Balder
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Post by Balder on Mar 25, 2019 9:36:32 GMT
Just to let you know I had a email from my SIPP provider today saying they have with immediate effect taken Lendy off their list of approved P2P organisations. Essentially means they will not allow any new SIPP investments in Lendy.
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cwah
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Post by cwah on Mar 25, 2019 9:42:14 GMT
Any reason why? It's worrysome
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Balder
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Post by Balder on Mar 25, 2019 10:05:22 GMT
Any reason why? It's worrysome Just said the below, remember they have to protect themselves as well with the FCA showing good due diligence:- "As a responsible SIPP provider it is important that we continually review the investments and peer to peer platforms that that are available to you as part of your SIPP. As part of this review we have been aware of the concerns reported in the press relating to rising default levels of peer to peer loans on the Lendy platform. Whilst we have not received any notification that any of the loans with Lendy will not be repaid, it has been decided to suspend any further investment on the Lendy platform with immediate effect".
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cwah
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Post by cwah on Mar 25, 2019 10:26:28 GMT
Thanks for sharing. Worse would be to read that lendy declared bankrupcy
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Carter
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Post by Carter on Mar 25, 2019 10:38:18 GMT
An entirely reasonable step by the SIPP provider. However my observation would be that their ongoing review appears to consist of reading the paper on the train in the morning. I would have expected their analytics to have flagged the status of Lendys loan book some considerable time ago. I'd probably want to ask some questions in that respect.
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Post by bhafcseagull on Apr 2, 2019 19:17:39 GMT
An entirely reasonable step by the SIPP provider. However my observation would be that their ongoing review appears to consist of reading the paper on the train in the morning. I would have expected their analytics to have flagged the status of Lendys loan book some considerable time ago. I'd probably want to ask some questions in that respect. If it’s a Sipp then are they not just the wrapper holder and its yourself who makes the calls?
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