ptr120
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Post by ptr120 on Mar 1, 2018 16:05:42 GMT
I'm sure that most are aware of the apparent collapse of another platform who apparently had interim authorisation but then didn't / had it withdrawn. A number of other platforms including MT and ABL have tried to give investors some confidence about their stability and living will arrangements yet we don't seem to have anything from LY. Given that they are AFAIK the only major platform operating with interim permission it would be helpful if Lendy Support Paul64 could provide an update and timelines for moving to full FCA authorisation and reconfirm their living will arrangements. |
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gustapher
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Post by gustapher on Mar 1, 2018 16:41:22 GMT
I'm sure that most are aware of the apparent collapse of another platform who apparently had interim authorisation but then didn't / had it withdrawn. A number of other platforms including MT and ABL have tried to give investors some confidence about their stability and living will arrangements yet we don't seem to have anything from LY. Given that they are AFAIK the only major platform operating with interim permission it would be helpful if Lendy Support Paul64 could provide an update and timelines for moving to full FCA authorisation and reconfirm their living will arrangements. I know everyone is a bit tense but all this information is on their website in great detail.
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ptr120
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Post by ptr120 on Mar 1, 2018 16:46:23 GMT
gustapher information and timelines on moving to full authorisation isn't
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Post by GSV3MIaC on Mar 1, 2018 16:52:36 GMT
AIUI you get full authorisation when the FCA says you do .. you don't get a forecast or timeline. I did post a query elsewhere as to under what circumstances an interim approval can lapse (is there a time limit, or does someone have to actually pull the plug manually), but I don't know the answer .. maybe Ly can at least answer that.
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gustapher
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Post by gustapher on Mar 1, 2018 17:19:49 GMT
gustapher information and timelines on moving to full authorisation isn't You are correct they don't provide a timeline but it says they are working proactively to achieve full authorisation. Numerous updates have referenced changes to the platform related to this process. You can read these updates on the website. It also provides the relevant information and numbers on their interim permissions which you can check in a few seconds on google. They are active. This is totally different to Collateral where the permissions lapsed ages ago. I get that everyone is fed up but I don't see what information Lendy are likely to be able to put here on a public forum, particularly when they are still going through the process. You'd have more luck on the phone or emailing them direct.
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Post by Lendy Support on Mar 1, 2018 17:39:16 GMT
Hi all, thanks for the discussion. We can't add too much to what has already been said. We are currently continuing with the process of achieving our FCA authorisation this year. It is a lengthy process, but our progress is in line with other platforms who have been authorised but applied a long time before us. Once we get our authorisation we'll be able to offer a range of innovative new products, including a range of Bond based investments and the IFISA. Lendy Support |
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mary
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Post by mary on Mar 1, 2018 17:39:59 GMT
gustapher information and timelines on moving to full authorisation isn't You are correct they don't provide a timeline but it says they are working proactively to achieve full authorisation. Numerous updates have referenced changes to the platform related to this process. You can read these updates on the website. It also provides the relevant information and numbers on their interim permissions which you can check in a few seconds on google. They are active. This is totally different to Collateral where the permissions lapsed ages ago. Not quite. COL posed in this forum on the 18th January 2018 that their application was still in progress. It seems that their authorisation ended on 31st January due to the noted T&Cs change. My guess is the FCA gave them 28 days to resolve or close. p2pindependentforum.com/thread/11063/full-fca-authorisation-ifisaTherefore, while we are all now more nervous, I think you will only ever get the same "it's in progress" answer - until it isn't and the platform disappears. The only satisfactory solution is actual full FCA authorisation. EDIT - as just proved by Lendy Support, above!
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r00lish67
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Post by r00lish67 on Mar 1, 2018 17:46:21 GMT
....but our progress is in line with other platforms who have been authorised but applied a long time before us.. Just to pick up on this point, is this actually true? My perception had been that Lendy had been in the application process for far longer than most - but I'm happy to be corrected.
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cb25
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Post by cb25 on Mar 1, 2018 18:01:50 GMT
....but our progress is in line with other platforms who have been authorised but applied a long time before us.. Just to pick up on this point, is this actually true? My perception had been that Lendy had been in the application process for far longer than most - but I'm happy to be corrected. shows "Apr 2014 Lendy Ltd becomes authorised and regulated by the FCA (interim)", i.e. almost 4 years ago. www.p2pfinancenews.co.uk/2017/05/11/fca-ratesetter-funding-circle-zopa/ says "After an arduous 18-month process, Zopa became the first of the ‘big three’ peer-to-peer platforms to gain full permission".
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ilmoro
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Post by ilmoro on Mar 1, 2018 18:22:43 GMT
All platforms had application windows, Lendys was later than most Q1 16, IIRC the big boys were Q4 15, MT Q2 15. Most platforms with IP have taken between 18-24m to get fully authorised so Lendy is still inline with that. Zopa were one of the quicker ones.
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Post by GSV3MIaC on Mar 1, 2018 18:24:25 GMT
IIRC there was a two-tier system for full authorisation - new entrants (who were unable to get interim OK) were 'fast tracked' ahead of the folks who had gotten a bye (interim approval). What order the Interim Approval folks actually applied in is not clear .. it IS clear that many Interim Approval folks (FC, RS, Z, MT, ABL, AC to name just 6) have all managed to progress to full approval ahead of SS/Ly, who are still working on it. (crossed with ilmoro, who has some actual dates). |
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Post by Lendy Support on Mar 1, 2018 18:24:58 GMT
Just to pick up on this point, is this actually true? My perception had been that Lendy had been in the application process for far longer than most - but I'm happy to be corrected. shows "Apr 2014 Lendy Ltd becomes authorised and regulated by the FCA (interim)", i.e. almost 4 years ago. www.p2pfinancenews.co.uk/2017/05/11/fca-ratesetter-funding-circle-zopa/ says "After an arduous 18-month process, Zopa became the first of the ‘big three’ peer-to-peer platforms to gain full permission". Hi all, no, that's not true. When we were first authorised is irrelevant. We didn't start our application for full authorisation until late 2016. Regards Lendy Support
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ganymede
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Post by ganymede on Mar 1, 2018 19:00:14 GMT
You are correct they don't provide a timeline but it says they are working proactively to achieve full authorisation. Numerous updates have referenced changes to the platform related to this process. You can read these updates on the website. It also provides the relevant information and numbers on their interim permissions which you can check in a few seconds on google. They are active. This is totally different to Collateral where the permissions lapsed ages ago. Not quite. COL posed in this forum on the 18th January 2018 that their application was still in progress. It seems that their authorisation ended on 31st January due to the noted T&Cs change. My guess is the FCA gave them 28 days to resolve or close. p2pindependentforum.com/thread/11063/full-fca-authorisation-ifisaTherefore, while we are all now more nervous, I think you will only ever get the same "it's in progress" answer - until it isn't and the platform disappears. The only satisfactory solution is actual full FCA authorisation. EDIT - as just proved by Lendy Support, above! There is an earlier reference in Jan 2017 Reg permissions
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7d7
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Post by 7d7 on Mar 1, 2018 19:22:35 GMT
Interesting? Why doesn't Lendy's login page clarify their authorisation is Interim Permission? It simply says 'Lendy is authorised and regulated by the FCA'. Without investigating, one might think it's full authorisation. Why don't they tell us when their IP will expire? Even if they applied in 2016, we're in 2018 and still zilch.
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mary
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Post by mary on Mar 1, 2018 19:29:14 GMT
Sorry, you misunderstood, COL were confirming just six weeks ago that their FCA application was still in progress. Yet now they are no more.
And as above Lendy are also, today confirming that their application is "still in progress", which is all I expected them to say.
However, Lendy also confirm that their application was lodged in late 2016.
Judging by the time it took much larger platforms (FC & Z) to complete/pioneer the entirely new (for P2P) FCA process and achieve full authorisation within 18 months, Lendy have 30/60 days left.
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