blender
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Post by blender on Oct 6, 2018 8:30:53 GMT
While you may think that through this thread you may be helping to apportion blame for the errors made in this case, in fact you might just be providing evidence that in the future, p2p should only be accessible to those who cannot complain when it goes wrong. If the register has difficulty in being accountable for all things to all people, the options are 1. Fix the register and/or 2. Limit its use to those who can safely use it.
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mason
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Post by mason on Oct 6, 2018 9:32:16 GMT
While you may think that through this thread you may be helping to apportion blame for the errors made in this case, in fact you might just be providing evidence that in the future, p2p should only be accessible to those who cannot complain when it goes wrong. If the register has difficulty in being accountable for all things to all people, the options are 1. Fix the register and/or 2. Limit its use to those who can safely use it. As a consumer, I also use the register to check out savings products, which are increasingly offered by obscure companies, for example "Bank of London and the Middle East", "Al Rayan Bank", "Charter Savings Bank", "Raisin", etc. All of these are operated by Authorised Firms, but I would not touch any with a bargepole if I could not verify the fact. It's extremely hard to find a recognisable name in the comparison tables these days. Now I know which specific permissions to look for to verify FSCS protection applies, access to the FCA register is extremely useful, and necessary to drive competition in the sector. It's worth noting that fully authorised firms have their company number recorded in their registration entry. Perhaps more checks are done vs. those imported from the OFT with interim permissions.
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p2pmark
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Post by p2pmark on Oct 6, 2018 10:07:41 GMT
[...] I'm not sure it is a reasonable expectation that consumers searching the register should appreciate these subtleties. [...] Indeed. Apparently, the FCA weren't 100% sure themselves. Quote from FCA in an email to me (my emphasis): "Regal Pawnbroker Ltd held an interim permission to enter into a regulated credit agreement as lender and to exercise, or have the right to exercise, the lender's rights and duties under a regulated credit agreement. These are unlikely to cover the activities carried on by a peer-to-peer lender. The permission lapsed, in the absence of an application for authorisation by Regal Pawnbroker Ltd, on 31 March 2016." Not sure if any of this helps us now though, but it's encouraging that the FCA is actively seeking feedback on how to improve all of this.
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elliotn
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Post by elliotn on Oct 6, 2018 17:08:27 GMT
Although MT did have broker permission to introduce borrowers/lenders (from their mortgage antecedent) and so did abl, so it’s not a direct comparison of consumer credit only companies, I haven’t found a p2p authorised company that was only trading with that permission. Yes, I've looked myself and it appears there is no precedent for a business with consumer credit licence alone to start a legitimate P2P platform using that permission. I'm not sure it is a reasonable expectation that consumers searching the register should appreciate these subtleties. In any case, the IP in question was fraudulent and published without checks (for example against the company number). It would be very harsh to suggest investors should have known better than to have assumed COL was operating legitimately based on the information held at the time on the FCA register, even if we can now recognise one or two irregularities with the benefit of hindsight. No problem with your interpretation of a layman’s view (no-one spotted it although I think nick came closest), my point was I hadn’t looked at MT’s ‘non-P2P’ permission and then thought CUK’s must be ok as well per original post.
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star dust
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Post by star dust on Oct 6, 2018 19:59:27 GMT
Yes, I've looked myself and it appears there is no precedent for a business with consumer credit licence alone to start a legitimate P2P platform using that permission. I'm not sure it is a reasonable expectation that consumers searching the register should appreciate these subtleties. In any case, the IP in question was fraudulent and published without checks (for example against the company number). It would be very harsh to suggest investors should have known better than to have assumed COL was operating legitimately based on the information held at the time on the FCA register, even if we can now recognise one or two irregularities with the benefit of hindsight. No problem with your interpretation of a layman’s view (no-one spotted it although I think nick came closest), my point was I hadn’t looked at MT’s ‘non-P2P’ permission and then thought CUK’s must be ok as well from original post. Yes, interesting thread that p2pindependentforum.com/post/162912/thread.
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m2btj
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Post by m2btj on Oct 7, 2018 13:59:33 GMT
This was a fairly unambiguous footer from just one Collateral email I received. Copyright © 2016 Collateral (UK) Ltd. Company number 09314729. Registered office address:12th Floor, Blue Tower, Media City Uk, Manchester, M50 2ST Collateral (UK) Limited is authorised and regulated by the Financial Conduct Authority (FCA). Collateral (UK) Limited is not covered by the Financial Services Compensation Scheme. Your capital is at risk. Read our Risk Warning Collateral (UK) Limited is registered with the Information Commissioner's Office under registration reference ZA167996 Want to change how you receive these emails? You can unsubscribe from this list |
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easylender
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Post by easylender on Oct 8, 2018 10:59:08 GMT
I made a copy of the T&Cs and the FAQs when I opened my account with Col. The FAQ contains this:
18. How is Collateral regulated?
Collateral (UK) Limited is authorised and regulated by the FCA. Registration Number 656714. We currently have interim permission from the FCA and full permissions have been applied for.
We previously held a Consumer Credit Licence issued by the Office of Fair Trading.
Collateral (UK) Ltd is not covered by the Financial Services Compensation Scheme. Your capital is at risk.
Collateral (UK) Limited is registered with the Information Commissioner’s Office under registration reference ZA167996
If there’s a subject that isn’t covered in our FAQs, you can always ask us by email or call us on Tel: 0161 413 6003.
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Post by Ton ⓉⓞⓃ on Oct 8, 2018 16:08:54 GMT
and noting that they stick a 36H in the end column, I was wondering how they listed CUK when or if they were ever in their chart a year ago? i think you have to request that detail from Altfi or does wayback machine have it?
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mason
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Post by mason on Oct 9, 2018 19:12:21 GMT
and noting that they stick a 36H in the end column, I was wondering how they listed CUK when or if they were ever in their chart a year ago? i think you have to request that detail from Altfi or does wayback machine have it?
Not listed as at 29th December 2017 or 1st July 2017, so probably never listed there.
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star dust
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Post by star dust on Oct 9, 2018 23:06:04 GMT
Just noticed this from a pdf comparison of the changes to their T&C's dated 27th May 2017.
"5. LEGAL & REGULATORY
5.1. Collateral is a trading name of Collateral (UK) Limited. Registered office is 12th
Floor, Blue Tower, Media City UK, Manchester, M50 2ST. Company registration
number 09314729.
5.2. Collateral (UK) Limited is authorised and regulated by the Financial Conduct
Authority with interim permission number 656714. You should note that Collateral
has made an application for the grant to it of certain permissions by the Financial
Conduct Authority and those applications have yet to be approved.
5.3. Loans are not covered by the Financial Services Compensation Scheme.
5.4. The Company is registered with the Office of the Information Commissioner
Registration number ZA167996."
"Legend:
Insertion"
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Post by brightspark on Mar 9, 2019 9:26:35 GMT
Just getting a sense of deja vu over the recent demise into Administration of L C & F. £236 Million of bondholders' savings threatened. FCA has said that L C & F authorisation only allowed provision of consumer financial advice and not selling of ISA bonds. FCA was apparently warned over 3 years ago about inappropriate goings on but has only just pulled the plug. Now where is my Collateral money? It's about time we heard! 60% haircut or maybe its all gone down the pan!
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