reinvestor
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Post by reinvestor on Mar 11, 2019 7:03:23 GMT
Anyone got an FT subscription?
There is an article on Lendy in today’s edition. The headline states that Lendy are on the FCA’s warchlist. Horse, bolt, stable door!
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r00lish67
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Post by r00lish67 on Mar 11, 2019 7:24:15 GMT
Anyone got an FT subscription? There is an article on Lendy in today’s edition. The headline states that Lendy are on the FCA’s warchlist. Horse, bolt, stable door! For those who struggling to afford an FT subscription after investing in Lendy, I find that clicking a link to a given FT article from a google search within a Chrome incognito window does the trick these days most of the time.  Short excerpt for the gist: "Lendy is subject to enhanced FCA oversight and must provide the regulator with detailed updates including a weekly report on cash flow and loan recovery efforts". Given the quality we've seen so far from the FCA, I'm not sure whether their 'special supervision' is particularly going to help.
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Post by loftankerman on Mar 11, 2019 7:44:44 GMT
Google'd "lender put on regulator's watch list" and it took me to it. The Lendy comment reminded me of David Cameron's comment when asked an embarrassing question. "I don't have time to answer that, I'm too busy running the country."
P.S. I use the Opera browser.
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invester
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Post by invester on Mar 11, 2019 7:48:35 GMT
Can't see it ending well.
I wouldn't be surprised if one day soon the FCA or Lendy declares that it has not met some of the conditions and therefore activities must stop.
I don't know what proceedings can be brought against Brooke, but he has sufficient time and experience to know how to arrange his assets.
Short of some direct government intervention the impact across the sector could be massive and may lead to some bigger changes.
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Post by queenvictoria on Mar 11, 2019 7:49:05 GMT
In summary the article says:
Lendy was put on FCA 'watchlist' in January due to concerns about it's ability to meet minimum standards required by all regulated firms. L will be subject to enhanced FCA oversight and must provide weekly reports on cashflow and loan recovery efforts.
Comment by Lendy was that it is not responding to 'chatroom rumours' but instead focussing on loan recovery and business improvement activities
Two people close to company commented that LB under pressure from creditors who want him replaced
No comment from FCA
I think that's it
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invester
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Post by invester on Mar 11, 2019 7:56:15 GMT
What cashflow are they getting exactly? Unless there is a mysterious load of loans going into Wealth.
The only way I can see them surviving is creaming off their costs ahead of investor repayments. Which obviously is a massively unsatisfactory situation.
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mary
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Post by mary on Mar 11, 2019 10:09:53 GMT
“The UK’s financial regulator has placed a British peer-to-peer lender under special supervision after becoming concerned about its ability to meet the standards required of regulated firms.”
Use google search too read full article.
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star dust
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Post by star dust on Mar 11, 2019 10:16:57 GMT
Mod Hat On/ Just done a bit of thread re-arranging here - I've merged relevant posts from the 'prepare for website down' thread. This probably deserves a thread of it's own, and a place for all posts on this issue.
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averageguy
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Post by averageguy on Mar 11, 2019 10:21:46 GMT
Anyone got an FT subscription? There is an article on Lendy in today’s edition. The headline states that Lendy are on the FCA’s warchlist. Horse, bolt, stable door! For those who struggling to afford an FT subscription after investing in Lendy, I find that clicking a link to a given FT article from a google search within a Chrome incognito window does the trick these days most of the time. Short excerpt for the gist: "Lendy is subject to enhanced FCA oversight and must provide the regulator with detailed updates including a weekly report on cash flow and loan recovery efforts". Given the quality we've seen so far from the FCA, I'm not sure whether their 'special supervision' is particularly going to help. Perhaps they could show us to...although if its anything like the monthly one it will be worth s** all
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Post by p2plender on Mar 11, 2019 10:48:13 GMT
Many of us fully vindicated here.
Don't worry, loads of info/screenshots available. Many from 2 yrs back and further I'm led to believe. A few more squeaky bums this morning..
Morning Liam.
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Post by p2plender on Mar 11, 2019 10:55:26 GMT
Comment by Lendy was that it is not responding to 'chatroom rumours' but instead focussing on loan recovery and business improvement activities
SHOULD READ:
Comment by Lendy was that it is not responding to 'chatroom rumours' but instead focussing on taking down as many negative Trust pilot reviews as physically possible..
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jane
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Post by jane on Mar 11, 2019 11:10:36 GMT
Short excerpt for the gist: "Lendy is subject to enhanced FCA oversight and must provide the regulator with detailed updates including a weekly report on cash flow and loan recovery efforts". Good luck FCA with getting detailed updates out of Lendy. You will need it.
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jonbvn
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Post by jonbvn on Mar 11, 2019 11:16:07 GMT
Summary of FT article.
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agent69
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Post by agent69 on Mar 11, 2019 11:17:16 GMT
FCA have "questions about the company’s business model, leadership and financial position"
Well there's a surprise
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Post by p2plender on Mar 11, 2019 11:21:28 GMT
55 percent considered "non performing"
Further 10% are past due but not yet considered to be in default.
So 65% defaulted by most people's definition of 'default'?
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