sd
Posts: 20 
Likes: 14
|
Post by sd on Feb 19, 2018 16:29:01 GMT
Got the same email. Sad to see, although it was always hard to sell on the sm anyway. Seems Property Partner had the same regulation issues but overcame them. See a post in November: resources.propertypartner.co/mifid-ii-regulation-verifying-your-identity/"MIFID II aims to improve market transparency and ensures firms like Property Partner can notify our regulator, the Financial Conduct Authority, of investments we manage on behalf of our clients. The MIFID II regulation requires us to share your investment activity, nationality and National Client Identifier along with your first name, surname and date of birth with the Financial Conduct Authority. After December 11th 2017 there are certain restrictions we will put on individual accounts until a nationality has been provided. These are as follows: • You will not be able to place new sell orders • You will not be able to place new bid orders • You will not be able to buy new shares on the Resale Market These restrictions will be lifted as soon as a nationality has been provided. After January 3rd 2018, when the new regulation comes into effect, any individual accounts that have not provided a nationality will be affected in the following ways: • Any open Bids will be cancelled • Any open Investments for Sale (Sell Orders) will be cancelled" |
|
p2ploser
Member of DD Central
Posts: 163
Likes: 221
|
Post by p2ploser on Feb 19, 2018 18:47:22 GMT
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. Talking about changing is a lot easier than making the changes, though. I suspect that investor confidence is too low for any improvements to matter, even if the new offerings turn out to be promising. The two current loan listings are taking longer to fill than usual and until PM demonstrate a history of consistent returns and favourable exits from their BTL portfolio; confidence in future BTL opportunities will not be high. With no secondary market less people (including myself) will consider putting new money onto the platform. Also, we've had no inclination from any other platforms that have a secondary market that these may need to change or be taken away, so until we hear mutterings from elsewhere I remain highly cynical of this move. Just expressing my opinion which is what I believe forums are for. Everyone should do their own research and decide what they wish to believe.
|
|
kaya
Member of DD Central
Posts: 1,150
Likes: 718
|
Post by kaya on Feb 19, 2018 21:15:37 GMT
Well there are certainly a few bargain shares to be had. Or should that be 'bargepole shares'? You decide.
|
|
|
|
Post by Deleted on Feb 19, 2018 22:28:26 GMT
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. Talking about changing is a lot easier than making the changes, though. I suspect that investor confidence is too low for any improvements to matter, even if the new offerings turn out to be promising. The two current loan listings are taking longer to fill than usual and until PM demonstrate a history of consistent returns and favourable exits from their BTL portfolio; confidence in future BTL opportunities will not be high. With no secondary market less people (including myself) will consider putting new money onto the platform. Also, we've had no inclination from any other platforms that have a secondary market that these may need to change or be taken away, so until we hear mutterings from elsewhere I remain highly cynical of this move. I agree. There's been enough talk and apologies. Until I see some results I'm not going to be convinced, and why should anyone be? When are the properties whose terms are already up going to be sold? Let's see PM deliver on their promised capital gains. Let's see the 12 month loans be paid back with the correct interest. Let's see rental properties with terrible rental income track records be rented out.
|
|
adrianc
Member of DD Central
Posts: 10,014
Likes: 5,142
|
Post by adrianc on Feb 23, 2018 13:24:06 GMT
Just received this email from PM. Apparently, they are shutting down their SM due to cost / regulatory issues. Read more hereWhile I understand that fiscal survival is most important and I never had any luck selling anything on the SM anyways, this is not good news. That's very odd. I've not received that - and I've got some shares listed on the SM at the moment... (Well, for quite a while now - <looks> Blimey, over a year!) The blog post describing it links to another that raised my eyebrows, in a hopefully more positive way :- propertymoose.co.uk/blog/exiting-buy-let-properties-property-moose-2018/Après moi, le déluge? Cross those fingers, fellow miffed mooses. TBH, I'm disappointed in PM, but not monumentally hacked off, like some. Sure, I've got shares in some duffers... But on the whole, I'm sitting at 4% XIRR. Could be a lot worse. Mind you, let's see what exits do to that, because that's looking at the nominal values of the shares - if I go with PM's "valuation", then XIRR is north of 5%, but I think we all know what resemblance to reality that bears.
|
|
