binkle
Member of DD Central
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Post by binkle on Dec 8, 2017 19:04:40 GMT
So Lendy finally Legit then?!
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mary
Member of DD Central
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Post by mary on Dec 8, 2017 19:34:27 GMT
So Lendy finally Legit then?! No, just temporarily off the naughty step!
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Post by dualinvestor on Dec 9, 2017 7:33:27 GMT
So Lendy finally Legit then?! Still not filed accounts there is a big red notice on the company's page on the CH website, this is an offence by the company and a criminal offence by the Directors, the penalty for which is a maximum of an unlimited fine.
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Post by dualinvestor on Dec 15, 2017 11:08:47 GMT
From discussing with Companies House this morning about an unrelated matter, they have a 7-10 working day turnaround - so it might just be that the correction has yet to be processed The 10 day period has expired so this statement "Having undergone a full restructure, Lendy expects its audited accounts to be published in November 2017." on the Lendy website with the unaudited accounts has not been met. I hgave written to the FCA to ask whether it is acceptable practiice for a company with over £100million of other people's money is acceptable practise.
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Post by nitpicker on Dec 18, 2017 10:41:53 GMT
Does anyone have a telephone number for Lendy that gets through to a responsible person, and not just to their switchboard folk, who do not seem to be in touch with the actual working team? Is there any investor who lives nearby who could knock on the door and stir them up?
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Post by dualinvestor on Dec 19, 2017 15:54:39 GMT
From the Financial Conduct Authority Website (my bold) Incorporated entities (a limited liability company or limited liability partnership) regulated by the FCA Accounts audit (Companies Act) Under the Companies Act legislation you are required to appoint a statutory auditor who performs an annual external audit on the firm's accounts. However, for financial years ending on or after 31 December 2006, under the Companies Act legislation, you are not required to appoint a statutory auditor who performs an annual external audit on the firm's accounts if: you meet the Companies Act criteria for the small companies audit exemption, and do not undertake any activity within the scope of MiFID, UCITS Directive, Banking Consolidation Directive or the Insurance Directives and are not an e-money issuer The small companies audit exemption is available if at least two of the following criteria are met: the annual turnover is not more than £10.2m
the balance sheet total for the year is not more than £5.1m
the company has 50 or fewer employees on average
Client assets report (FCA rules) You are required to appoint an auditor to report to the FCA on your firm's client assets if you are required to appoint a statutory auditor. You will also be required to do so if you have permission to hold client assets unless you are regulated by one of the Law Societies. Unincorporated entity (sole traders or partnerships) www.fca.org.uk/firms/external-audit-requirements/authorised-professional-firmsSo as neither the Companies Act nor the FCA require you to have an audit, why are you waiting for the accounts to be audited Lendy Support ? You published them on your wesite on 29th September. EDIT at the same time you said you expected them to be published in November, may I ask which year? Please bear in mind the loans and advances belong to the lenders and borrowers as does approx 2/3rds the interest income. |
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Post by dualinvestor on Jan 1, 2018 16:27:23 GMT
The (non-existant) audited accounts are a year old today! (well technically yesterday) Happy Birthday!
Three months overdue at Companies House
Five months since the previous auditors resigned.
Three months since the company's officials committed a criminal offence (s.426 Companies Act 2006)
Amazing what the ivesting public, the Registrar of Companies, and the Financial Conduct Authority et al will put up with in the case of a company holding a nine figure sum of other people's money.
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Post by dualinvestor on Jan 1, 2018 17:14:31 GMT
The standard FCA reply is that they will investigate the matter and revert within two months, last tine I wrote to them they failed even to meet that deadline, but did apologise!
however with the Christmas holidays I doubt they have even looked at my email other than to send a standard response.
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Post by charliebrown on Jan 2, 2018 8:33:55 GMT
The standard FCA reply is that they will investigate the matter and revert within two months, last tine I wrote to them they failed even to meet that deadline, but did apologise! however with the Christmas holidays I doubt they have even looked at my email other than to send a standard response. It’s hard to see what the investing public can do about it other than stop investing and try to get their money out, which I believe most of us are doing. Call me cynical, but I have little confidence in organisations like FCA, they’re usually highly-paid “jobs for the boys” with little interest in doing much about anything.
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ton27
Member of DD Central
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Post by ton27 on Jan 2, 2018 13:11:01 GMT
I agree that it is unlikely the FCA will intervene any time soon - I have yet to find a situation where it (and its predecessor) have iproved matters.
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Post by dualinvestor on Jan 2, 2018 16:37:11 GMT
The standard FCA reply is that they will investigate the matter and revert within two months, last tine I wrote to them they failed even to meet that deadline, but did apologise! however with the Christmas holidays I doubt they have even looked at my email other than to send a standard response. It’s hard to see what the investing public can do about it other than stop investing and try to get their money out, which I believe most of us are doing. Call me cynical, but I have little confidence in organisations like FCA, they’re usually highly-paid “jobs for the boys” with little interest in doing much about anything. Yes , it does make you wonder if a small bank or building society would retain its banking licence if it failed to file its audited QUARTERLY report late, there are many of those whose loan book do not add up to £100million. Of course if Lendy were subject to the same time periods that would be FOUR late filings. To paraphrase, once is unfortunate, twice is a misfortune, three times is careless a fourth is 
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Post by reggie on Jan 15, 2018 12:28:12 GMT
Still no sign of the 31 Dec 16 financial statements being filed at companies house. They were due on 30th Sept 17. This is most unusual and more than a little concerning now.
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Post by dualinvestor on Jan 15, 2018 15:39:31 GMT
Still no sign of the 31 Dec 16 financial statements being filed at companies house. They were due on 30th Sept 17. This is most unusual and more than a little concerning now. I thought I might give a few extra days before commenting further in case they managed to get them in within twelve months (although that in itself would be three months late) and there non appearace was due to Companies House backlog. Although I totally agree that it is a matter of serious concern, especially since draft accounts were published on 29 September 2017, some amongst us seem relaxed that a small company cannot get them audited within 3 months yet continue to be allowed to handle a nine figure sum of retail investor money, odd that that even FCA appear not to be interested.
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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 15, 2018 15:41:59 GMT
Still no sign of the 31 Dec 16 financial statements being filed at companies house. They were due on 30th Sept 17. This is most unusual and more than a little concerning now. I thought I might give a few extra days before commenting further in case they managed to get them in within twelve months (although that in itself would be three months late) and there non appearace was due to Companies House backlog. Although I totally agree that it is a matter of serious concern, especially since draft accounts were published on 29 September 2017, some amongst us seem relaxed that a small company cannot get them audited within 3 months yet continue to be allowed to handle a nine figure sum of retail investor money, odd that that even FCA appear not to be interested. Ha Ha, is anyone really surprised?
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mary
Member of DD Central
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Post by mary on Jan 15, 2018 15:44:19 GMT
And still one of the few P2P sites unable to gain full FCA authorisation. Taken together quite worrisome.
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