maotw
*
Posts: 60 
Likes: 29
|
Post by maotw on Mar 29, 2018 8:41:04 GMT
Does the FCA/FO have any teeth?
If so, does platform approval and ongoing compliance require them [platforms] to act in accordance with the loan terms that they themselves impose on participants, and publish to both borrowers and lenders ... and if so, is the abandonment of published term(s) grounds for a complaint to the FO?
TIA
|
|
|
|
Post by jackpease on Mar 29, 2018 9:49:48 GMT
Does the FCA/FO have any teeth? If so, does platform approval and ongoing compliance require them [platforms] to act in accordance with the loan terms that they themselves impose on participants, and publish to both borrowers and lenders ... and if so, is the abandonment of published term(s) grounds for a complaint to the FO? TIA At best it is there to make sure some basic rules are adhered to - it's teeth are limited to closing something down (Collateral!). I think any investment decision in p2p should assume the FCA/FO isn't there.
Jack P
|
|
maotw
*
Posts: 60
Likes: 29
|
Post by maotw on Mar 29, 2018 10:36:08 GMT
That sounds like a very sensible way to view things.
Perhaps FCA authorisation is useless, or even a bad thing - if the only remedy is closing an operation (= disaster), rather than coaxing them to behave.
I don't think I'll be acting in my best interests if I do anything to try to get my current grumbles looked at by the FO.
|
|
mason
Member of DD Central
Posts: 666
Likes: 641
|
Post by mason on Mar 29, 2018 11:51:20 GMT
That sounds like a very sensible way to view things. Perhaps FCA authorisation is useless, or even a bad thing - if the only remedy is closing an operation (= disaster), rather than coaxing them to behave. I don't think I'll be acting in my best interests if I do anything to try to get my current grumbles looked at by the FO. If you've pursued a formal complaint through the organisation in question, I don't see that there's anything to lose taking it to the Ombudsman if you've suffered a loss that's the fault of the company, and/or you want to leave and there is a barrier to you ending your relationship with the company. FOS will only look at things on a case by case basis, so if your objective is to get the company in question to behave better in future then it probably isn't an effective route.
|
|
