cb25
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Post by cb25 on Nov 13, 2019 12:25:30 GMT
I'm interested to know where I can find FCA rules on P2P, specifically: -how P2P platforms should handle loans that 'default' by not repaying the full loan on time, including any maximum time they should let the loan run before demanding full repayment, and
-what lenders can expect in terms of information and maximum loan duration
I came across FCA COBS (Conduct of Business Sourcebook) 18.12 here, but when it refers to a 'p2p agreement' it seemed to only cover individuals lending to individuals, but I'm interested in individuals lending to businesses (two cases: I pick the individual business to lend to, or the P2P platform picks the business)
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rogedavi
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Post by rogedavi on Nov 13, 2019 14:20:32 GMT
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cb25
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Post by cb25 on Nov 13, 2019 14:36:08 GMT
Thanks, but that was what lead me to COBS 18.12, which doesn't seem to apply to individuals lending to businesses (unless I missed something)
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Post by Deleted on Nov 13, 2019 16:08:40 GMT
Hi,
I don't think you have missed anything - I don't think it exists in the specific detail you are looking for. Every P2P is different in how long they give a company before defaulting the loan and how they represent these in their statistics etc.
If I were you I would take some paracetamol and sit and read the P2P T&Cs for investors. It is unlikely to be very specific in terms of the sort of issues you mention.
Is this a general thing or platform specific?
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pip
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Post by pip on Nov 15, 2019 12:49:39 GMT
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cb25
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Post by cb25 on Nov 15, 2019 13:48:35 GMT
Thanks for that, but I'm actually after how P2P platforms are supposed to treat 'defaulted' loans (missed final repayment date)
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Post by defaultinator5000 on Nov 15, 2019 14:11:56 GMT
There is no such thing. There are no rules in the wild-west world of P2P and the FCA couldn't give a damn about shady business practices many of these platforms employ. As seen in the cases of Lendy and FS, FCA were more than happy to let these companies operate and take in investor's money despite knowing well they did not comply with the said regulations and were about to go under.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 15, 2019 14:39:57 GMT
And do not forget that the FCA allowed Collateral to be listed on their FCA Register for around two years, before, after two years, suddenly deciding that Collateral shouldn't have been on the Register after all! And subsequently causing Collateral's swift demise and guaranteed massive losses to Lenders. An excellent "consumer protecting" and professional, businesslike course of action taken by the FCA, we should all feel very safe and warm under their auspices.  The FCA exist for themselves, they are arrogant and have NO shame, protecting YOU from financial vultures is a myth. But you all know that. I hope.PS: The measure of any Organisation, and its integrity, is whether they have the balls and the guts to admit when they're completely wrong, and the FCA possesses neither. PPS @ 17/11/19 - In an all out war, who would you want as your General, from a choice of, say, Alan Sugar, Terry Smith, Martin Sorrell, or ...................... Andrew Bailey?!!  |
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