed FS were in control of the paintings but it doesn't say that within the loan description.
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adrian77
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Post by adrian77 on Jul 31, 2019 15:34:54 GMT
so did I - the company is called Funding Secure and all their conditions indicate they take control of the assets- not exactly to be unexpected!
What have we got - "where are the paintings - dunno m'Lord they may possibly be in Dubai!"...
if this was a "Minder" script it would be far-fetched. I have several loans in these paintings as I was not told they were linked and was told they were in storage under FS control. FS should do the decent things i.e. repay all investors and continue their action behind the scenes.
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