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Post by dan1 on Jun 9, 2017 10:14:34 GMT
Hi ashwinpI note that your site now indicates that Open Access Finance is now authorised and regulated by the FCA - the 'interim' has been removed. Searching the FCA register identifies that your interim permissions (663780) came to an end yesterday and were replaced by your full authorisation (741896). I think congratulations are in order. Will you be making an announcement in due course? Congratulations (if I've interpreted the register correctly, that is!). |
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elliotn
Member of DD Central
Posts: 3,063
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Post by elliotn on Jun 9, 2017 10:58:05 GMT
Yep, congratulations. Good layer of confidence. Keep improvement on transparency on transactions & with possible ISA, good times ahead  |
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Post by dan1 on Jun 9, 2017 10:58:40 GMT
Announcement from Unbolted received just now: Dear dan1,
We are delighted to annouce that we have now received full authorisation from the FCA, to operate an electronic system in relation to lending. Our firm reference number is 741896.
As part of the authoirsation process, we updated our lender terms and conditions; primarily to make it clearer that
Each lender enters into a separate agreement with the borrower and that the loan amount is an aggregate of all such separate agreements;
Unbolted does not take credit itself and that it does not lend itself on the platform;
Unbolted undertakes to perform debt collection and debt administration in respect of the loan agreements; and
Secondary market transactions operate by way of novation.
The updated terms and conditions are available to view here.
You will be required to review and agree to the revised terms before you can do any further transactions in your account.
Team Unbolted
Note the typo |
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156 
Likes: 4,830
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Post by ozboy on Jun 9, 2017 10:59:24 GMT
"We're on our way to Wembley!!!"
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ding
Member of DD Central
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Post by ding on Jun 9, 2017 11:02:11 GMT
Another tick box ticked w/o reading the always far to long T/C. One day I will sign away my kidney. Congrats Unbolted |
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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: 10,840
Likes: 11,068
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Post by ilmoro on Jun 9, 2017 11:06:51 GMT
Not that familiar with the platform but I do note that they operate a provision fund against losess and a gold trust to protect against prices fluctuations. Further evidence that FCA isnt opposed to PF per se.
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Ukmikk
Member of DD Central
Posts: 445
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Post by Ukmikk on Jun 9, 2017 11:10:18 GMT
Yes, congratulations to Unbolted.
I'm hoping an ISA is not too far away, and that we are not swamped when it arrives.
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greatmarko
Member of DD Central
Posts: 343
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Post by greatmarko on Jun 9, 2017 11:49:14 GMT
...As part of the authoirsation process, we updated our lender terms and conditions; primarily to make it clearer that
Each lender enters into a separate agreement with the borrower and that the loan amount is an aggregate of all such separate agreements;
Unbolted does not take credit itself and that it does not lend itself on the platform;
Unbolted undertakes to perform debt collection and debt administration in respect of the loan agreements; and
Secondary market transactions operate by way of novation.
Hang on... secondary market?! 
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littonowl
Member of DD Central
Posts: 398
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Post by littonowl on Jun 9, 2017 13:05:54 GMT
Congratulations to Unbolted! Rapidy becoming one of my favourite sites.
If unbolted read this, when you do launch your IFISA, please allow transfers in from other providers and if possible, make it a flexible IFISA...
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jun 9, 2017 13:09:33 GMT
Could we have meaningful comments on overdue loans please? All bar one of mine bear the message "update awaited" no matter what their age. ashwinp rito |
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elliotn
Member of DD Central
Posts: 3,063
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Post by elliotn on Jun 9, 2017 14:22:54 GMT
...As part of the authoirsation process, we updated our lender terms and conditions; primarily to make it clearer that
Each lender enters into a separate agreement with the borrower and that the loan amount is an aggregate of all such separate agreements;
Unbolted does not take credit itself and that it does not lend itself on the platform;
Unbolted undertakes to perform debt collection and debt administration in respect of the loan agreements; and
Secondary market transactions operate by way of novation.
Hang on... secondary market?! I think this was in the original t&c (a notional charge had been queried previously?) and I think (prepared to be shot down) fca may look favourably on SM as way of retail investors to have an exit if required. Would be good step for users
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