taffy
Posts: 148
Likes: 360
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Post by taffy on Dec 14, 2020 10:18:42 GMT
Looking at the index for the Forum, it lists 14 P2P that have failed or are in wind-down
BondMason
Funding Empire
FundingKnight
GoJi
Growth Street
ThinCats
Collateral
FundingSecure
Lendy
Moneything
LandBay
Orchard Lending Club
Peer Funding
QuidCycle
Why so little publicity in the News, Press, etc ? If these were banks, insurance, brokers, or other financial institutions that have defrauded investors through negligence and in some cases fraud, there would be outrage.
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Mousey
Member of DD Central
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Post by Mousey on Dec 14, 2020 10:30:04 GMT
Why so little publicity in the News, Press, etc ? Because:
1) There's no money to be made from it 2) These sort of cases require a huge amount of resources to investigate
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alanh
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Post by alanh on Dec 14, 2020 10:33:15 GMT
Theres actually an article in the times today about funding secure - "£8m fake loans"
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Mousey
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Post by Mousey on Dec 14, 2020 10:37:10 GMT
Theres actually an article in the times today about funding secure - "£8m fake loans" Finally, I was wondering when that was going to break
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iRobot
Member of DD Central
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Post by iRobot on Dec 14, 2020 10:46:11 GMT
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adrian77
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Post by adrian77 on Dec 14, 2020 10:59:31 GMT
A former director of a peer-to-peer platform funnelled millions of pounds of investors’ money to an associate by creating “fake” loans, it has been alleged in a High Court dispute.
R****** L******, **, ******************* wrongfully arranged for more than £8 million to be channelled to M*** C*******, **, a property developer, it has been claimed.
surely not - it must be a mistake - NOT
Well done to MrC for alerting us to M**** C******** in the first and Sir Ozboy OBE for warning us about this platform and there was me warning about the viabilities of these projects as if they were ever going to be finished!
I have been told if you can't spare £0.5m you can forget about bringing a high court action so how much is going to be left if we assume we investors pay for it?
I have not got the figures to hand for this character and how much he owes but please don't tell me we are going to pay the FS fee of 5% on £8m which is a mere £0.4m
This nightmare just gets worse
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keystone
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Post by keystone on Dec 15, 2020 0:00:14 GMT
Remember the FCA authorised these platforms and gave them the clean bill of health, sometimes just before they collapsed. That should tell you all you need to know about the FCA's oversight of P2P.
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Post by wiseclerk on Dec 15, 2020 13:28:49 GMT
Actually Landbay and I believe ThinCats (?) have not failed but gone non-retail.
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taffy
Posts: 148
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Post by taffy on Dec 15, 2020 15:50:25 GMT
Actually Landbay and I believe ThinCats (?) have not failed but gone non-retail. That may well be true, I don`t know. I just looked up the "P2P Independent Forums" Tab at the top left of this Forum and ThinCats is described as in Wind-down while Land Bay is under Defunct. I don`t know how many of these sites were Approved and Regulated by the FCA and in the case of ISA`s, approved by HMRC as well. Just imagine how bad things would be without such regulation!! 
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Post by brightspark on Dec 15, 2020 17:38:52 GMT
The FCA created an environment in which small investors felt comfortable to take on more risk than they otherwise might have been willing to consider. It continues to fail investors by maintaining the fiction that it Regulates and has a Register. Regulation implies a set of rules backed up by enforcement. FCA Regulation seems mainly aspirational and the number of platform failures, with or without frauds, confirms enforcement is weak to non-existent.
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james100
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Post by james100 on Dec 15, 2020 18:09:27 GMT
The FCA created an environment in which small investors felt comfortable to take on more risk than they otherwise might have been willing to consider. It continues to fail investors by maintaining the fiction that it Regulates and has a Register. Regulation implies a set of rules backed up by enforcement. FCA Regulation seems mainly aspirational and the number of platform failures, with or without frauds, confirms enforcement is weak to non-existent. It's just a bunch of paper-pushers with pretend job titles taking a salary from taxpayer funds. Honestly, I would prefer it if they just admit it rather than pretend they actually monitor/authorize financial conduct of firms....that way I only get robbed once.
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iRobot
Member of DD Central
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Post by iRobot on Dec 15, 2020 19:05:17 GMT
The FCA created an environment in which small investors felt comfortable to take on more risk than they otherwise might have been willing to consider. It continues to fail investors by maintaining the fiction that it Regulates and has a Register. Regulation implies a set of rules backed up by enforcement. FCA Regulation seems mainly aspirational and the number of platform failures, with or without frauds, confirms enforcement is weak to non-existent. It's just a bunch of paper-pushers with pretend job titles taking a salary from taxpayer funds. Honestly, I would prefer it if they just admit it rather than pretend they actually monitor/authorize financial conduct of firms....that way I only get robbed once. The FCA isn't (directly) funded by the tax-payer. It's worse than that. The FCA are funded by the very companies that they are supposed to be overseeing. See ' How we do it.' (" Do what, exactly?" I hear you cry!  )
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11025
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Post by 11025 on Dec 15, 2020 19:23:51 GMT
Actually Landbay and I believe ThinCats (?) have not failed but gone non-retail. I actually disagree and believe Thin Cats have failed big time although not in admin (yet) and are attempting to move on to fresh pickings leaving carnage behind them in the retail sector.
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