|
|
Post by davee39 on Jan 16, 2014 18:55:23 GMT
A question frequently posed on this Forum - With Ratesetter's Rates why lend anywhere else?
Since Ratesetter is a relatively small Private Company there is always a concern that they (or indeed any competitor) might stop trading, and the details of the Business continuity plan remain fairly vague, I would certainly expect many borrowers to test the effect of not continuing re-payments following a sudden Business failure . Is there a source of publicly available information which can provide information relating to current levels of profitability, or any related information which can be shared?
|
|
|
|
Post by westonkevRS on Jan 16, 2014 19:45:03 GMT
You can get our annual audited accounts from Companies House, for which I think the cost is £1.
There are actually two of interest, first Retail Money Market Ltd which is the core operating business. Secondly there is RateSetree Ltd which is the Provision Fund trust account. This is not only ring fenced, bit held completely separately from our operating accounts. There is a third fund related to customer cash on account. The value is reported on-line to the second, and currently has over £2.6m plus and rising.
Of course these are only a point in time and will always be out of date. But it is a matter of public record that we raised £5m in July 2013 that has not yet been spent and is sitting on the bank account.
You can also get personal reassurance by coming to our annual drinks where you can ask any questions you want. This is held on the Spring of each year.
The web page also lists who the Senior Management Team are. We can be researched on LinkedIN which may provide some indication of the experience and knowledge at RateSetter.
In terms of the business pla n for failure, we comply with the requirements of the P2P Association and will elfar exceed the capital requirements as required by the expected FCA regulations. Which will become a matter of regulatory review from April 2014.
Kevin, RateSetter CRO.
|
|
|
|
Post by uncletone on Jan 16, 2014 20:50:42 GMT
I continue to be quite impressed by the communication happening here Kev... thankfully... you are looking at over £30K of my OAP resource.
|
|
|
|
Post by davee39 on Jan 17, 2014 9:10:41 GMT
Thank you Kev for your detailed reply. Please keep up your posts, and marketing. I am sure I am not alone in looking forward to your straightforward, efficient and innovative P2P model setting the standard by becoming the market leader.
|
|
