macq
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Post by macq on Oct 7, 2020 15:21:26 GMT
Not sure - they seem to market at retail with a low investment sum especially with this new product of "reboot Britain" but which seems a notch or Two up in complexity on the original p2p product and for what also now looks like a Black box product? Only an opinion and as i have all but left & probably not fair to comment on a skim of the t&c's and most of my p2p is going into a Green IT so hopefully i am still doing some good Also noted that the homepage says 3852 businesses but when clicking the see all statistics tab just below that info box it says 520 loans so something is amiss I fully agree on the stats issue. Your '?' says it all doesn't it - if one can't even tell whether it is black box or not, nor whether they are rolling all previous loans into it. I find them a most bizarre company in terms of just not engaging with this issue of communications with investors, out of all of p2p. On another matter, Ly has been found to be remiss (recent P2p newsletter) in only refunding people for wrong practice, but those people having to sign a disclaimer, and the refunds only being available to retail investors who have that level of legislative knowledge to know that they can ask for their money back - ie not really retail investors. C3F have also refunded on some loans, yet not offered that refund to all investors in them. They have just reached £1m so guess that was you
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zlb
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Post by zlb on Oct 7, 2020 19:17:02 GMT
I fully agree on the stats issue. Your '?' says it all doesn't it - if one can't even tell whether it is black box or not, nor whether they are rolling all previous loans into it. I find them a most bizarre company in terms of just not engaging with this issue of communications with investors, out of all of p2p. On another matter, Ly has been found to be remiss (recent P2p newsletter) in only refunding people for wrong practice, but those people having to sign a disclaimer, and the refunds only being available to retail investors who have that level of legislative knowledge to know that they can ask for their money back - ie not really retail investors. C3F have also refunded on some loans, yet not offered that refund to all investors in them. They have just reached £1m so guess that was you wow! how can you tell? did they say 'all thanks to zlb'?
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rs
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Post by rs on Oct 7, 2020 19:21:31 GMT
I fully agree on the stats issue. Your '?' says it all doesn't it - if one can't even tell whether it is black box or not, nor whether they are rolling all previous loans into it. I find them a most bizarre company in terms of just not engaging with this issue of communications with investors, out of all of p2p. On another matter, Ly has been found to be remiss (recent P2p newsletter) in only refunding people for wrong practice, but those people having to sign a disclaimer, and the refunds only being available to retail investors who have that level of legislative knowledge to know that they can ask for their money back - ie not really retail investors. C3F have also refunded on some loans, yet not offered that refund to all investors in them. They have just reached £1m so guess that was you C2F eventually (after 6 months of persisting) refunded me on some loans that i asked about. C2F are not at all transparent and not fair to their customers. A few of the C2F loans should not have been initiated by C2F as they did not meet their own due diligence. C2F website is extremely poor and has extremely bad communications. Good luck to all the people who invest in C2F. Seems like C2F are on their last legs. I'm glad C2F refunded me on all my portfolio after persisting. Glad to be out of C2F.
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zlb
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Post by zlb on Oct 7, 2020 20:20:11 GMT
They have just reached £1m so guess that was you C2F eventually (after 6 months of persisting) refunded me on some loans that i asked about. C2F are not at all transparent and not fair to their customers. A few of the C2F loans should not have been initiated by C2F as they did not meet their own due diligence. C2F website is extremely poor and has extremely bad communications. Good luck to all the people who invest in C2F. Seems like C2F are on their last legs. I'm glad C2F refunded me on all my portfolio after persisting. Glad to be out of C2F. so you're the example of where they might be forced to be more transparent and refund everyone in those loans. This seems to be an FCA matter, surely.
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scooter
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Post by scooter on Oct 7, 2020 21:03:40 GMT
FCA have had all the details for a long time. They are "grateful" but cannot say what they will do as it might adversely affect the Company. Stuff the investors!
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zlb
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Post by zlb on Oct 8, 2020 9:21:30 GMT
FCA have had all the details for a long time. They are "grateful" but cannot say what they will do as it might adversely affect the Company. Stuff the investors! have you been told that you can't share the information? I wonder whether if I wrote to the FCA and asked them to share it with me....I wonder what excuse they would come up with for not sharing that.
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scooter
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Post by scooter on Oct 8, 2020 9:38:11 GMT
FCA have had all the details for a long time. They are "grateful" but cannot say what they will do as it might adversely affect the Company. Stuff the investors! have you been told that you can't share the information? I wonder whether if I wrote to the FCA and asked them to share it with me....I wonder what excuse they would come up with for not sharing that. Thank you for emailing the Financial Conduct Authority (FCA) regarding your concerns with Crowd2Fund Limited. I have shared the information you provided with the relevant team here at the FCA. We expect financial services firms such as Crowd2Fund Limited to follow our rules and meet our standards when dealing with consumers. We appreciate members of the public raising their concerns with us, because this can be a valuable source of intelligence which better enables us to supervise the conduct of the firms and individuals we regulate. Section 348 of the Financial Services and Markets Act 2000 (FSMA) places certain legal restrictions on what information we can disclose, and a public body like the FCA has to treat some information as confidential. The reason behind this and our policy of not providing feedback is that having a clear confidentiality restriction encourages the free-flow of information, which is at the centre of how we regulate. If there was uncertainty about information becoming public, our sources could be less willing to give it to us. Similarly, we don’t usually make public the fact that we are investigating (or have investigated) a particular firm or individual. This is partly to protect the effectiveness of our investigation, as publicity might encourage people to destroy or hide evidence, and partly because announcing an FCA investigation can damage reputations. We understand that not revealing what action we may have taken can be frustrating. But we do carefully consider the information you give us and we value it. Even if the information has not resulted in us taking formal action against a firm, it often helps us in future dealings – building up a picture of a firm or individual’s conduct or informing how we develop policy. I'd like to thank you again for taking the time to provide this information. If you have any further information that you can share with us I'd be grateful if you could send it by return of this email
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scooter
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Post by scooter on Oct 8, 2020 9:51:31 GMT
have you been told that you can't share the information? I wonder whether if I wrote to the FCA and asked them to share it with me....I wonder what excuse they would come up with for not sharing that. Thank you for emailing the Financial Conduct Authority (FCA) regarding your concerns with Crowd2Fund Limited. I have shared the information you provided with the relevant team here at the FCA. We expect financial services firms such as Crowd2Fund Limited to follow our rules and meet our standards when dealing with consumers. We appreciate members of the public raising their concerns with us, because this can be a valuable source of intelligence which better enables us to supervise the conduct of the firms and individuals we regulate. Section 348 of the Financial Services and Markets Act 2000 (FSMA) places certain legal restrictions on what information we can disclose, and a public body like the FCA has to treat some information as confidential. The reason behind this and our policy of not providing feedback is that having a clear confidentiality restriction encourages the free-flow of information, which is at the centre of how we regulate. If there was uncertainty about information becoming public, our sources could be less willing to give it to us. Similarly, we don’t usually make public the fact that we are investigating (or have investigated) a particular firm or individual. This is partly to protect the effectiveness of our investigation, as publicity might encourage people to destroy or hide evidence, and partly because announcing an FCA investigation can damage reputations. We understand that not revealing what action we may have taken can be frustrating. But we do carefully consider the information you give us and we value it. Even if the information has not resulted in us taking formal action against a firm, it often helps us in future dealings – building up a picture of a firm or individual’s conduct or informing how we develop policy. I'd like to thank you again for taking the time to provide this information. If you have any further information that you can share with us I'd be grateful if you could send it by return of this email Received in Dec 19. If they did anything it has not benefitted the wronged investors. There are not many C2F investors on here it seems which has always surprised me. I realise that if everyone tries to get their money back it could be a problem for the business but unless C2F take the action for themselves it will always be hanging over them. I notice they have changed there Due Diligence on the new website to allow directors of failed businesses to get loans so that's a good reason not to invest
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zlb
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Post by zlb on Oct 8, 2020 10:46:24 GMT
Thank you for emailing the Financial Conduct Authority (FCA) regarding your concerns with Crowd2Fund Limited. I have shared the information you provided with the relevant team here at the FCA. We expect financial services firms such as Crowd2Fund Limited to follow our rules and meet our standards when dealing with consumers. We appreciate members of the public raising their concerns with us, because this can be a valuable source of intelligence which better enables us to supervise the conduct of the firms and individuals we regulate. Section 348 of the Financial Services and Markets Act 2000 (FSMA) places certain legal restrictions on what information we can disclose, and a public body like the FCA has to treat some information as confidential. The reason behind this and our policy of not providing feedback is that having a clear confidentiality restriction encourages the free-flow of information, which is at the centre of how we regulate. If there was uncertainty about information becoming public, our sources could be less willing to give it to us. Similarly, we don’t usually make public the fact that we are investigating (or have investigated) a particular firm or individual. This is partly to protect the effectiveness of our investigation, as publicity might encourage people to destroy or hide evidence, and partly because announcing an FCA investigation can damage reputations. We understand that not revealing what action we may have taken can be frustrating. But we do carefully consider the information you give us and we value it. Even if the information has not resulted in us taking formal action against a firm, it often helps us in future dealings – building up a picture of a firm or individual’s conduct or informing how we develop policy. I'd like to thank you again for taking the time to provide this information. If you have any further information that you can share with us I'd be grateful if you could send it by return of this email Received in Dec 19. If they did anything it has not benefitted the wronged investors. There are not many C2F investors on here it seems which has always surprised me. I realise that if everyone tries to get their money back it could be a problem for the business but unless C2F take the action for themselves it will always be hanging over them. I notice they have changed there Due Diligence on the new website to allow directors of failed businesses to get loans so that's a good reason not to invest thanks for that tip... oh dear. So they can't instruct a platform to pay out on non-compliant loans in case the platform then learns to hide the same practice in the future. errr...and so what's the point of informing them of anything?
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macq
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Post by macq on Oct 8, 2020 10:55:24 GMT
Not saying its wrong and it should become clear if reading deeper as they do cover it in the terms but i don't like the way the its phrased on the home page when it says things like - breathe life into the UK economy or invest in the future of thousands of innovative entrepreneurs etc. As at first glance it makes it seem your investing in others rather then a loan to them to scale up (to release Billions??) to then make it happen.So the chance to loan to others via p2p as mentioned in the write up actually comes later So i might be wrong but does it not make it a loan to them like any other loan on the platform except its matched & convertible at the end?
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zlb
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Post by zlb on Oct 8, 2020 11:13:17 GMT
Not saying its wrong and it should become clear if reading deeper as they do cover it in the terms but i don't like the way the its phrased on the home page when it says things like - breathe life into the UK economy or invest in the future of thousands of innovative entrepreneurs etc. As at first glance it makes it seem your investing in others rather then a loan to them to scale up (to release Billions??) to then make it happen.So the chance to loan to others via p2p as mentioned in the write up actually comes later So i might be wrong but does it not make it a loan to them like any other loan on the platform except its matched & convertible at the end? It shouldn't be so baffling though. And 'investing' in startups sounds like the Enterprise Allowance Scheme of the early 90s under a different name. You could apply for benefit based on any type of Business Plan, and without any kind of knowledge whatsoever.
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scooter
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Post by scooter on Oct 8, 2020 11:33:22 GMT
Received in Dec 19. If they did anything it has not benefitted the wronged investors. There are not many C2F investors on here it seems which has always surprised me. I realise that if everyone tries to get their money back it could be a problem for the business but unless C2F take the action for themselves it will always be hanging over them. I notice they have changed there Due Diligence on the new website to allow directors of failed businesses to get loans so that's a good reason not to invest thanks for that tip... oh dear. So they can't instruct a platform to pay out on non-compliant loans in case the platform then learns to hide the same practice in the future. errr...and so what's the point of informing them of anything? I know, but they will never be able to say they didn't know. I remember when I asked for my money back on F****pat**** C2F said they had referred themselves to the FCA, but i don't think they refunded everyone even then.
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rs
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Post by rs on Oct 14, 2020 13:48:26 GMT
C2F won't refund anyone unless you persistently keep following up with them and then let them know you want final response from them for FOS. It's pretty obvious C2F are not transparent & fair to investors.
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tycho
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Post by tycho on Oct 14, 2020 15:39:20 GMT
[...] I remember when I asked for my money back on F****pat**** C2F said they had referred themselves to the FCA, but i don't think they refunded everyone even then. They didn't refund me on that one at first, even when I did ask. After some pestering, they relented.
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IFISAcava
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Post by IFISAcava on Oct 14, 2020 16:51:27 GMT
[...] I remember when I asked for my money back on F****pat**** C2F said they had referred themselves to the FCA, but i don't think they refunded everyone even then. They didn't refund me on that one at first, even when I did ask. After some pestering, they relented. They refunded me on that without me even asking! Odd they would treat people differently.
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