PM's Secondary Market Shutting Down

I agree & I don't think the SM was sold as a here today, paused tomorrow facility (in fact there are 3 KB articles that mention the SM & not one implies any risk that it may be removed/suspended)!

That said, PM are (I firmly believe genuinely) disappointed to take this action; they have invested significantly in the SM software as it was a strong selling point for the platform & have every intention to see if it can be 'unpaused'.

Have you seen that all SM trades are fee free (no 2%) until the close?

That's not the reason given, though. The reason given is regulatory compliance with MiFID2 and GDPR. It doesn't seem as if they're pinning anything on brexit beyond noting that it adds uncertainty as to whether there will be further regulatory issues.

I believe that carolus is spot on.  I did query how GDPR could have any effect, but that was clarified as having effect on potential alternatives, rather than on the SM as is now (like you charlata, I was VERY sceptical, citing that no personal data is shared - I know nothing of the other party I trade with on the SM).

Before I spoke to Andrew Gardiner I would have agreed & probably been even more vocal (if maybe a little more cautious, perhaps throwing in a probably/allegedly/seemingly in to the fray).

Don't get me wrong, off the back of a conversation I would be stupid to believe everything PM say, but I believe that there was a genuine heartfelt belief in what he was saying.  You could be right, he could be an exceptional con man, but I honestly don't think so & I'm giving them the benefit of the doubt - I appreciate that some are too far gone & their confidence cannot be restored (as I thought was the case with me), but if you think that there is a chance, arrange a call with someone & see if they can reassure you.  They will only be too happy to admit that they have learnt lessons - I would be more worried if they denied/hid their mistakes, even if it may give them a better public image!

I was reassured on various topics, mainly words that require me to evaluate the man & decide how much credence to give to, but also on specific topics that probably I could have researched for my self (such as what would happen if PM folded - I had lost sleep over that one, fearing that I would have to start playing detective to see what I owned & chase up the debtors myself - that was fully allayed & indeed is touched on in the KB had I looked; propertymoose.co.uk/support/article/what-if-property-moose-liquidates).  I came away from the call confident that I had spoken to a man who loves his business, will likely make it work & knows that us investors are key to that.  I would wager that he is genuine, though that is personal reading & of little value to anyone else, hence I urge you to talk to them before you decide that they are 'wrong uns' & potentially harm the other investors by being unnecessarily negative about the platform.

As for why they feel that the SM is too much of a risk where others don't:

Others may already have spent the money PM feel they would need to spend on the SM (doubtful, but possible).

They may be less 'risk averse' - I don't see protecting their business & our investment platform as a bad thing (though as I already said today, the idea that the SM could disappear should have been made clear).

As with most regulation & law, there is uncertainty & debate about the meaning of the text, hence we have so many clarifications handed down by courts, many of which are subsequently overturned/changed - if some of the highest courts in the land can get it 'wrong' (where it is a case of interpretation, there isn't really a wrong answer, more that a higher power decides they are more right in their interpretation), caution is clearly advisable & perhaps different legal minds advising different platforms are interpreting it differently.

With only two weeks notice given of the 'suspension' of the secondary market, I believe that propertymoose should have offered to buy up any shares at par.

IMO propertymoose should refund all losses incurred from discounting, and by this reckoning they owe me a few quid.

I shall be pleased to reinvest all withdrawn cash at another platform - one that does not treat investors in this manner.

For those that wanted change, well propertymoose have certainly delivered that, and if you were already inclined towards the exit, change has indeed come, and with a swift kick to your rear end at that!

I appeciate your thoughts and respect that you have talked to the Ceo however given the many contacts I’ve had with the platform, poor feedback, many mistakes without apologies it’s all too far gone for me. I’ve finally sold my last investments today after they have been finally allowed back onto the secondary market, albeit at a discount. I can’t be positive that the platform will last and these latest changes will prevent a lot of people from investing more or at all. That said, I wish those that remain the best of luck.

I respect your opinions p2ploser, but can I ask what anyone gains by comments about the longevity of the platform?

I had the same fears, didn't post them because I didn't want to cause issues by predicting them & I am thankful for that, as I now believe that they are unfounded - I don't believe that anyone (myself certainly included) can have any knowledge of the profitability of & funding arrangements at PM.

If you look at the responses from PM recently, they are clearly admitting that the property selection needs to change & they are doing this - that is a positive in itself, but bigger for me is that fact that they have started communicating with us!  We have with good reason slagged off the lack of communication & the poor quality of it, but they are trying & showing excellent signs of wanting to improve, so let's welcome the positives, while remaining wary of the hopefully soon to be previous issues in case they re-occur.