wuzimu
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FCA
Aug 22, 2018 22:40:08 GMT
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Post by wuzimu on Aug 22, 2018 22:40:08 GMT
Hi, has anybody passed on concerns to FCA? In particular with reference to Principles of Business and TCF outcomes.?? If so any feedback on what FCA response was (if any) appreciated.
Cheers, Wuzi
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wuzimu
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Post by wuzimu on Aug 23, 2018 9:48:00 GMT
1. Integrity A firm must conduct its business with integrity.
2. Skill, care and diligence A firm must conduct its business with due skill, care and diligence.
3. Management and control A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.
4. Financial prudence A firm must maintain adequate financial resources.
5. Market conduct A firm must observe proper standards of market conduct.
6. Customers' interests A firm must pay due regard to the interests of its customers and treat them fairly.
7. Communications with clients A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.
8. Conflicts of interest A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client.
9. Customers: relationships of trust A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment.
10. Clients' assets A firm must arrange adequate protection for clients' assets when it is responsible for them.
11. Relations with regulators A firm must deal with its regulators in an open and cooperative way, and must disclose to the appropriate regulator appropriately anything relating to the firm of which that regulator would reasonably expect notice. from FCA website
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rocky1
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FCA
Aug 23, 2018 10:17:39 GMT
Post by rocky1 on Aug 23, 2018 10:17:39 GMT
surely lendy must have a different set of rules[their own T@Cs]that they operate on.
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ozboy
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Post by ozboy on Aug 23, 2018 10:19:14 GMT
Well, The FCA spends a lot of time & effort monitoring & enforcing those "principles" doesn't it.  Most of us would say at least two P2P Platforms fail miserably on almost all, if not the entire, eleven! So why doesn't The FCA act and clean up the sector? |
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FCA
Aug 23, 2018 10:29:02 GMT
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Post by p2plender on Aug 23, 2018 10:29:02 GMT
Would be a shocker if Lendy go under so soon after FCA authorisation.
ps sorry for using the 'u' word, but lack of communication points to this.
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11025
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FCA
Aug 23, 2018 11:02:34 GMT
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Post by 11025 on Aug 23, 2018 11:02:34 GMT
Well, The FCA spends a lot of time & effort monitoring & enforcing those "principles" doesn't it. Most of us would say at least two P2P Platforms fail miserably on almost all, if not the entire, eleven! So why doesn't The FCA act and clean up the sector? That is a very good question and I believe it is up to us as time served lenders that have experienced things first hand to let them them and the Ombudsman know what is going on and to advise them that we are aware that P2P has it's risks , but things that go on at L**** and F****** S***** including factually incorrect information given , poor due diligence , inadequate background & planning checks , incorrect valuations and inadequate recovery strategies brings these risks to a total new level.
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Post by p2plender on Aug 29, 2018 7:41:22 GMT
Hi, has anybody passed on concerns to FCA? In particular with reference to Principles of Business and TCF outcomes.?? If so any feedback on what FCA response was (if any) appreciated.
Cheers, Wuzi
I have made the FCA and Financial Ombudsman aware of the situation here.
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ozboy
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Post by ozboy on Aug 29, 2018 13:58:37 GMT
Just read through the laughable "Principles" etc again on the FCA Website. Shame they don't have any "principles" themselves. Such as efficiently policing and vigorously enforcing their "Principles". Tossers.
When asked to Comment I felt moved to reply:-
"Where many Peer to Peer lending platforms are blatantly ignoring your "Principles", are lying to Lender Investors for their own gain, and The FCA is doing NOTHING, you are NOT ENFORCING.
The FCA needs to STOP IT NOW, IMMEDIATELY. A few Platform Directors, Business Introducers, Borrowers and RICS "Professional" Valuers being prosecuted would help."
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greatmarko
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FCA
Aug 29, 2018 15:13:26 GMT
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Post by greatmarko on Aug 29, 2018 15:13:26 GMT
Just read through the laughable "Principles" etc again on the FCA Website. Shame they don't have any "principles" themselves. Such as efficiently policing and vigorously enforcing their "Principles". Tossers. When asked to Comment I felt moved to reply:- "Where many Peer to Peer lending platforms are blatantly ignoring your "Principles", are lying to Lender Investors for their own gain, and The FCA is doing NOTHING, you are NOT ENFORCING.
The FCA needs to STOP IT NOW, IMMEDIATELY. A few Platform Directors, Business Introducers, Borrowers and RICS "Professional" Valuers being prosecuted would help.""Principles" ≠ "Rules" You can't enforce "principles", so really the FAC need to beef up the vague "principles" and make them into enforceable "rules"
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ozboy
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Post by ozboy on Aug 29, 2018 20:15:07 GMT
Indeed greatmarko, otherwise they're good for Football Association. Oh, I forgot, they're actually very good at macho posturing and unnecessary bull in a china shopping, ensuring Investors suffer losses, a la Collateral. |
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agent69
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FCA
Aug 29, 2018 20:17:52 GMT
Post by agent69 on Aug 29, 2018 20:17:52 GMT
ensuring Investors suffer losses, a la Collateral. Aren't you being a bit quick out of the blocks on that one? (or do you have some inside information)
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ozboy
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Post by ozboy on Aug 30, 2018 17:31:34 GMT
You're right of course agent69, I am only making an educated guess, and no, I don't have any inside information - I wish I did! Their track record gives a good indication though? I am not aware of any "venture" The FCA has been involved in where Investors have not lost out. |
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wuzimu
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FCA
Sept 11, 2018 19:57:20 GMT
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Post by wuzimu on Sept 11, 2018 19:57:20 GMT
BTW the Rules are technical, voluminous and are held in the FCA Handbook also to be found on the FCA website
The Principles of Business are high level aspirations which frame how the Handbook is to be interpreted. ie if a consumer wanted to complain about being unfairly treated by <for example> Lendy, the consumer would not be expected to describe the detailed infringements of the Handbook, (tho it would help the lackadaisical FOS). If the complaint was framed in reference to failures of the Principles , which is not hard to do ? it would strongly boost the chances of success with FOS.
That is because IMO FOS are not very good at mapping a laypersons description of misery caused by a regulated firm onto actual breaches of the Principles. You have to do the work for them and then they seem to gratefully pick up the baton. Well thats my experience anyway FWIW
As to the FCA, they openly say they do not police the regulations, they expect regulated firms to follow them. FCA follow a fairly whimsical path of enforcement after the event. They tend to hand out large fines, which go to..... FCA! I think thats why they like regulating the banking and insurance sector most, because those firms generally can afford to pay very large fines, still survive and FCA gets its Xmas party paid.
It's a eff'd up system but its whats there. Consumers can get results if they push hard enough.
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Post by Please turn me over on Sept 11, 2018 20:27:52 GMT
<snip> It's a eff'd up system but its whats there. Consumers can get results if they push hard enough.
The FCA took a bit of grief at its annual public meeting this morning. Here's one of the punters who spoke his mind. streamable.com/d1tkl
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