mary
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Post by mary on Mar 1, 2018 19:57:52 GMT
And check this out, as pointed out by chris of Assetz, Lendy are the only property focused platform still without Full authorisation, scroll down, as Wesseley and Lend Invest both withdrew from the process (presumably when thy realised they would fail) ... www.altfidata.com/marketdata/ |
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Post by dualinvestor on Mar 1, 2018 20:56:35 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.I cannot swear to this but Lendy were obliged to lodge their application for full authorisation when they were granted their interim permission which was considerably before late 2016. None the less taking their date it is still 18 months into a process that should take less than a year. Mind you it cannot help publishing your accounts four and a half months late.
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moist
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Post by moist on Mar 1, 2018 21:28:38 GMT
Just call the FCA, they were happy to chat to me about COL.......
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 1, 2018 21:51:36 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.I cannot swear to this but Lendy were obliged to lodge their application for full authorisation when they were granted their interim permission which was considerably before late 2016. None the less taking their date it is still 18 months into a process that should take less than a year. Mind you it cannot help publishing your accounts four and a half months late. Earliest date for applications was at least autumn 2014 but application were only accepted in designated windows.
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cb25
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Post by cb25 on Mar 1, 2018 22:37:43 GMT
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 Apologies if I mis-interpreted the information on your website
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reinvestor
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Post by reinvestor on Mar 1, 2018 23:02:13 GMT
Having been through the whole process of FCA authorisation as a Consumer Credit Lender (Hire Purchase - not P2P), as long as you were authorised by the OFT prior to the FCA taking over, you were given a date by which your full application had to be submitted.
Once submitted, you could continue to trade until fully authorised.
It was widely broadcast by our trade body (CCTA) that if, after application, you were refused full FCA authorisation you could not collect existing debts. Several members of the association decided not to apply for full authorisation and run down their book until all the funds were repaid. That was a very good way for the FCA to sort the wheat from the chaf.
I have to wonder if Lendy have submitted their application or if their window for doing so is still open. If you look at the FCA register, the information is rather ambiguous.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 2, 2018 0:04:48 GMT
Having been through the whole process of FCA authorisation as a Consumer Credit Lender (Hire Purchase - not P2P), as long as you were authorised by the OFT prior to the FCA taking over, you were given a date by which your full application had to be submitted. Once submitted, you could continue to trade until fully authorised. It was widely broadcast by our trade body (CCTA) that if, after application, you were refused full FCA authorisation you could not collect existing debts. Several members of the association decided not to apply for full authorisation and run down their book until all the funds were repaid. That was a very good way for the FCA to sort the wheat from the chaf. I have to wonder if Lendy have submitted their application or if their window for doing so is still open. If you look at the FCA register, the information is rather ambiguous. Application was submitted prior to April 16 they have indicated. I suspect that the window has closed.
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Liz
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Post by Liz on Mar 2, 2018 0:53:16 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. . [/b] [/quote] What's to stop the FCA doing the same to Lendy as they did to Col? If I had a lot of funds in Lendy, I would be speaking to the FCA.
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elliotn
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Post by elliotn on Mar 2, 2018 0:55:54 GMT
...Therefore, 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! Not quite. LendInvest went down the route of sophisticated investors perhaps because they are the loan counterpart and assign parts to investors rather than being 'true' p2p. Wellesley suspended their p2p activities and continued selling their investments via bonds (which could be to the same investors). In both cases p2p investors continued to have their existing contracts honoured with the investment co in situ. So it is not necessarily a binary choice of fca authorisation or "the platform diappears". Edit - as proved by Mary's link above! LendInvest preferred their model of funding loans directly backed by a substantial parent so decided strategically not to be authorised as a 'p2p' company. Wellesley were reported to be under some financial stress from development property losses (note, something they do not agree with in their risk analyses) and were after an equity raise but are now preparing to relaunch their p2p. In neither case did they fail and disappear so that suggests Ly would still have options if they were required to use their permissable fca challenge. As well as reporting industry leading figures, Ly have made significant institutional hires and have overhauled practices from website functionailty to loan risk profile management that show tangible evidence of changes being made to meet fca requirements. In strong contrast, we had no outward sign of any such fca progress from Coll despite Gordon's recent affirmation to the contrary.
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elliotn
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Post by elliotn on Mar 2, 2018 2:02:46 GMT
What's to stop the FCA doing the same to Lendy as they did to Col? If I had a lot of funds in Lendy, I would be speaking to the FCA. Ly are applying under the correct interim permission. Ther are some options used by other companies above should they need time to challenge any verdict or update their business model.
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withnell
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Post by withnell on Mar 2, 2018 10:35:57 GMT
Interesting? Why doesn't Lendy's login page clarify their authorisation is Interim Permission? Probably because the format of what they have to say is defined in legislation? Having had reason to look into Financial Services and Markets Act in the past, it is rather prescriptive (eg that a specific phrase has to be encased in a black box, etc)
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cb25
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Post by cb25 on Mar 2, 2018 12:21:13 GMT
Interesting? Why doesn't Lendy's login page clarify their authorisation is Interim Permission? Probably because the format of what they have to say is defined in legislation? shows "Lendy Ltd is authorised and regulated by the Financial Conduct Authority (FCA), number 654326, operating under interim permission, ..." Could they not put the same wording on their main page ?
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Post by charliebrown on Mar 3, 2018 7:52:33 GMT
For those who might not be aware, Collateral COL has been shut down by the FCA and forced into administration. It all happened very swiftly and without any warring. The COL website was there one minute then gone the next minute, they wouldn’t answer phone calls then an email came out simply saying COL is no more, please deal with the administrator. This has left investors wondering whether they’re looking at a significant or total loss on their COL investment. However, it’s also left investors, like me, who are also invested in LY wondering whether LY will be next. Comments please for those who might have any idea, could LY also be closed down seemingly overnight by the FCA. The FCA seem to have taken this action with absolutely no regard for existing investors, no warning, no sympathy.
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SteveT
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Post by SteveT on Mar 3, 2018 8:04:01 GMT
For those who might not be aware, Collateral COL has been shut down by the FCA and forced into administration. It all happened very swiftly and without any warring. The COL website was there one minute then gone the next minute, they wouldn’t answer phone calls then an email came out simply saying COL is no more, please deal with the administrator. This has left investors wondering whether they’re looking at a significant or total loss on their COL investment. However, it’s also left investors, like me, who are also invested in LY wondering whether LY will be next. Comments please for those who might have any idea, could LY also be closed down seemingly overnight by the FCA. The FCA seem to have taken this action with absolutely no regard for existing investors, no warning, no sympathy. I rather doubt the FCA took proactive action to close (not their style). Possibly they refused to grant emergency authorisation once COL realised they didn’t have the approvals they’d thought they had. But the decision to call in Adminstrators was more likely taken by the Directors after legal advice on their position and the risks of prosecution they faced if they didn’t.
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Post by charliebrown on Mar 3, 2018 8:11:11 GMT
Is anyone else concerned that LY could face the same demise, given that LY is currently trading without FCA approval? Am I right in saying that?
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