am
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Post by am on Oct 14, 2017 0:49:26 GMT
This was posted in the DD-C, but I can't see any reason that it can't be posted here (I did raise this point; I thought it might be moved  ). Lendy Auditors has Resigned beta.companieshouse.gov.uk/company/08244913/filing-historyI don't believe there are any issues here and was addressed in the recent update, so more for reference than anything As an aid to anyone wanting to refer to the abovementioned recent update, it was the update of 29th September, which included the announcement of the appointment of a new auditor. "We have recently appointed (a) top 10 accountancy firm ... as our auditor ..."
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elliotn
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Post by elliotn on Oct 14, 2017 4:17:33 GMT
It is a regulatory requirement to rotate auditors (or at least periodically put to competitive tender) to mitigate the risk of conflicts of interest.
In this instance Lendy, having grown exponentially from two men in a weekend boat to the universe's most profitable p2p co, will benefit from the extra professional and advisory services available at a Top 10 firm.
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fasty
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Post by fasty on Oct 14, 2017 9:30:57 GMT
Perhaps the new ones will prevent transaction history from being modified...
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rxdav
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Post by rxdav on Oct 16, 2017 6:33:59 GMT
Whatever the actual case here, Lendy had better beware as Tom Winnifrith at Share Prophets is now on their case - his latest bulletin has this report:
4.£300 million Peer to Peer Lender Lendy - now about those overdue accounts and the resigning auditors...
He's a bit of a nightmare but his research recently brought down TELIT and caused their CEO to resign (and the company share price to dive) - he's quite a bulldog when he gets his teeth into a company he suspects of something untoward.
Just saying...........
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johni
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Post by johni on Oct 20, 2017 9:36:50 GMT
Does it bother anyone else that Lendy is late filing its own accounts. If it can't deal with its own money affairs properly why should I trust it with mine.
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Liz
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Post by Liz on Oct 20, 2017 12:25:51 GMT
Does it bother anyone else that Lendy is late filing its own accounts. If it can't deal with its own money affairs properly why should I trust it with mine. Nah, we have a Provision Fund and we are told it is healthy  What could go wrong 
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c88dnf
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Post by c88dnf on Oct 20, 2017 12:42:43 GMT
Does it bother anyone else that Lendy is late filing its own accounts. If it can't deal with its own money affairs properly why should I trust it with mine. So were Funding Circle, both this year and last. Irritating, but not an indicator of issues with the business. For that, take a look at the P&L - especially FC's and Zopa's.
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Post by bluechip on Oct 22, 2017 9:18:10 GMT
hmmm - the regulatory requirement to change auditors is for large companies to do so every 20 years and to put it out to tender every 10 years. I very much doubt any decision regarding a change of auditor was based on this new rule. I would wager it is more to do with the complexity of the business now and the need for a creative and a fuller service being required. If they have moved to a top 10 firm then they will be paying top 10 prices as well. Depends how you view your pint glass, I'm a half empty kind of guy.
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rxdav
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Post by rxdav on Oct 22, 2017 12:08:55 GMT
Does it bother anyone else that Lendy is late filing its own accounts. If it can't deal with its own money affairs properly why should I trust it with mine. So were Funding Circle, both this year and last. Irritating, but not an indicator of issues with the business. For that, take a look at the P&L - especially FC's and Zopa's. You may well be correct - but until the accounts have been formally audited and approved they should be treated with significant caution. Furthermore, it gives me no comfort whatsoever that they are not the only P2P platform failing to meet regulatory deadlines - quite the contrary actually.
It is hard to construct a good news or positive narrative with regard to accounts failing to be submitted on schedule - particularly by a Company whose core business is finance. It simply causes uncertainty, concern and suspicion, which may or may not be justified - but that's the problem - we simply don't know.
This unsatisfactory situation needs resolving promptly.
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c88dnf
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Post by c88dnf on Oct 22, 2017 18:51:01 GMT
So were Funding Circle, both this year and last. Irritating, but not an indicator of issues with the business. For that, take a look at the P&L - especially FC's and Zopa's. It is hard to construct a good news or positive narrative with regard to accounts failing to be submitted on schedule - particularly by a Company whose core business is finance. It simply causes uncertainty, concern and suspicion, which may or may not be justified - but that's the problem - we simply don't know. That's not entirely accurate. An auditor who resigns has a duty in law to report to Companies House any concerns they may have about the company they have been auditing. The outgoing auditor has submitted the statutory declaration to Companies House in which they state that there are no matters on which they felt obliged to report. It's available online for everyone to see. I think that counts as good news. Agreed it doesn't tell us about the 2016 P&L, but Lendy have already provided details of their increasing profit and turnover, as documented here: www.p2pfinancenews.co.uk/2017/09/29/lendy-2016-financial-results/
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Post by Lendy Support on Oct 22, 2017 19:16:10 GMT
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ilmoro
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'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 Oct 22, 2017 22:48:43 GMT
Well if somebody could just let the Company Registrar know where to find them Im sure he'll happily remove all that red writing from the Lendy entry. Im sure HMRC will be happy to find my tax return on my FB page in February and wont fine me as a result.  |
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rxdav
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Post by rxdav on Oct 23, 2017 9:47:33 GMT
It is hard to construct a good news or positive narrative with regard to accounts failing to be submitted on schedule - particularly by a Company whose core business is finance. It simply causes uncertainty, concern and suspicion, which may or may not be justified - but that's the problem - we simply don't know. That's not entirely accurate. An auditor who resigns has a duty in law to report to Companies House any concerns they may have about the company they have been auditing. The outgoing auditor has submitted the statutory declaration to Companies House in which they state that there are no matters on which they felt obliged to report. It's available online for everyone to see. I think that counts as good news. Agreed it doesn't tell us about the 2016 P&L, but Lendy have already provided details of their increasing profit and turnover, as documented here: www.p2pfinancenews.co.uk/2017/09/29/lendy-2016-financial-results/Thanks for that snippet of information which is helpful - but it's a rather contrived way to try and extract some good news from this unsatisfactory situation.
At the end of the day I expect a Company in which I have a financial involvement to abide by the regulatory regime which exists fundamentally as a protection. The inability of a finance based institution to meet clearly defined regulatory schedules cannot easily (if at all) be construed as positive and inevitably raises suspicions of their competence and/or legitimacy.
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Post by dualinvestor on Oct 23, 2017 11:58:55 GMT
So were Funding Circle, both this year and last. Irritating, but not an indicator of issues with the business. For that, take a look at the P&L - especially FC's and Zopa's. You may well be correct - but until the accounts have been formally audited and approved they should be treated with significant caution. Furthermore, it gives me no comfort whatsoever that they are not the only P2P platform failing to meet regulatory deadlines - quite the contrary actually.
It is hard to construct a good news or positive narrative with regard to accounts failing to be submitted on schedule - particularly by a Company whose core business is finance. It simply causes uncertainty, concern and suspicion, which may or may not be justified - but that's the problem - we simply don't know.
This unsatisfactory situation needs resolving promptly.
Last year they appeared to be late but it was down to lethargy at Companies House in getting them on file after they were received on the last day for filing. I can see no good reason for a compeny handling hundreds of millions of other peoples money to file late especially as the time allowed is nine months. It does their reputation no good and can only lead to suspision and doubt.
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Post by dualinvestor on Oct 29, 2017 17:47:03 GMT
"Failure to deliver documents is a criminal offence. All the directors of the company risk prosecution. On conviction, a director could end up with a criminal record and a potentially unlimited fine for each offence. This is separate from the civil penalty imposed on the company for late filing of accounts." www.gov.uk/government/publications/life-of-a-company-annual-requirements/life-of-a-company-part-1-accounts (paragraph 8.2) IF they were convicted would Mssrs Brooke and Gordon still be "fit and proper" persons within the eyes of the FCA? |
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What could go wrong 
