brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 386 
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Post by brianlom1 on Feb 26, 2024 12:02:36 GMT
FAO all investors in failed P2P companies
Having spent more time than I care to mention getting nowhere in correspondence with the FCA, the FOS and the FSCS, I have reached the conclusion that, as things stand, none of these organisations is going to provide compensation for the hundreds of millions of pounds we have collectively lost in the P2P debacle. Based on performance to date, I believe administrators will deliver no more than pennies in the pound for us. In my opinion, our best opportunity for meaningful compensation is to persuade Parliament to commission an independent enquiry into the FCA’s failings (similar to what happened with London Capital & Finance). The odds are not in our favour - to have any chance of success, this initiative will require ALL of us to take the time to engage with our MPs. To make it easy for you to participate, I’m attaching a generic letter with simple instructions to get you started.
If we keep the pressure on, who knows where it might lead? There’s an election on the horizon so there’s every chance MPs will want to appear responsive to the needs of the electorate. One thing is for sure, if we do nothing, our losses will continue to be swept under the carpet. PS: Please use this thread to share suggested improvements to the script, the name of the MP you’ve sent the letter to and copies of responses received PPS: Please share this message on all other P2P forums to which you subscribe
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Mousey
Member of DD Central
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Post by Mousey on Feb 26, 2024 13:30:27 GMT
Hi Brian,
I'm not going to respond on every forum post you've made, but I will cross post to facebook.
As much as your dedication is admirable I do think the bulk spamming of generic letters like this is a tactical mistake.
MP's are used to receiving letters from organised campaign groups and those that send such letters will find that they receive a generic response and an unwillingness for that particular MP to take ownership of the issue.
I would refer you to the role that Lord Arbuthnot, MP for SPM Jo Hamilton, played in the post office scandal and the resulting enquiry.
What is needed is one or two MP's who can be brought on board, and told all the nuance's and failures that have occurred, and investors will not get this by the spamming of a generic letter. There is scope for a 15-minute-documentry setting out a high level the multiple failings across the p2p industry.
The letter also calls for compensation. That is, in my opinion, another tactical mistake at this stage. The government does not have any spare money. Zilch. Calls for compensation should be made after the failings of the FCA are found in a review. You will not get any enthusiasm from government if the word compensation is used.
There's also a lot of information missing from the letter. You refer to "the documented failings of the FCA", but you don't identify who has documented these or what the failings actually are.
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k6
Posts: 164
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Post by k6 on Feb 26, 2024 14:34:35 GMT
Fully agree and thanks for the generic letter and time you have spent
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Post by garreh on Feb 26, 2024 16:53:11 GMT
FOS have made rulings against the AC which they are appealing, but they haven't provided a substantiate reason for doing so. At what stage is the FOS going to enforce those rulings?
I think the only outcome of a letter like this is it to restrict P2P from the average investor because it's far higher risk than what investors are led to believe.
Some P2P are better than others - Loanpad I consider to be one of the better ones and more comfortable with holding. Though AC certainly should have had more oversight from FOS before it got to this stage.
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Post by garreh on Feb 26, 2024 17:12:45 GMT
Just read the letter - personally I won't be sending it. The letter is unstructured, lacking clarity, and primarily conveys a sense of venting personal frustrations:
> Fast forward to the current day and my P2P investments are in tatters.
For the below statement to have a meaningful impact, it needs to pack a punch with actual evidence of malice in the letter, rather than a sense of accusations.
> Many P2P companies are in administration and there is significant evidence of wrongdoing
There is such evidence and rulings against AC, but they need to be in the letter. I don't know much about Lendy and others.
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dave2
Member of DD Central
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Post by dave2 on Feb 26, 2024 18:18:26 GMT
Based on performance to date, I believe administrators will deliver no more than pennies in the pound for us. Wrong forum. Administrators have not been called in for Assets Capital, the company is in the process of a solvent, managed closure with capital repayment as loans mature. I have reached the conclusion that, as things stand, none of these organisations is going to provide compensation for the hundreds of millions of pounds we have collectively lost in the P2P debacle. Don't forget the Thousands of millions of pounds earned by people investing in P2P loans.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Feb 26, 2024 20:26:03 GMT
P2P Sipps have been compensated?
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Post by Gisele on Feb 27, 2024 10:05:22 GMT
For the sake of a stamp, I'll give it a go, although I confess to negative thoughts. I'll hang on for a week to see if any suggestions arise in response to your "template letter" and then submit my "personalised version" of whatever we have after suggestions are incorporated.
Thanks for your effort.
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Post by Ton ⓉⓞⓃ on Feb 27, 2024 13:33:18 GMT
I've moved the above posts to here from several different "closed" platforms' boards as they were all on the same topic, amalgamating it all into one thread may be the best way to go
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duck
Member of DD Central
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Post by duck on Feb 27, 2024 13:53:55 GMT
As I posted recently in another thread, a letter has been worked on for some time specifically for Collateral lenders, which I will be able to release shortly .
May I suggest that Collateral lenders hold back from writing to their Members of Parliament until then.
There is substantial new information on Collateral that we think should be sent to MPs. As I hope most Collateral lenders are aware after 6 years, Collateral is a different situation from the wider failure of P2P platforms.
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Post by gramsky on Feb 27, 2024 19:07:10 GMT
Had a reply to the letter from my MP saying:-
"Thank you for your recent email regarding the Financial Conduct Authority and the P2P industry.
I have contacted HM Treasury on your behalf to raise your concerns and will send you a copy of their response as soon as I receive it.
Thank you for taking the time to contact me.
Kind regards".
That will be the last I will hear about it.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 386
Likes: 387
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Post by brianlom1 on Mar 18, 2024 6:09:16 GMT
P2P Sipps have been compensated? Yes, some have been, others are still being considered
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 386
Likes: 387
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Post by brianlom1 on Mar 18, 2024 6:14:09 GMT
Had a reply to the letter from my MP saying:- "Thank you for your recent email regarding the Financial Conduct Authority and the P2P industry. I have contacted HM Treasury on your behalf to raise your concerns and will send you a copy of their response as soon as I receive it. Thank you for taking the time to contact me. Kind regards". That will be the last I will hear about it. Thank you for the update. HM Treasury will probably respond with a standard response in the name of Bim Afolami. What I would really like to achieve as a result of this process is to identify one or more MPs who are prepared to champion our case rather than just play postman.
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Post by gramsky on Mar 26, 2024 18:18:54 GMT
Had a reply to the letter from my MP saying:- "Thank you for your recent email regarding the Financial Conduct Authority and the P2P industry. I have contacted HM Treasury on your behalf to raise your concerns and will send you a copy of their response as soon as I receive it. Thank you for taking the time to contact me. Kind regards". That will be the last I will hear about it. Thank you for the update. HM Treasury will probably respond with a standard response in the name of Bim Afolami. What I would really like to achieve as a result of this process is to identify one or more MPs who are prepared to champion our case rather than just play postman. I have today received the attached reply from HM Treasury. I think that if we are looking for an MP to champion our case I think we need to give a fuller account of what has happened and how we believe the FSA are accountable.
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Post by Badly Drawn Stickman on Mar 26, 2024 19:04:41 GMT
Thank you for the update. HM Treasury will probably respond with a standard response in the name of Bim Afolami. What I would really like to achieve as a result of this process is to identify one or more MPs who are prepared to champion our case rather than just play postman. I have today received the attached reply from HM Treasury. I think that if we are looking for an MP to champion our case I think we need to give a fuller account of what has happened and how we believe the FSA are accountable. You might want to double check your redacting. On your point about 'a fuller account', I think it would require in-depth details approaching a book to get any real action.
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