coogaruk
Hello everyone! Anyone remember me?
Posts: 703
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Post by coogaruk on May 18, 2020 12:22:35 GMT
Does anyone else see a problem with this? I wonder what the FCA might think about it?
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Post by p2plender on May 18, 2020 12:31:15 GMT
It's in keeping with what RS have been doing for years, twisting things to make things look more attractive and 'tweaking things' to try to blindside investors, job done..
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Post by markimus on May 18, 2020 12:31:17 GMT
Does antone else have a problem with this? I wonder what the FCA might think about it?
No. As there is text in the box which states: " The matched rate will be reduced by 50% during the Temporary Interest Reduction period.
E.g. if matched at 3.00% it will be reduced to 1.50%." My only criticism would be that they could put it in to a yellow box like they have done elsewhere on the website.
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Post by Deleted on May 18, 2020 12:59:48 GMT
I would have thought that the 1.5% should have at least equal prominence as the 3% ie as big / stand out just as much.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
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Post by beagle on May 18, 2020 19:15:01 GMT
i think it is pretty clear what rate you get, if you miss 1 of the 10 signs and still invest and then think its unfairly advertised i would argue this lies with the investor.
i am not sure how ratesetter is twisting anything if the rate was 1.5% this would be 0.75% post reduction and given the reduction is 8 months this would not make sense and they cant advertise 3% for 4 months and 1.5% for 8...
it is important to note as a large p2p player the fca would be aware of this given the amount of press they received about it.
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Post by mistoffelees on May 18, 2020 20:14:37 GMT
Given that RS aren't accepting any new investors at the moment it'd rely on those holding existing accounts actually looking to see what rates are being applied (ie logging in to check), no?
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on May 18, 2020 20:36:12 GMT
even if you dont log in its all over the pages, also they did announce this to every investor
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Post by shanghaiscouse on May 19, 2020 7:39:11 GMT
Does anyone else see a problem with this? I wonder what the FCA might think about it?
Not only is it wrong now, but the rates are only going to go DOWN further. So to pretend that they will be going back to the old rates after this "temporary" period is over is completely misleading. Think how long it took to recover from the financial crisis. The direction is down and they keep pretending to offer fantasy rates.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on May 19, 2020 8:23:07 GMT
Does anyone else see a problem with this? I wonder what the FCA might think about it?
Not only is it wrong now, but the rates are only going to go DOWN further. So to pretend that they will be going back to the old rates after this "temporary" period is over is completely misleading. Think how long it took to recover from the financial crisis. The direction is down and they keep pretending to offer fantasy rates. sorry but how is it wrong if they advise you of the cut and also now.... these are their rates now and not in the future... sorry but this is a silly comment, what company would ever advertise rates for 3 months from now....the rates are their current offering if they offered lower rates now people would just comment on them not raising rates to get new investment.
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Post by jochietoch on May 19, 2020 9:00:36 GMT
The problem is the "prominence" bit. There's a massive banner "3%" there with a somewhat relevant adjustment (actually it's half) is much smaller print below. It's not quite the same as hiding it on the 30th page of the small print but it's not that different either. It smells of the designer consciously considering that some sucker will fall for this. Even if the sucker should just read the small print, that is a form of dishonesty. The fact that we've all got used to it doesn't make it right.
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wapping35
Member of DD Central
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Post by wapping35 on May 19, 2020 9:34:55 GMT
I think RS should be saying within their advertising, that what they call "the temporary interest reduction period" is expected by RS to last until December 31, 2020. i.e. provide the actual date they think they will need it to last until.
Adding that is not exactly difficult nor lengthy and is far more transparent and informative than "the temporary interest reduction period".
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on May 19, 2020 9:52:39 GMT
The problem is the "prominence" bit. There's a massive banner "3%" there with a somewhat relevant adjustment (actually it's half) is much smaller print below. It's not quite the same as hiding it on the 30th page of the small print but it's not that different either. It smells of the designer consciously considering that some sucker will fall for this. Even if the sucker should just read the small print, that is a form of dishonesty. The fact that we've all got used to it doesn't make it right. before someone even logs in there is also a massive banner. i agree it could be more prominent but it is not half it is 1/3 (8 months out of 12) the rates are annual and given they want to review it every 30 days means it could be less than 1/3 maybe a 1/6 so how does someone advertise that. if the 'sucker' missed the small print on every single page even before you sign in... it is true they are a sucker.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on May 19, 2020 9:53:55 GMT
I think RS should be saying within their advertising, that what they call "the temporary interest reduction period" is expected by RS to last until December 31, 2020. i.e. provide the actual date they think they will need it to last until. Adding that is not exactly difficult nor lengthy and is far more transparent and informative than "the temporary interest reduction period". valid point, agree to that
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coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
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Post by coogaruk on May 19, 2020 12:08:04 GMT
Given that RS aren't accepting any new investors at the moment Really? That would be biting off the hands that feed them!
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Post by shanghaiscouse on May 19, 2020 12:37:24 GMT
Hmm, one bit of good news though, I have a 5-year for sale, so now they cut the interest, the fee I have to pay for release should also go down, as it is defined as 90 days of interest. They have cut interest rates, so fee should go down from what they quoyed when I initiated the RYI. I guess the question is, which 90 days......
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