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Post by Financial Thing on Jan 4, 2016 23:13:14 GMT
I see on the legal FAQ: "What happens if Emoney Union goes bust? In the unlikely event that this would happen, all Loan Agreements would remain in force and all loans would still be paid by the borrowers to the lenders via the protected client account, which is ring fenced from any Legal or Insolvency process. The monies held in the eProvision account are also protected, therefore providing additional resources and or revenues should they be ever needed." emoney Can you provide further information about this ring fencing? If I went to our website tomorrow and it was a blank space and your phone number was disconnected, where would I be able to access my loan agreements and who are the legal entities that would facilitate loan repayments? (It still amazes me people are willing to entrust their money into p2p companies without this information being transparently displayed) |
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Post by emoney on Jan 7, 2016 15:30:41 GMT
Good morning Optionstrader, yet again I had no notification of this question so apologies for the delay. In the unlikely event that anything like this should happen, ALL FCA P2P firms, are obliged to ensure that a 3rd party/other FCA licensed business/platform is in place to collect the loan repayments and repaid to lenders by way of a standard business continuation policy. No phone numbers would be cut off or websites pulled down, we are an FCA regulated entity and adopt the policies and procedures as required by the regulator to treat customers fairly. In this case it's just that no new loan business would be written or new lender deposits taken. I don't know about other firms, but we carry no company debt/liabilities as the development of our platform has been funded by 3 cash equity fund raises to date and has the support of a fantastic and affluent shareholder base. The net interest margin for the platform AKA platform fee (The spread between the rate borrowers pay and the lenders receive) is more than sufficient to run the loan book down or pay a 3rd party in any such event. I hope this answers your question.  |
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Post by Financial Thing on Jan 7, 2016 22:37:30 GMT
In the unlikely event that anything like this should happen, ALL FCA P2P firms, are obliged to ensure that a 3rd party/other FCA licensed business/platform is in place to collect the loan repayments and repaid to lenders by way of a standard business continuation policy. Thanks for the information. Where is the information listed as to whom this 3rd party is for your company?
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Post by emoney on Jan 8, 2016 7:24:27 GMT
Good morning, you may or may not be aware, disaster recovery/business continuation is confidential for obvious reasons.
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wysiati
Member of DD Central
Posts: 397
Likes: 86
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Post by wysiati on Jan 11, 2016 21:47:25 GMT
Funding Circle provides information regarding its back-up servicer arrangements.
You have the right to observe weaker standards of transparency but that is a choice on your part not to be more forthcoming.
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Post by Financial Thing on Jan 11, 2016 22:05:13 GMT
Good morning, you may or may not be aware, disaster recovery/business continuation is confidential for obvious reasons. I'm not aware and don't understand how disclosing this information is harmful and frankly makes me wary of your platform. Many other platforms disclose this.
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Post by emoney on Jan 12, 2016 16:46:38 GMT
It's common sense really if you think about it, do you think the banks disclose which firms operate their disaster recovery? If a platform becomes a victim of cyber attack - do you think the attackers will the ignore disaster recovery suite/operator? No more comments from us on this for the obvious reason. |
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Post by Financial Thing on Jan 12, 2016 17:10:05 GMT
It's common sense really if you think about it, do you think the banks disclose which firms operate their disaster recovery? If a platform becomes a victim of cyber attack - do you think the attackers will the ignore disaster recovery suite/operator? No more comments from us on this for the obvious reason. That might well be the most ridiculous lack of transparency reasoning I've ever heard. Thanks for making my investing decision easy
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ben
Posts: 2,020 
Likes: 589
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Post by ben on Jan 12, 2016 20:55:00 GMT
It's common sense really if you think about it, do you think the banks disclose which firms operate their disaster recovery? If a platform becomes a victim of cyber attack - do you think the attackers will the ignore disaster recovery suite/operator? No more comments from us on this for the obvious reason. That might well be the most ridiculous lack of transparency reasoning I've ever heard. Thanks for making my investing decision easy Got to admit not impressed with that answer either I doubt very much be increasing my investment either in the short term
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Post by gusgorilla on Jan 24, 2016 16:52:39 GMT
I wonder if eMoneyUnion has grasped that openness and trust are going to be key in this market. This sounds to me like the sort of thing a banker or a salesman would say. I will not be investing any more here until I see evidence of a marked improvement in attitude and am afforded some respect.
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Post by emoney on Jan 25, 2016 17:18:13 GMT
We have now hopefully answered all your questions, please feel free to call me (Lee) on 01625 750027 if you have any other burning issues.
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Post by gusgorilla on Jan 26, 2016 14:45:33 GMT
If you have nothing to hide why do you prefer to answer questions on the phone rather than on this forum?
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