mikeh
Member of DD Central
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Post by mikeh on Mar 24, 2017 15:24:23 GMT
Are you trying to keep this quiet Ed?
Link
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archie
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Post by archie on Mar 24, 2017 15:33:05 GMT
Interesting, I note they can no longer pre-fund loans.
I wonder how this will work for renewals as currently MT take the liability back for those that don't renew.
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Post by SophieThing on Mar 24, 2017 15:37:21 GMT
We are delighted to announce that today we have been fully authorised by the Financial Conduct Authority (FCA).
This is a significant milestone for our business and the result of just over 18 months’ work that involved the scrutiny of every aspect of our business.
Many platforms in the P2P industry are working hard to gain their full permissions and we are one of the first few platforms to be granted full authorisation, ahead of some of the largest P2P companies.
This will help to give our lenders and borrowers confidence that we meet high standards in the way we operate, based on the regulations set by the FCA.
We have had some extraordinary assistance along this journey from our compliance consultants and our legal advisors who have helped us to navigate the complex regulatory landscape. We would like to thank them and the MoneyThing team who have all contributed to our authorisation.
There will be a few changes as a result of our authorisation. Significantly, we are no longer able to pre-fund loans and we will be introducing new lender terms for new loans. A full update on the changes and how they will affect lenders will be provided shortly.
Now we are authorised we can look towards launching an IFISA offering to lenders. This will be subject to HMRC approval and we will release further information in the coming months.
Ed Pearce, Managing Director, said “Gaining our full permissions to operate is a real achievement for MoneyThing and it is the result of a lot of hard work over a long time. Full authorisation will build credibility with our lenders, borrowers and partners which can only help to support our growth plans. It’s onwards and upwards for MoneyThing!”
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oldgrumpy
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Post by oldgrumpy on Mar 24, 2017 15:39:19 GMT
8% to 13% to lenders.
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registerme
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Post by registerme on Mar 24, 2017 15:40:33 GMT
I've just received the email, congratulations .
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GeorgeT
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Post by GeorgeT on Mar 24, 2017 15:41:21 GMT
Well done to all of you at MT Towers, I never doubted you. I will permit you to have a small glass of sherry this evening by way of celebration - but only a small one please - we don't want any cock ups with our investments because you are all 3 sheets to the wind over the weekend
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mtb9
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Post by mtb9 on Mar 24, 2017 15:42:48 GMT
Well done to everyone at MT, congratulations and well deserved at that.
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GeorgeT
Member of DD Central
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Post by GeorgeT on Mar 24, 2017 15:45:12 GMT
Looks like we have 3 threads running about this with all the excitement. No doubt a helpful moderator can soon merge them into 1.
EDIT - Thanks. My wish was their command.
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Post by uncletone on Mar 24, 2017 15:49:52 GMT
Great news indeed. Buy yourselves some chocolate!
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SteveT
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Post by SteveT on Mar 24, 2017 15:53:04 GMT
Congratulations. Hard earned and well deserved. Look at the list of platforms you've beaten to the prize
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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
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Post by ilmoro on Mar 24, 2017 15:57:03 GMT
New T&Cs to accept on first login MoneyThing is there a few out of date bits in these? Seem to be references to interim permission still Anyway congratulations
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pom
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Post by pom on Mar 24, 2017 16:07:10 GMT
Anyone else wondering if there was a recent stock take of the sparkling wine? Wondering if the Things may be guzzling our security tonight....
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littonowl
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Post by littonowl on Mar 24, 2017 16:10:56 GMT
Congrats to Ed and all The Things.
Very well deserved!
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mickj
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Post by mickj on Mar 24, 2017 16:25:58 GMT
Congrats and a new look to boot, well done Many Things.
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fasty
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Post by fasty on Mar 24, 2017 16:36:12 GMT
Congratulations to the team! Great news.
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