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Post by mrclondon on Dec 9, 2019 11:56:52 GMT
Notable by their absense over the last couple of weeks, and especially this morning. I am still recycling funds so should need to do something at this point to allow this to continue.
It feels unlikely that FC would follow the example of MT and now TC in winding down retail lending, but nothing would surprise me anymore.
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scooter
Member of DD Central
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Post by scooter on Dec 9, 2019 12:54:26 GMT
Maybe this should be a general post to list the sites which are burying their heads in the sand today.
Crowd2fund has no appropriateness test or any reference to new rules etc.
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Post by 2naphish on Dec 11, 2019 6:02:35 GMT
I have had to declare and take a test on Assetz, but nothing on FC.
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upland
Member of DD Central
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Post by upland on Dec 11, 2019 7:34:54 GMT
I have had to do several but noticed that LW was like FC without one. I asked LW and they said that as I had made at least two transfers to them in the last two years that I was a regarded as a sophisticated investor. Perhaps FC thinks that we are also sophisticated investors.
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Post by gmumford on Dec 11, 2019 8:59:59 GMT
I think you still have to sign something if they make you a sophisticated investor. Perhaps I am mistaken.
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sl75
Posts: 2,092
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Post by sl75 on Dec 11, 2019 9:04:52 GMT
I think you still have to sign something if they make you a sophisticated investor. Perhaps I am mistaken. Elsewhere the category is referred to as "Self-certified sophisticated investor". If a platform is doing the certifying, that'd be a "Platform-certified sophisticated investor" (which I don't think is recognised anywhere).
In cases where a platform seeks to rely on investors having been "sophisticated", a platform certification would be worthless.
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metoo
Member of DD Central
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Post by metoo on Dec 16, 2019 14:11:14 GMT
Answer from FC:
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Dec 16, 2019 15:10:51 GMT
Ridiculous, intelligent investor with FC as a small percentage of portfolio investing for 11 months has to take it, Idiot who thinks it's like a building society but with better interest rate investing for 12 months and 1 day doesn't have to take it The length of time you've been investing in FC makes no difference to how sophisticated an investor you are.
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blender
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Post by blender on Dec 16, 2019 15:24:11 GMT
Ridiculous, intelligent investor with FC as a small percentage of portfolio investing for 11 months has to take it, Idiot who thinks it's like a building society but with better interest rate investing for 12 months and 1 day doesn't have to take it The length of time you've been investing in FC makes no difference to how sophisticated an investor you are. I do not think that they are suggesting that anything magic happens after a year. I think that the one year is what they think they can get away with and comply with FCA regulations. They are already in a serious liquidity situation and need these new regulations at this time like an extra hole in the head. They will not want to frighten the investors. They are doing the absolute minimum, imo, and the new regulations and procedures are only addressed in a blog, unless they affect you and what you do. Assetz have taken the other approach, the confident approach.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,868
Likes: 2,308
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Post by keitha on Dec 16, 2019 15:28:21 GMT
Ridiculous, intelligent investor with FC as a small percentage of portfolio investing for 11 months has to take it, Idiot who thinks it's like a building society but with better interest rate investing for 12 months and 1 day doesn't have to take it The length of time you've been investing in FC makes no difference to how sophisticated an investor you are. I do not think that they are suggesting that anything magic happens after a year. I think that the one year is what they think they can get away with and comply with FCA regulations. They are already in a serious liquidity situation and need these new regulations at this time like an extra hole in the head. They will not want to frighten the investors. They are doing the absolute minimum, imo, and the new regulations and procedures are only addressed in a blog, unless they affect you and what you do. Assetz have taken the other approach, the confident approach. Wonder what would happen if you fail the test, would they say "sorry FC is not for you and refund all your investment"
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upland
Member of DD Central
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Post by upland on Dec 16, 2019 15:29:03 GMT
I got the same words too :-
"I am pleased to confirm that you are not required to part take in the quiz as you have been investing on the platform for more than 12 months.
"
Maybe they realise the older investors are pulling out ?
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Post by bracknellboy on Dec 16, 2019 15:51:49 GMT
Ridiculous, intelligent investor with FC as a small percentage of portfolio investing for 11 months has to take it, Idiot who thinks it's like a building society but with better interest rate investing for 12 months and 1 day doesn't have to take it The length of time you've been investing in FC makes no difference to how sophisticated an investor you are.I think it does. From what I've heard about current FC performance, the longer you've been with FC and continue to stay with them, the less sophisticated you must be 
EDIT: All of which has triggered me to go and login to FC for the first time in ages. Princely sum of £47 withdrawn. Portfolio now down to £8.49. Recovery payments amount to a run rate of £3.72 per month. It might be a while before I log in again.
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blender
Member of DD Central
Posts: 5,719
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Post by blender on Dec 16, 2019 15:56:31 GMT
I do not think that they are suggesting that anything magic happens after a year. I think that the one year is what they think they can get away with and comply with FCA regulations. They are already in a serious liquidity situation and need these new regulations at this time like an extra hole in the head. They will not want to frighten the investors. They are doing the absolute minimum, imo, and the new regulations and procedures are only addressed in a blog, unless they affect you and what you do. Assetz have taken the other approach, the confident approach. Wonder what would happen if you fail the test, would they say "sorry FC is not for you and refund all your investment" Great idea! Please let me take the 'quiz' FC - I will try really hard, but if I fail I will reluctantly accept 100% capital now of all live loans and 30% of all the rest and you may throw me out as stupid, if you must.
You get three tries at Ablrate and I think an opportunity to revise and reconsider answers at Assetz. I guess if you fail you have to be considered restricted, at least.
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metoo
Member of DD Central
Posts: 540
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Post by metoo on Dec 16, 2019 15:56:42 GMT
Wonder what would happen if you fail the test, would they say "sorry FC is not for you and refund all your investment" I think you would just be stopped from adding to your investment. No short-cut to exit.
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