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Post by SophieThing on Jul 6, 2016 15:29:17 GMT
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Post by GSV3MIaC on Jul 6, 2016 15:44:09 GMT
SophieThing, the para: "We interviewed Ed about his background, why he set up MoneyThing and his thoughts on the future of MoneyThing. Click here to read the interview." is lacking a 'here' that is clickable! Otherwise looks good.
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treeman
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Post by treeman on Jul 6, 2016 15:47:22 GMT
SophieThing , the para: "We interviewed Ed about his background, why he set up MoneyThing and his thoughts on the future of MoneyThing. Click here to read the interview." is lacking a 'here' that is clickable! Otherwise looks good. Found that myself - however the link in the email version I just received is active.
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Post by SophieThing on Jul 6, 2016 15:47:46 GMT
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oldgrumpy
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Post by oldgrumpy on Jul 6, 2016 16:15:00 GMT
Hi SophieThing I say Hi SophieThing! Thanks for the newsletter, despite its suffering from an attack of the Fred Elliots I say despite an attack of the Fred Elliots! Attachments:
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jul 6, 2016 16:22:28 GMT
Hi SophieThing I say Hi SophieThing ! Thanks for the newsletter, despite its suffering from an attack of the Fred Elliots I say despite an attack of the Fred Elliots! It's not polite to mock stutterers!
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oldgrumpy
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Post by oldgrumpy on Jul 6, 2016 16:37:59 GMT
I just love the little sequence where Ashley (Steven Arnold) said to Fred "Why do you keep saying things twice, Dad?" and Fred (John Savident) replied without a glimmer of a smirk or a comma or central question mark, "I don't do I I say I don't do I?" Met John in Darlington Street, Wolverhampton a long time ago and he was happy to stand and chat with us for a good ten minutes. littleoldlady We're talking Fred Elliott here not Albert E. Arkwright
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Post by SophieThing on Jul 6, 2016 17:55:20 GMT
Hi SophieThing I say Hi SophieThing ! Thanks for the newsletter, despite its suffering from an attack of the Fred Elliots I say despite an attack of the Fred Elliots! It's not polite to mock stutterers! And the muppet award goes to.. me again. Thanks oldgrumpy. You'd think I'd be able to work the newsletter software, but seems not. Perhaps we'd better start a MoneyThing muppet award and hopefully I won't win it next time!
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ptr120
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Post by ptr120 on Jul 6, 2016 18:15:35 GMT
there is still the pipeline email to get out the door, so if it goes out ok, all can be forgiven
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jonah
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Post by jonah on Jul 6, 2016 18:19:00 GMT
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Post by MoneyThing on Jul 6, 2016 18:29:13 GMT
Evening jonah, Certainly. Just want to finalise the Pipeline email and then have a meeting to go to, but hopefully have time to respond later this evening or if not first thing in the morning. Regards, Ed
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james
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Post by james on Jul 6, 2016 20:00:15 GMT
Do await Ed's response but here's how it can work, though this is not how I think it works in the current MoneyThing situation. Platform lends to ultimate borrower. Platform then resells the loan to investors under 36H compliant contracts. The original lending wasn't a 36H compliant deal but the replacement can be. In selling the replacements the platform isn't providing credit "under the agreement", it's acting as a middleman between the borrower and the lenders. As part of those agreements is important text and it was apparently assumed to have no meaning in the post you linked to. To do this the platform would, I presume, have to hold the relevant permissions to do the original lending as well as the one to operate a P2P platform. Then there's the world of non-36H P2P, a broader subject still and one it would be nice for Ed to address in the MoneyThing context, both in the current way things work and in the revised structure hinted at in the newsletter. Of course the P2P lenders have legal and regulatory advice and I don't, but when key words relating to an agreement are treated as having no meaning I don't think it's hard to see that there are issues with how a rule is being interpreted, though that could just be different lawyers interpreting differently or lawyers or platforms being more or less cautious. What we do know is that MoneyThing are discussing with the FCA themselves so if the FCA have concerns, MoneyThing will get them first hand...
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jonah
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Post by jonah on Jul 6, 2016 22:55:57 GMT
Evening jonah, Certainly. Just want to finalise the Pipeline email and then have a meeting to go to, but hopefully have time to respond later this evening or if not first thing in the morning. Regards, Ed Thank you. I'm assuming that this will all be above board and legit, but reading two different threads today prompted a brain clash. Now I need to parse that Wednesday update note and decide if I need to raid the piggy bank or not....
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Post by SophieThing on Jul 7, 2016 8:59:35 GMT
Evening jonah, Certainly. Just want to finalise the Pipeline email and then have a meeting to go to, but hopefully have time to respond later this evening or if not first thing in the morning. Regards, Ed Thank you. I'm assuming that this will all be above board and legit, but reading two different threads today prompted a brain clash. Now I need to parse that Wednesday update note and decide if I need to raid the piggy bank or not.... Hi All, There are a number of platforms that pre-fund loans so this is very topical at the moment as everyone goes through their FCA approvals. We’ve been in discussions with the FCA on this point for some time. As james pointed out, the regulations are open to interpretation. They are also subject to change as the industry matures and regulation catches up with business models. We have opinion from our legal counsel with input from our regulatory advisors and we believe that our loans are 36H compliant. I don’t want to discuss that publicly at present, but we believe we have made a reasonable case to the FCA and await their feedback. To date we have answered all the questions we have been asked by the FCA and are waiting for their response. Kind regards Sophie
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Post by SophieThing on Jul 7, 2016 11:11:57 GMT
Hi Paul,
Thank you for the reminder on this and apologies for the lengthy delay.
I will chase this up today and get back to you via the original thread.
Kind regards
Sophie
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