SteveT
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Post by SteveT on Mar 3, 2018 8:14:21 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? No, you’re wrong. Lendy have interim FCA approval and are working through the process of securing full approval. (I suggest you stop stating things as facts in your posts unless you know them to be true)
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Post by charliebrown on Mar 3, 2018 8:17:24 GMT
Didn’t COL also have interim approval. Don’t make this personal, please. I’m sure other people would like to know too. If we were all experts we wouldn’t need a forum like this to share information.
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SteveT
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Post by SteveT on Mar 3, 2018 8:21:13 GMT
Didn’t COL also have interim approval. Don’t make this personal, please. I’m sure other people would like to know too. If we were all experts we wouldn’t need a forum like this to share information. They thought they did up until Jan 28th, when they quietly removed the FCA statement from their communications and changed their T&Cs. Whether they actually did or not remains unclear. This stuff is all covered ad nauseum on the COL board, if you go and read it.
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Post by charliebrown on Mar 3, 2018 8:23:42 GMT
Didn’t COL also have interim approval. Don’t make this personal, please. I’m sure other people would like to know too. If we were all experts we wouldn’t need a forum like this to share information. They thought they did up until Jan 28th, when they quietly removed the FCA statement from their communications and changed their T&Cs. Whether they actually did or not remains unclear. This stuff is all covered ad nauseum on the COL board, if you go and read it. I’ve read it. My question was about LY. Since you’ve said LY is not at risk then I’ll thank you very much for your clarification. Have a good weekend.
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SteveT
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Post by SteveT on Mar 3, 2018 8:30:13 GMT
I did NOT say that Lendy is not at risk (a claim I have no facts to support). I said that Lendy have interim FCA approval and are working through the process of securing full approval. I base this on the information on their and the FCA websites, plus Lendy posts on this forum.
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webwizard
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Post by webwizard on Mar 3, 2018 9:04:58 GMT
I have the impression that Lendy have been making a lot of changes to comply with the FCA over recent months, striving to get full authorisation. Personally, I am happy that they are making these changes. The fundamental problem at COL was that they were not making the required changes. I do think there is exaggerated anxiety but personally, I am happy with the current communication and actions of Lendy about this, particularly as I do not think they can say anything else until full FCA authorisation is granted.
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Post by samford71 on Mar 3, 2018 9:33:53 GMT
charliebrown . Why don't you actually bother to compare the two companies on the FCA register? It takes a few minutes. Collateral was operating under a number of interim permission (IP) numbers ( 656714, 663902, 645280). For Collateral you can see the permissions have lapsed. Lendy is operating under FCA IP number ( 654326). It's permissions have not lapsed. At any point, it's possible that the FCA can decide to revoke a financial services companies permissions and stop them trading because it believes they are not operating in a fit manner. That is their job. You can do nothing about this and will not be given any forewarning. This is the nature of regulatory risk. It could happen to a bank, asset manager, IFA etc. Generally speaking, investing through any small platform, with a short track record is going to be more risky from this perspective that investing through a more mature business. Therefore before you invest you should have evaluated whether you are comfortable with that risk. This is your responsibility, not the FCA.
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cb25
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Post by cb25 on Mar 3, 2018 10:02:03 GMT
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withnell
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Post by withnell on Mar 3, 2018 14:36:32 GMT
This has left investors wondering whether they’re looking at a significant or total loss on their COL investment. It's these kind of statements that make people worry. The only factual information is that COL is being run by an administrator as they were not authorised to trade. This just means you can't buy or sell loans and there'll be some delay to get cash out. There is zero suggestion about any underlying loan losses (beyond that which has always existed) in any official communication
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mikes1531
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Post by mikes1531 on Mar 3, 2018 16:33:13 GMT
All platforms had application windows, Lendys was later than most Q1 16... We didn't start our application for full authorisation until late 2016. 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. There seems to be an inconsistency here... ilmoro has said Lendy's application window was Q1 16 and that Lendy have indicated their application was submitted prior to April 16, which would be consistent with that. On that basis, the application has been in for about two years and some people are getting concerned about it taking so long. Lendy Support have said they didn't start their application for full authorisation until late 2016. On that basis, the application has been in for less than 18 months, which ought not be concerning, especially since Lendy have had to make some changes in their practices to satisfy the FCA. So who is right?
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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 3, 2018 16:40:41 GMT
All platforms had application windows, Lendys was later than most Q1 16... We didn't start our application for full authorisation until late 2016. Application was submitted prior to April 16 they have indicated. I suspect that the window has closed. There seems to be an inconsistency here... ilmoro has said Lendy's application window was Q1 16 and that Lendy have indicated their application was submitted prior to April 16, which would be consistent with that. On that basis, the application has been in for about two years and some people are getting concerned about it taking so long. Lendy Support have said they didn't start their application for full authorisation until late 2016. On that basis, the application has been in for less than 18 months, which ought not be concerning, especially since Lendy have had to make some changes in their practices to satisfy the FCA. So who is right? I suspect the discrepancy is between submission and when the process began properly which was reportedly 6 months later when their case officer was appointed. Actual Lendy post is in my defunct FAQ
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Post by dualinvestor on Mar 4, 2018 9:53:53 GMT
I have the impression that Lendy have been making a lot of changes to comply with the FCA over recent months, striving to get full authorisation. Personally, I am happy that they are making these changes. The fundamental problem at COL was that they were not making the required changes. I do think there is exaggerated anxiety but personally, I am happy with the current communication and actions of Lendy about this, particularly as I do not think they can say anything else until full FCA authorisation is granted. Lendy have indeed been making changes, a lot of them, sometimes relating to the same position, starting in late 2016 right up to recently, one can only assume it is to try and satisfy the FCA. A little commented on fact is that the 2016 accounts show they only had an average of 8 staff, including directors, during the year, a recently published photograph appears to show more than double that amount. Let's hope they are sufficient for the FCA.
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