dc848
Posts: 150 
Likes: 92
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Post by dc848 on May 8, 2018 13:41:46 GMT
Mine also appears back to normal. I hope chris or his boss will give investors a proper explanation of what happened. If not, I'm sure someone make the FCA aware. Will the FCA tell us what went wrong?
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michaelc
Member of DD Central
Say No To T.D.S.
Posts: 5,707
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Post by michaelc on May 8, 2018 13:42:12 GMT
Stuff happens. It gets fixed. Yes, they're not a bank but they hold investors money and in many cases a great deal of it. They are highly regulated and this sort of thing absolutely shouldn't happen due to the large number of controls they should have in place......
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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: 11,329
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Post by ilmoro on May 8, 2018 14:08:53 GMT
Stuff happens. It gets fixed. Yes, they're not a bank but they hold investors money and in many cases a great deal of it. They are highly regulated and this sort of thing absolutely shouldn't happen due to the large number of controls they should have in place...... P2P is actually lightly regulated as far as the FCA is concerned.
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Post by chris on May 8, 2018 14:17:50 GMT
Mine also appears back to normal. I hope chris or his boss will give investors a proper explanation of what happened. If not, I'm sure someone make the FCA aware. It's a consequence of the way we store lender holdings in loans and our loan model. You do not own £10 in a loan, but 0.001 percent of it stored as a decimal fraction. So the value of a loan unit is that fraction multiplied by the current total principal remaining for the loan as a whole. This eases many calculations, such as working out who is owed what for interest payments where loan units have been sold, but means that the principal remaining figure on the loan has to be correct. In this instance someone made changes to the loan repayments leading to the system to miscalculate the amount of principal remaining. There are checks in place to prevent that happening but for some manual changes they can be overridden, and it led to this specific error. Everyone's holdings should now be automatically corrected as the principal remaining on the loan has been corrected. Accrued interest will be slightly out until it's recalculated overnight. We're working on a new loan model which will massively reduce the likelihood of this type of error. The current system is very flexible but for a few reasons it's quite brittle, sometimes leading people to try and work around it and leading to breakages. Again as previously announced we're working on a replacement loan model that retains the flexibility but is much much easier to work with and far less brittle.
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cb25
Posts: 3,528
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Post by cb25 on May 8, 2018 14:22:10 GMT
Mine also appears back to normal. I hope chris or his boss will give investors a proper explanation of what happened. If not, I'm sure someone make the FCA aware. There are checks in place to prevent that happening but for some manual changes they can be overridden, and it led to this specific error. We're working on a new loan model which will massively reduce the likelihood of this type of error. Perhaps a pop-up box that says "Please confirm you want to do something as stupid as making the figure negative ?". A little harsh maybe, but then AC are an FCA regulated financial firm and this sort of thing (screwed up balances) is unacceptable. We wouldn't accept it from banks or building societies, no reason we should accept it from P2P firms.
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Post by chris on May 8, 2018 14:28:24 GMT
There are checks in place to prevent that happening but for some manual changes they can be overridden, and it led to this specific error. We're working on a new loan model which will massively reduce the likelihood of this type of error. Perhaps a pop-up box that says "Please confirm you want to do something as stupid as making the figure negative ?". A little harsh maybe, but then AC are an FCA regulated financial firm and this sort of thing (screwed up balances) is unacceptable. We wouldn't accept it from banks or building societies, no reason we should accept it from P2P firms. Screwed up balances, IT errors, and human mistakes happen in banks. This wasn't a movement of money it was a temporary misvaluation of an asset, it's been corrected and no lenders will lose out. Steps are being taken to prevent a repeat but new complex systems take time.
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warn
Member of DD Central
Curmudgeon
Posts: 638
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Post by warn on May 8, 2018 14:51:54 GMT
I have already put in place mental filters which prevent me from reading any further than the phrase "! for one" in opinion pieces, and from watching any film that describes itself as "bittersweet". I'm fast leaning toward disregarding any forum post that contains "FCA".
Yes, the steak was overcooked. Ivy Schmivy.
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dave2
Member of DD Central
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Post by dave2 on May 8, 2018 14:52:35 GMT
Perhaps a pop-up box that says "Please confirm you want to do something as stupid as making the figure negative ?". A little harsh maybe, but then AC are an FCA regulated financial firm and this sort of thing (screwed up balances) is unacceptable. We wouldn't accept it from banks or building societies, no reason we should accept it from P2P firms. Screwed up balances, IT errors, and human mistakes happen in banks. I can vouch for that. Having worked in the IT department of several private banks, there are always minor issues like this occurring, and there are always checks in place to highlight the problem. From what I understand, Assetz re-calculates the accrued interest on a regular basis so if there is any issue with that it will correct itself. Always important to take your time correcting such issues rather than rushing in and making the problem worse! For those who feel more confident with banks, three letters, "T S B". 
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Post by davee39 on May 8, 2018 15:10:35 GMT
I cannot think of any other organisation where a senior staff member would have communicated with us on a Bank Holiday and kept us up to date with progress, an irritating issue but promptly fixed. Thanks to all involved in putting it right.
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happy
Member of DD Central
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Post by happy on May 8, 2018 15:24:49 GMT
I cannot think of any other organisation where a senior staff member would have communicated with us on a Bank Holiday and kept us up to date with progress, an irritating issue but promptly fixed. Thanks to all involved in putting it right. Agreed, and whilst the AC IT system may seems a little brittle (Chris's words), from my experience when things have gone wrong before it seems to me that there is a very strong jounaling system in place that is good at being able to roll back and replay tranactions once the underlying error is fixed. It can take a while to catch up but I have never seen it fail to resolve the errors.
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registerme
Member of DD Central
Posts: 6,624
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Post by registerme on May 8, 2018 15:31:11 GMT
Screwed up balances, IT errors, and human mistakes happen in banks. God isn't that the truth. It was only a couple of weeks ago that Deutsche Bank sent $30 odd billion of collateral to the wrong destination. At the end of my career in my shop I spent a year in the operational risk function. Amusingly one of the chaps who used to work for me left and went to.... Deutsche Bank. He was a little salty when I took the mickey out of him  .
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nush
Member of DD Central
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Post by nush on May 8, 2018 22:10:34 GMT
my balance statement and my dashboard still dont tally up with each other, they are not as bad as they were over the weekend but i think something is still wrong
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registerme
Member of DD Central
Posts: 6,624
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Post by registerme on May 8, 2018 22:22:06 GMT
That's one of the best XKCD comics I've seen, and I've seen a lot  .
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trium
Member of DD Central
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Post by trium on May 9, 2018 15:43:22 GMT
chris By all means tell me to mind my own business but have you forgotten to remove the trading suspension from #495? It's still listed as Vote In Progress
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Post by chris on May 9, 2018 17:29:30 GMT
chris By all means tell me to mind my own business but have you forgotten to remove the trading suspension from #495? It's still listed as Vote In Progress Not for me to do. I believe that whilst the balance correction for holdings has been carried out there's still some other corrective work to be done for people who traded that loan whilst the balance was incorrect. That's in other's hands with final sign off with another director whom I have no doubt will restore trading once it's all resolved.
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