Ratesetter Provision Fund and Ratesetter Zombies

I appreciate that Ratesetter appear to have 'paid back' lenders, but what lenders don't know is just how sub prime the borrowers were, and how little to no affordability checks or even checks on the value of assets against which the loans were secured were done by Ratesetter who also underwrote Novitas Loans (check Law Society Gazette for how that went down and also the £90m hole it blew in Close Bros...) which have, in multiple cases been found to be unfair and unaffordable. Ratesetter's record, at the Financial Ombudsman is equally dodgey but they hide under the name "Retail Money Management Limited" on the FOS website, so it was always going to be difficult for investors to find out exactly who they were lending to (in one case the individual was sectioned under the mental health act, another had a documented gambling addiction - also numerous other cases of Ratesetter securing loans without the borrower being aware)

Suspect this is why the provision fund was retained by RS and Metro rather than being paid out to the lenders. And of course they had two tier lending - those who lent on the platform, and those who lent off the platform, by private arrangement.

I'd be very interested to hear from lenders who lent on the website, via the electronic platform, and those who did the private arrangement route.... How did this work?

Finally, bizarrely, Ratesetter had TWO entries on the FCA register, one as an Appointed Representative to Motorway direct, that's Retail Money Market Limited

The second in its own right, as Retail Money Market Ltd.

What's that about? anyone know?