ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 7, 2016 7:53:18 GMT
Couple more
Landlordinvest - newbie
Folk2Folk
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Post by easteregg on Dec 7, 2016 9:30:15 GMT
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nick
Member of DD Central
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Post by nick on Dec 7, 2016 13:33:40 GMT
Is there any particular information on which you base your expectation that a number of platforms will obtain their full permissions over the next month?
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Post by easteregg on Dec 7, 2016 13:41:06 GMT
Is there any particular information on which you base your expectation that a number of platforms will obtain their full permissions over the next month? At LendIt Europe in October the FCA stated that these would be "imminent". The approvals have started to go through now, so it is my expectation that others will be appearing soon.
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duck
Member of DD Central
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Post by duck on Dec 8, 2016 8:36:13 GMT
Is there any particular information on which you base your expectation that a number of platforms will obtain their full permissions over the next month? At LendIt Europe in October the FCA stated that these would be "imminent". The approvals have started to go through now, so it is my expectation that others will be appearing soon. Yikes, lets hope the FCA person hadn't been speaking to SS before you ...
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SteveT
Member of DD Central
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Post by SteveT on Dec 8, 2016 8:42:00 GMT
At LendIt Europe in October the FCA stated that these would be "imminent". The approvals have started to go through now, so it is my expectation that others will be appearing soon. Yikes, lets hope the FCA person hadn't been speaking to SS before you ... If they had, doubtless their statement would mysteriously have been erased from historical record by now ...
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SteveT
Member of DD Central
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Post by SteveT on Dec 22, 2016 12:01:11 GMT
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jjc
Member of DD Central
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Post by jjc on Jan 16, 2017 22:50:15 GMT
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,848
Likes: 11,077
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Post by ilmoro on Jan 16, 2017 23:53:39 GMT
An issue Id already picked up on and was mulling over posting over the weekend The thing Id particularly noted is FCA seems to be happy with platforms providing very limited information to lenders to base their lending decisions. Both the platforms that have been authorised from scratch Peerfunding & Landlordinvest ISTM provide less detail than many of the existing platforms (who are taking flak for it) no valuations on either and LLI hasnt even got details of the project the funds are being used for. FCA have apparently signed off on it. There has been some comment recently about platforms needing to provide info that is clear and not misleading. Well the easiest way to do that is not provide much at all and it seems the FCA doesnt have a problem with that on the current evidence. Time will tell. ON the final paragraph regarding institutional money ... AC have said on Seedrs that FCA have raised no issues with it as long as it is kept separate
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Post by sayyestocress on Jan 17, 2017 10:00:45 GMT
My impression from the approvals thus far is the FCA appears inconsistent in what's ok and what's not. I suspect the approval decision may depend on the particular FCA employee(s) assigned to assess each platform and their personal interpretation of the FCA criteria. Who knows...?
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dandy
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Post by dandy on Jan 17, 2017 10:28:31 GMT
Landbay - FCA said loans cant be pre-funded so we changed our whole model Octopus - FCA never mentioned pre-funding to us So that clears that up then  |
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 18, 2017 0:09:48 GMT
Seems then that the FCA is just like its numerous predecessors (remember LAUTRO?!!) - incompetent & useless.
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Post by stevefindlay on Jan 18, 2017 23:00:52 GMT
A thought from us at BondMason on FCA and P2P Lending authorisations: www.bondmason.com/will-fca-regulation-be-the-saviour-p2p-lendingIn short, the FCA is testing whether a platform can demonstrate a set of processes in compliance with guidelines provided to it by the Treasury. Not the quality of the loans or the team etc. |
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Ukmikk
Member of DD Central
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Post by Ukmikk on Jan 19, 2017 12:35:04 GMT
stevefindlay - Having read your article, I am compelled to ask..Are you anticipating BM not obtaining full FCA Authorisation? And therefore not offering an IFISA? Thanks.
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Post by stevefindlay on Jan 19, 2017 12:54:56 GMT
stevefindlay - Having read your article, I am compelled to ask..Are you anticipating BM not obtaining full FCA Authorisation? And therefore not offering an IFISA? Thanks. We are still looking to offer an IF ISA, and we are discussing with the FCA how this could work - this is continuing with their Approvals Team as well as with input from their Innovation Hub. However, I've stopped trying to predict the precise outcome a long time ago... ;-) There are a few different ways this could work, some require 36(H) permissions and some don't - so Full Authorisation for 36(H) and an IF ISA doesn't necessarily go hand-in-hand for us, as it does for other P2P Platforms. Nonetheless we have other permissions (in addition to 36(H)) sat with the FCA Approvals team which are waiting to have finalised.
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