Why lendy RICS valuer are so out of whack?

Well Ozboy, you certainly bore the pants off of me, so much so. I wonder  if you have anything invested on the platforms which attract your comment.

It is my impression that all these chartered institutes started off as predominantly protectionist trade bodies that have become more formalised and glorified over time. They are now businesses in themselves. To that end it seems unlikely to me that they will be more protective of members’ clients than the members themselves.
 I suspect that the younger end of the Lendy investor spectrum might live to see the amusingly named Federation of Master Builders become a chartered institute, as its aims are pretty much the same as others that made the grade. Maybe bricklayers familiar with secret handshakes can help expedite the transition.

Seems like a good start but no substitute for building up your own panel of valuers like most (all established?) other lenders.

You know how much they get paid to do a valuation?  Peanuts.  So why would they put themselves on the hook for a penalty clause that could run into the millions?

I have pointed out to Lendy that their valuations amount to fraudulent mis-selling of loans, to the investors - they then threatened me with defamation proceedings if I dared to publicise the fact.  We run a RICS accredited survey company - and most of our surveyors are RICS.  All surveyors have to have PI insurance which would cover the cost of any 'mistakes or negligence'.  Clearly they are either incompetent, or negligent, to value for eg a castle at over £5million, and only sell at auction for just over £1 million.  Regardless of the actual numbers, the valuation is clearly wrong. 

WHY does lendy refuse to tell us that they have instigated legal proceedings against the surveyor, to recover the balance.  Have they instigated proceedings, and if not, why not. 

The sheer number of bad loans - essentially approaching 100% - should send shock waves around the PtoP industry.  I want to know how they get any form of FCA license - clearly there is no oversight of them by the FCA - even my 6 year old can see that they are incompetent - why not the FCA?  What is the trigger point for action - a mass complaint by investors?

I demand that Lendy tell us what they are doing with RICS - 'discussions' are meaningless - WHAT is the RICS actually going to do, right now, about the clearly demonstrated incompetence of their surveyors? Its on a par with the clear incompetence of the valuation surveyors running around proclaiming properties are 'damp' by using damp meters that dont even measure damp, and talk about rising damp - thats never even been reproduced in a laboratory. RICS are beginning to look like a total joke of an organisation if all their surveyros can clearly be demonstrated as negligent.  And its not hard to do - I've seen 3 RICS surveys this morning - all of which are negligent.