|
|
Post by stevefindlay on Mar 4, 2018 20:46:14 GMT
Re Bond varieties - I agree. There are a plethora of options, which makes it difficult for the average investor to understand the differences. I don't think that its helpful to have so many different structures, but I guess there must be a valid commercial reason for each variant.
|
|
jlend
Member of DD Central
Posts: 1,817
Likes: 1,444
|
Post by jlend on Mar 5, 2018 11:55:05 GMT
Thanks for this Steve. So what you are saying is you do not have any permissions and you do not need any. You are applying for permission however for new bond products. This is the best news I have had in a long time. I have always quite fancied myself as a fund manager but was put off by the cost and effort of FCA permission and all that red tape. And I am currently at a bit of a loose end. Sorry, I was at a bit of a loose end but now, I have decided. I will be opening Dandy Bonds next week.  Terms will be: 10% to investors. Paid monthly. Capital back whenever they want it if i can get it. I just need to sort out the domain and form a company. I will make sure I have 2 bank accounts too. Very exciting. Thank you once again. To be a fund manager you would likely need AIFM permissions. BondMason isn't a fund. To offer bonds, you also need permissions or need the Financial Promotion approved by an FCA regulated firm. BondMason isn't yet offering a bond. As we are applying for those permissions. Can I assume from that you are going to apply for permission to offer a bond rather than get the financial promotion approved by a FCA regualated firm? And if so would you then fall under the remit of the FOS?
|
|
jlend
Member of DD Central
Posts: 1,817
Likes: 1,444
|
Post by jlend on Mar 5, 2018 17:54:53 GMT
Yes - we have Professional Indemnity and D&Os insurance. Do you ask platforms what professional Indemnity and D&O insurance they hold as part of any process you go through?
|
|
|
|
Post by stevefindlay on Mar 5, 2018 20:34:22 GMT
To be a fund manager you would likely need AIFM permissions. BondMason isn't a fund. To offer bonds, you also need permissions or need the Financial Promotion approved by an FCA regulated firm. BondMason isn't yet offering a bond. As we are applying for those permissions. Can I assume from that you are going to apply for permission to offer a bond rather than get the financial promotion approved by a FCA regualated firm? And if so would you then fall under the remit of the FOS? Yes - we are applying for permissions ourselves. Although, depending on timing, the first issuance may be approved buy a third-party FCA approved firm. This is all in process right now.
|
|
|
|
Post by stevefindlay on Mar 5, 2018 20:34:34 GMT
Yes - we have Professional Indemnity and D&Os insurance. Do you ask platforms what professional Indemnity and D&O insurance they hold as part of any process you go through? Yes.
|
|
jlend
Member of DD Central
Posts: 1,817
Likes: 1,444
|
Post by jlend on Mar 5, 2018 21:56:25 GMT
Do you ask platforms what professional Indemnity and D&O insurance they hold as part of any process you go through? Yes. Comforting - thanks
|
|
