m2btj
Member of DD Central
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Post by m2btj on Dec 11, 2017 16:45:28 GMT
Many members of this forum have previously raised concerns regarding platform DD. The recent launch of DD Central has been a direct response to our concerns & is an invaluable pooled resource for loan information. I have no doubt that most of us are far too reliant & trusting in what DD the platform decides to share with us. Some platforms provide detailed loan information but others provide bare bones. I found this article in P2P Finance News to be of interest. Going forward I would like to see the FCA tighten rules on platform DD, security & valuations. The integrity of some VR's leaves a lot to be desired! Maybe RICS would like to take an opportunity to comment on what it expects of its members & their close working relationship with some major P2P platforms. www.p2pfinancenews.co.uk/2017/12/08/p2p-ccaf-report/ |
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 11, 2017 16:54:36 GMT
Ah yes m2btj, The Right Honourable RICS, its Beyond Reproach Illustrious Members, (they're "members" allright - geddit!), and " their close working relationship with some major P2P platforms."Answers on an Electronic Postcard for the best Euphamism to describe this close working relationship please!  |
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Post by Deleted on Dec 11, 2017 16:58:42 GMT
Here in Yorkshire we call it "servicing" when a bull gets on top of a cow.. is that any help
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Dec 11, 2017 17:12:26 GMT
That's VERY good bobo, you're a bright f***er! (farmer  ) |
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bugs4me
Member of DD Central
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Post by bugs4me on Dec 12, 2017 13:48:30 GMT
Many members of this forum have previously raised concerns regarding platform DD. The recent launch of DD Central has been a direct response to our concerns & is an invaluable pooled resource for loan information. I have no doubt that most of us are far too reliant & trusting in what DD the platform decides to share with us. Some platforms provide detailed loan information but others provide bare bones. I found this article in P2P Finance News to be of interest. Going forward I would like to see the FCA tighten rules on platform DD, security & valuations. The integrity of some VR's leaves a lot to be desired! Maybe RICS would like to take an opportunity to comment on what it expects of its members & their close working relationship with some major P2P platforms. www.p2pfinancenews.co.uk/2017/12/08/p2p-ccaf-report/This should be interesting and thanks for posting the link. I believe everyone that has been a 'victim' of shoddy platform loans would welcome more involvement by the FCA. No, not strangling the industry for the sake of red tape but holding platforms accountable for what they present as suitable investments. The query I had with the article was '....“The report highlights that the majority of investors, 60 per cent, rely on the due diligence of the platforms, with the report stating that platform-led-due-diligence is critical to investors....' which suggests that 40% of investors actually carry out DD themselves. Personally, I think not. Would be interested as to their source for this conclusion.
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star dust
Member of DD Central
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Post by star dust on Dec 12, 2017 15:00:53 GMT
This a link to the whole survey from which the information is drawn: www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/entrenching-innovation/"In addition to the Industry Tracking Survey, this report includes results from a ‘Funder Survey’, modeled after research conducted in 2014 and enhanced to provide further insights into investor perceptions and motivations. The survey was designed for retail investors who actively utilised Investment-based and/or Loan-based Crowdfunding as part of their investment portfolios." * and "The models to be analysed were: Loan-based crowdfunding: ● Peer-to-Peer Consumer (P2PC) Lending ● Peer-to-Peer Business (P2PB) Lending ● Peer-to-Peer Property (P2P Property) Lending Investment-based crowdfunding: ● Debt-Based Securities (DBS) ● Equity-Based Crowdfunding (Equity) ● Real Estate Crowdfunding (RE CF) The final 2016 Funder Survey dataset comprised of 8370 responses across the six models, with peer-to-peer consumer lending having the highest number of respondents at 3837. These surveys were collected in complete anonymity and disseminated through platform-based outreach, with 22 platforms assisting in this process. A follow-up qualitative interview was conducted with 55 survey participants who explicitly gave the Centre consent to be contacted, and provided identifying information for that purpose. The survey responses were analysed in aggregate, and analysed by model type rather than specific platform. " ** Source: ENTRENCHING INNOVATION - The 4th UK Alternative Finance Industry Report, December 2017 - Cambridge Centre for Alternate Finance with the support of CME Group Foundation I've only skim read so far, but there are some quite interesting results. |
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bugs4me
Member of DD Central
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Post by bugs4me on Dec 12, 2017 15:39:49 GMT
<snip> I've only skim read so far, but there are some quite interesting results. Thank you for the link and yes, there are some interesting results. Carrying out meaningful DD is both time consuming, leads to dead ends, etc, etc. I've obviously got it wrong as I've never been able to only spend less than a couple of hours per week carrying out DD although from the report many do. At the same time the majority rely upon the platform to provide (I assume) open and transparent facts when presenting loan opportunities. IMO it's becoming apparent that many of the platforms could do with a wake up call preferably from the FCA (unlikely) or a single legal action which will have a knock on effect. Only then will loan opportunities be correctly presented. Until then, everything will continue to be funded with less and less information being provided by the platform. Fortunately DD Central is saving time on the DD front from a lenders perspective. It's also demonstrating a level of greed naivety with some platforms.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Dec 12, 2017 15:53:51 GMT
Ah yes m2btj, The Right Honourable RICS, its Beyond Reproach Illustrious Members, (they're "members" allright - geddit!), and " their close working relationship with some major P2P platforms."Answer ↓ on an Electronic Postcard for the best Euphamism to describe this close working relationship please! Huh! You're right! Platforms don't want to be held responsible for anything, and they have decided RICS have the right tools to do the job. (ahem!)  
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
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Post by ozboy on Dec 12, 2017 16:03:13 GMT
Never thought of it that way oldgrumpy, and now that I do, I'd say RICS and its Members have the perfect tools for the botched precision job!
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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 Dec 12, 2017 16:46:10 GMT
Never thought of it that way oldgrumpy, and now that I do, I'd say RICS and its Members have the perfect tools for the botched precision job! Have☆Are? It's a hard one, to fathom. We need platforms to stand up strong behind their due dilligence. The first platform to do so would be the envy of the others. Tongue firmly in cheek!
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