Investor
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Post by Investor on Sept 29, 2015 13:23:32 GMT
Quoting the FCA on best execution - "Delivering best execution is fundamental to market integrity and to the delivery of good outcomes for clients who rely on agents to act in their best interests." RS have not acted in my best interest here. They've sold me 6.5% when 6.6% is available. Obviously the RS marketplace is not regulated in the same way a stock market is, but the fundamental obligations and best practices should really still be adhered to. If you operate a market / platform, then you have to operate it responsibly. However using your logic I would just now be responding to a borrower on the forum saying 'RS have not acted in my best interest here. They've sold me 6.6% when 6.5% (the rate that you selected) is available'
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Post by contangoandcash on Sept 29, 2015 13:25:31 GMT
Perhaps I was offering first and this is all nonsense. The market place does have known display glitches... If Kev is able to come on and say that I'd get 6.6% and best execution, then that'd be really helpful.. I'd have to accept I must have offered first.
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pikestaff
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Post by pikestaff on Sept 29, 2015 13:26:20 GMT
contangoandcash - They have not "sold" you 6.5% when 6.6% is available. You have chosen to offer 6.5% and you will have been matched at 6.5%. Do I like this? No. I preferred it when "your rate" worked as a floor but RS changed this some months ago (to the disapproval of many on here) and they have made it very clear that they won't be changing it back. Edit: When it did work as a floor, your money got re-offered at the higher of "your rate" and the day's "market rate", set at about 8am based on the previous day's trading. It never tracked the short-term intra-day fluctuations which at present are substantial.
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Post by contangoandcash on Sept 29, 2015 13:28:40 GMT
Quoting the FCA on best execution - "Delivering best execution is fundamental to market integrity and to the delivery of good outcomes for clients who rely on agents to act in their best interests." RS have not acted in my best interest here. They've sold me 6.5% when 6.6% is available. Obviously the RS marketplace is not regulated in the same way a stock market is, but the fundamental obligations and best practices should really still be adhered to. If you operate a market / platform, then you have to operate it responsibly. However using your logic I would just now be responding to a borrower on the forum saying 'RS have not acted in my best interest here. They've sold me 6.6% when 6.5% (the rate that you selected) is available' That's not what I have said at all. It boils down to who offered first, if I posted onto the market first my lending offer of 6.5% and they then posted 6.6 to borrow, then I am happy to have 6.5% and he will also have crucially, some 6.5% (I'd hope for their sake..). Though it appears Arbster might have an explanation.
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Post by fiatlender on Sept 29, 2015 13:33:27 GMT
contangoandcash
What is the timestamp on the RS early repayment email?
Although I only put money in the monthly, previous early repayment emails always have a time of very early morning, during the payment run. Im not sure if it's different for the 5 year, but if it was re-lent early in the morning, the 6.6% may not have been there.
I am in agreement with you though that if the 6.6% was already on the market, you should have got that and not 6.5%.
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Post by contangoandcash on Sept 29, 2015 13:41:56 GMT
contangoandcash What is the timestamp on the RS early repayment email? Although I only put money in the monthly, previous early repayment emails always have a time of very early morning, during the payment run. Im not sure if it's different for the 5 year, but if it was re-lent early in the morning, the 6.6% may not have been there. I am in agreement with you though that if the 6.6% was already on the market, you should have got that and not 6.5%. It's actually not entirely clear when the first part of this order was repayed as I've had some small parts paid yesterday but then I've just seen some of these were also matched yesterday. So I presume a lot of this was today's repayments... On reflection, it's not as simple as I thought to determine when exactly this order would have been placed... Maybe I'm making a song and dance about nothing, still, I'm glad you agree on the sentiment !
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Post by contangoandcash on Sept 29, 2015 13:48:07 GMT
Seems I might just have to take it like it is, and accept "your rate" is not "your rate or better if available". Pikestaff delivering the bitter pill respectfully, thanks.  |
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Post by Deleted on Oct 5, 2015 14:44:49 GMT
I've just been monitoring RS for the last couple of months since the change to the upfront pages, I've just tried to change my rate on a loan offering. What a shambles. I now cannot believe the rates offered by RS and it is just nonsense. There will be a reckoning over this at some time in the next few years. The method required to modify existing offering as frankly too complicated.
Kevin, sorry, I've tried to be supportive but this front end is "terrible". Shades of Ryanair..... or BT customer service. Good luck and thanks for all the f...
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Post by GSV3MIaC on Oct 7, 2015 8:32:49 GMT
Yep getting an acceptable (for me) rate is now taking more work than it does with Financial Clowns, and the rates are lower. How hard can it be to provide a 'change all my offers to x.z%',where x.z is some number I enter, instead of the ridiculous number the site likes? Or bring back a floor rate, called 'floor rate' instead of 'my rate'.
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Post by closetotheedge on Oct 7, 2015 12:10:44 GMT
Yep getting an acceptable (for me) rate is now taking more work than it does with Financial Clowns, and the rates are lower. How hard can it be to provide a 'change all my offers to x.z%',where x.z is some number I enter, instead of the ridiculous number the site likes? Or bring back a floor rate, called 'floor rate' instead of 'my rate'. It seems to me that you could change all your offers to another rate at the same time by looking in your portfolio summary and instead of pressing 'change', pre4ss cancel instead which would put all of the money into your holding account ready for you to lend out all in one hit. I find that just pressing the last matched rate box takes me into a perfectly normal lending screen where I can alter my offers and lend out more at whatever rate I choose. I have still not got to grips with using my betamax video player and the RS website seems ok to me. I do not think they have really solved the whole 'lend it now' rate issue but I am happy with the bits I use.
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oldgrumpy
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Post by oldgrumpy on Oct 7, 2015 12:30:45 GMT
I'm just happy that "Your rate" got me 6.5% yesterday, while those who trust Market Rate were awarded 5.6% by the "computer says...." system now in operation. A two minute session on most days (in the evening) keeps me around 0.5%+ above MR these days.
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Post by GSV3MIaC on Oct 7, 2015 14:42:07 GMT
Yep getting an acceptable (for me) rate is now taking more work than it does with Financial Clowns, and the rates are lower. How hard can it be to provide a 'change all my offers to x.z%',where x.z is some number I enter, instead of the ridiculous number the site likes? Or bring back a floor rate, called 'floor rate' instead of 'my rate'. It seems to me that you could change all your offers to another rate at the same time by looking in your portfolio summary and instead of pressing 'change', pre4ss cancel instead which would put all of the money into your holding account ready for you to lend out all in one hit. I find that just pressing the last matched rate box takes me into a perfectly normal lending screen where I can alter my offers and lend out more at whatever rate I choose. I have still not got to grips with using my betamax video player and the RS website seems ok to me. I do not think they have really solved the whole 'lend it now' rate issue but I am happy with the bits I use. That's what I do, but that is rather more steps than just selecting a 'change to' rate on the summary page.
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adrianc
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Post by adrianc on Oct 8, 2015 9:13:24 GMT
I'm just happy that "Your rate" got me 6.5% yesterday, while those who trust Market Rate were awarded 5.6% by the "computer says...." system now in operation. It's always been possible to improve your return by knowing how to play the game, though. I look back to my first 5yr lending on RS, almost exactly a year ago, and cringe. I don't even get out of bed for 5.8% now... You can watch the rates climb over the course of several months, to March's 7.0% peak amongst a lot of 6.9%, and mostly 6.5% now - yet when you look at the stats graph, the smoothed line back last Oct/Nov is slightly higher than now, if anything. 'course, sods law says that's when I was putting money in, rather than reinvesting the repayments, so it has a disproportionate effect on the average. Hey-ho. My average is still 6.4%, so I'm not moaning too hard.
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oldgrumpy
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Post by oldgrumpy on Oct 8, 2015 9:31:30 GMT
5 year rates were in the low 5%s when I started, with one loan being 4.8%, so my average over about two and a half years has still only reached 5.9%.
Not complaining though. It would probably still only be 5.4% if I ever used MR.
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agent69
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Post by agent69 on Oct 8, 2015 17:35:02 GMT
I'm struggling to understand all these moans about market rate, because I don't think my display has ever changed (possibly me not paying attention).
I put 5 x £100 bids into the 5 year market yesterday at various rates. 6.5% has gone and the 6.6% is at £43k in the queue (with about £200k of borrower cash looking for a home). If I look at the current display it says the last match was 6.4% at 18:21 and if I try to invest I just get the screen that says "set your rate".
Where does this market rate thing come from?
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