zlb
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Post by zlb on Jul 17, 2018 14:57:41 GMT
I could talk to my MP about this issue and, given his socialist leanings and long service to home-care would get either a blank stare or just a mutter about "what do you expect under a  -bag government". Oz, go for it, I presently would be talking to a wall if I did. yes. You remind me. Anything I've ever raised with local MP has had immature reply blaming the others.
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7d7
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Post by 7d7 on Jul 17, 2018 18:46:30 GMT
It astonishes me that some want to maintain the status quo even though the industry at times seems like a game without a referee. For instance, a loan is advertised as having a six month term. Nonetheless, there is no sign of the funds lent two or more years down the line while the platform constantly dodges the issue or makes up an incoherent argument on some pie in the sky progress. Not to mention overvaluations, poor sales presentation or goalpost moving tactics, which is not the spirit of p2p, in my view.
Are some platforms or borrowers taking advantage of the fact that lenders are not united? I doubt the inept government can effect change but would not discourage anyone from going down that or any other route. Perhaps what we need is a lenders' union and an ombudsman service. A potent force that can bring platforms or the FCA to its knees. Authorising platforms is just not good enough when there is no adequate monitoring, standardised definitions and metrics, preventative measures and penalties for violating rules and regulations etc.
Positive adjustments may occur in the industry if there is some sort of P2P ombudsman where lenders can lodge valid complaints to compel platforms to redress wrongs or there is a union that has direct communication channels with platforms/FCA to ensure lenders' interests are protected.
It's not about losing money but how it is lost. P2P should not be an avenue for people to get conned.
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Greenwood2
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Post by Greenwood2 on Jul 17, 2018 19:31:52 GMT
It astonishes me that some want to maintain the status quo even though the industry at times seems like a game without a referee. For instance, a loan is advertised as having a six month term. Nonetheless, there is no sign of the funds lent two or more years down the line while the platform constantly dodges the issue or makes up an incoherent argument on some pie in the sky progress. Not to mention overvaluations, poor sales presentation or goalpost moving tactics, which is not the spirit of p2p, in my view. Are some platforms or borrowers taking advantage of the fact that lenders are not united? I doubt the inept government can effect change but would not discourage anyone from going down that or any other route. Perhaps what we need is a lenders' union and an ombudsman service. A potent force that can bring platforms or the FCA to its knees. Authorising platforms is just not good enough when there is no adequate monitoring, standardised definitions and metrics, preventative measures and penalties for violating rules and regulations etc. Positive adjustments may occur in the industry if there is some sort of P2P ombudsman where lenders can lodge valid complaints to compel platforms to redress wrongs or there is a union that has direct communication channels with platforms/FCA to ensure lenders' interests are protected. It's not about losing money but how it is lost. P2P should not be an avenue for people to get conned. Have you lost money? I feel a lot of lenders have not got the return they hoped for, expecting perhaps 12%, but how many have actually lost money?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 17, 2018 23:29:10 GMT
Like you 7d7 I find many attitudes on here beyond astounding and my head is going to wobble off from the constant shaking in disbelief. I can only conclude that the authors are into investment masochism and enjoy being thoroughly shafted. Or maybe they hail from that massive river in Egypt, De Nile?  |
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Post by jackpease on Jul 18, 2018 7:30:20 GMT
For my part my defence of the 'baddies' is not because i approve of what is happening but because I'm not sure what could or should be done about it. More regulation/scrutiny/rules whatever will just bring it into the mainstream and it'll cease to be alternative finance.
I can buy goods either in shops (more expensive, with regulation, protection and money back guarantees) or a boot sale (cheap and absolutely no comeback). If i buy from a boot sale then I do so with my eyes open. If i buy a (say) vacuum cleaner from a boot sale for a fiver, get it home and it doesn't work I am really cross. But did the seller intend to defraud me? Were they just shifting a job lot and had no idea? Do i turn my anger onto the boot sale operator or do i just destress and say 'that's the risk with boot sales, if you regulate them then they cease to be boot sales'
Jack P
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travolta
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Post by travolta on Jul 18, 2018 8:27:37 GMT
and other matters, lincluding The Useless FCA. Might I respectfully suggest that my Fellow Investors consider doing the same ASAP please? Until there are Questions asked in Parliament and we get FAR wider coverage and visibility on the crookedness of P2P nothing will happen. I thank you. OzBoy. BWA HAHA. Your MP? Perhaps Australian MPs are different, OzBoy. Mine is something like the 5th richest man in the country and he couldn't give a monkeys about me .
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jlend
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Post by jlend on Jul 18, 2018 8:52:13 GMT
For my part my defence of the 'baddies' is not because i approve of what is happening but because I'm not sure what could or should be done about it. More regulation/scrutiny/rules whatever will just bring it into the mainstream and it'll cease to be alternative finance. I can buy goods either in shops (more expensive, with regulation, protection and money back guarantees) or a boot sale (cheap and absolutely no comeback). If i buy from a boot sale then I do so with my eyes open. If i buy a (say) vacuum cleaner from a boot sale for a fiver, get it home and it doesn't work I am really cross. But did the seller intend to defraud me? Were they just shifting a job lot and had no idea? Do i turn my anger onto the boot sale operator or do i just destress and say 'that's the risk with boot sales, if you regulate them then they cease to be boot sales' Jack P I am not sure what to make of trying to relate a second hand vacuum cleaner bought for 5 pounds from a guy at a car boot with a multi million pound regulated platform, some of which will be IPOed in the not too distant future and listed on the LSE 😀 But i do take your point about there being a difference. In the mini bond case i have been involved with 100s of MPs have supported investors, both labour and conservative MPs. Some have invested significant amounts of time and energy and they have made a huge difference. This smaller group of MPs provided guidance to the wider group of MPs as 100s were contacted across the country. This was all organised by an investor action group made up of amateur savers, not experienced investors like many poster here. It is not easy and there are no quick fixes, but some MPs do and can make a difference in my experience if they are asked to support their constituents. Many posters on this forum are experienced enough to look after themselves that is very clear. I do think others have been caught out with some dubious actions and marketing material from a variety of platforms.
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macq
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Post by macq on Jul 18, 2018 10:49:07 GMT
so talking of MP's news today that former Conservative party treasurer Lord Stanley Fink is giving financial backing to a new property P2p/crowd funding company British Pearl.Seeing as he is a peer we will know where to go with problems
P.s having had a quick look at their site check the fees section before investing as more then one level
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Nomad
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Post by Nomad on Jul 19, 2018 12:54:54 GMT
The number of operating P2P platforms fell to 1,836 in June from 3,800 in 2015, based on statistics from Wangdaizhijia. The number may shrink further to under 200 in three years because most existing lenders do not meet regulatory requirements, according to a report issued by the China International Capital Corporation on Friday. SCMP report
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aju
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Post by aju on Jul 19, 2018 13:47:29 GMT
I think I'll stick with Zopa for the time being ...
Chinese system does seem a bit like the wild west!. Very interesting indeed.
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agent69
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Post by agent69 on Jul 23, 2018 9:45:48 GMT
The number of operating P2P platforms fell to 1,836 in June from 3,800 in 2015, based on statistics from Wangdaizhijia. The number may shrink further to under 200 in three years because most existing lenders do not meet regulatory requirements, according to a report issued by the China International Capital Corporation on Friday. SCMP reportBBC web site quotes
In the City of Hangzhou, two sports stadiums have been converted into centres where Chinese people can file grievances against lenders, the FT reports.
Wonder if the FCA could learn from this?
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dandy
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Post by dandy on Jul 23, 2018 10:06:30 GMT
BBC web site quotes
In the City of Hangzhou, two sports stadiums have been converted into centres where Chinese people can file grievances against lenders, the FT reports.
Wonder if the FCA could learn from this?
Seriously if you cant stand the heat get out of the kitchen. Then you wont have to worry about how and where to complain ... just a thought and no need to tell me your decision
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agent69
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Post by agent69 on Jul 23, 2018 10:23:30 GMT
BBC web site quotes
In the City of Hangzhou, two sports stadiums have been converted into centres where Chinese people can file grievances against lenders, the FT reports.
Wonder if the FCA could learn from this?
Seriously if you cant stand the heat get out of the kitchen. So you're happy just to sit there any let any discredited platform cr*p on you from a great height?
I bet the likes of LY and FS just love reading this sort of post
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dandy
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Post by dandy on Jul 23, 2018 11:16:50 GMT
Seriously if you cant stand the heat get out of the kitchen. So you're happy just to sit there any let any discredited platform cr*p on you from a great height?
I bet the likes of LY and FS just love reading this sort of post
I never said that There is a big difference between complaining about specific platforms/loans and making out the entire sector is one big fraud/mess - a sector you have probably done very well from Complain as much as you want about Ly/Fs or anyone else - but if you expect borrowers paying 30% IRR to be anything other than desperate and "unreliable" then where does the real issue lie?
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agent69
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Post by agent69 on Jul 23, 2018 14:40:53 GMT
So you're happy just to sit there any let any discredited platform cr*p on you from a great height?
I bet the likes of LY and FS just love reading this sort of post
I never said that There is a big difference between complaining about specific platforms/loans and making out the entire sector is one big fraud/mess - a sector you have probably done very well from Complain as much as you want about Ly/Fs or anyone else - but if you expect borrowers paying 30% IRR to be anything other than desperate and "unreliable" then where does the real issue lie? Nobody is saying P2P is one big fraud, but it would benefit from a clear mechanism where lenders who have been conned (and there are plenty of examples out there) had a formal mechanism to complain through (as in the Chinese example). I am surprised you disapprove of this.
Regarding the credentials of the borrowers, I am at an age and have had an upbringing where I have no issue with them being desperate or unreliable, I do however expect them to be honest (which clearly many are not).
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-bag government". Oz, go for it, I presently would be talking to a wall if I did.
