adrianc
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Post by adrianc on May 4, 2019 12:40:17 GMT
Meanwhile, over at Collateral, people are abusing the FCA left, right and centre for having the temerity to insist the shutters went up on a firm that didn't meet regulatory requirements and was operating outwith approval...
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Carter
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Post by Carter on May 4, 2019 12:48:47 GMT
Meanwhile, over at Collateral, people are abusing the FCA left, right and centre for having the temerity to insist the shutters went up on a firm that didn't meet regulatory requirements and was operating outwith approval... If by abusing you mean holding the relevant authority accountable for its actions and inadequacies then yep, your spot on.
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adrianc
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Post by adrianc on May 4, 2019 12:52:23 GMT
Meanwhile, over at Collateral, people are abusing the FCA left, right and centre for having the temerity to insist the shutters went up on a firm that didn't meet regulatory requirements and was operating outwith approval... If by abusing you mean holding the relevant authority accountable for its actions and inadequacies the yep, your spot on. Yes, I do. FCA: "Col, you're being naughty. Close now." Col: "Yeh, no worries. BTW, our mates are doing the administration." FCA: "No, they aren't. BDO are, Court - you tell 'em." Court: "They're right, Col & mates. Hand over everything to BDO asap." BDO: "Umm, thanks, but has anybody seen the loan book?" And somehow the FCA and BDO are the bad guys in this...?
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Carter
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Post by Carter on May 4, 2019 13:03:44 GMT
If by abusing you mean holding the relevant authority accountable for its actions and inadequacies the yep, your spot on. Yes, I do. FCA: "Col, you're being naughty. Close now." Col: "Yeh, no worries. BTW, our mates are doing the administration." FCA: "No, they aren't. BDO are, Court - you tell 'em." Court: "They're right, Col & mates. Hand over everything to BDO asap." BDO: "Umm, thanks, but has anybody seen the loan book?" And somehow the FCA and BDO are the bad guys in this...? You clearly have a full grasp of the situation.
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Post by Deleted on May 4, 2019 13:06:12 GMT
You left out this bit
FCA: These guys are regulated
Lenders: Thats good, we'll invest then
FCA: Ooops no they aren't
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Mucho P2P
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Post by Mucho P2P on May 4, 2019 13:45:44 GMT
Pretending that these issues are caused by something else and hoping it resolves itself in the months to come is the only way forward. This may have been Lendy's policy on client communications for a number of years. The FCA are partly to blame as they were the ones that authorised Lendy (after a long application process) last July 2018, apparently having checked over their contracts, back office, AML procedures, compliance, budgets + cash flows, systems and controls, and the numerous other checks. Something is seriously amis here. The timing has got to be one of the most embarrassing things for the FCA and may help explain why they have kept such a low profile. However, the FCA have to obey the law and I think some people think they have the powers of a fairy godmother. I would have thought that imposing restrictions is a little easier legally than removing a CEO or shutting a company down, particularly when doing so does not guarantee lenders will end up better off. On a side note, on a superficial level, I don't feel such an idiot for using Lendy given that they also managed to 'achieve' FCA approval after all their 'due diligence'. The FCA placed restrictions on cash/asset movements as one of their conditions. I am concerned as to why they deemed such restrictions to be necessary, other than they have belief that cash/assets might be reallocated in a manner than is not to the benefit of the lenders. If that is the case, then the FCA would also have suspicions as to who they believe would move such cash/assets. That person should as a minimum be pending further enquiries/interview from the FCA.
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ilmoro
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Post by ilmoro on May 4, 2019 14:03:11 GMT
If by abusing you mean holding the relevant authority accountable for its actions and inadequacies the yep, your spot on. Yes, I do. FCA: "Col, you're being naughty. Close now." Col: "Yeh, no worries. BTW, our mates are doing the administration." FCA: "No, they aren't. BDO are, Court - you tell 'em." Court: "They're right, Col & mates. Hand over everything to BDO asap." BDO: "Umm, thanks, but has anybody seen the loan book?" And somehow the FCA and BDO are the bad guys in this...? of course not. How could you be expected to know that people were operating without permission or that when you knew do nothing about it for several months? It's not as if it's your entire modus vivendi, you tell people that if theyre not on the list they can't come in to the regulated fraternity or you were processing their application for full membership or having decided they weren't allowed in you happily allowed them to set fire to all the furniture.
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adrianc
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Post by adrianc on May 5, 2019 9:41:38 GMT
Yes, I do. FCA: "Col, you're being naughty. Close now." Col: "Yeh, no worries. BTW, our mates are doing the administration." FCA: "No, they aren't. BDO are, Court - you tell 'em." Court: "They're right, Col & mates. Hand over everything to BDO asap." BDO: "Umm, thanks, but has anybody seen the loan book?" And somehow the FCA and BDO are the bad guys in this...? of course not. How could you be expected to know that people were operating without permission or that when you knew do nothing about it for several months? It's not as if it's your entire modus vivendi, you tell people that if theyre not on the list they can't come in to the regulated fraternity or you were processing their application for full membership or having decided they weren't allowed in you happily allowed them to set fire to all the furniture. Col never claimed to have P2P authorisation. Just consumer credit lending.  Remember, they simply changed the name on a pre-existing authorisation for a separate, related-by-management company. fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew?accId=656714 and click on "Names" That namechange was done in Jan 2016 - when the FCA's authorisation setup wasn't fully in place. Nobody was that bothered about authorisations back then, when the P2P world was a new and naive place. To give context to the timings, these are both March 2016... www.fca.org.uk/news/statements/statement-peer-peer-applications-full-authorisationwww.out-law.com/en/articles/2016/march/perfect-storm-of-fca-authorisation-work-behind-p2p-delays-says-expert/Should they have been able to simply change the name on the authorisation, unilaterally? No, of course not. Nobody is saying otherwise. Should the FCA have acted earlier? Probably. Would the Curries have pulled the same trick? Probably.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 5, 2019 12:23:57 GMT
of course not. How could you be expected to know that people were operating without permission or that when you knew do nothing about it for several months? It's not as if it's your entire modus vivendi, you tell people that if theyre not on the list they can't come in to the regulated fraternity or you were processing their application for full membership or having decided they weren't allowed in you happily allowed them to set fire to all the furniture. Col never claimed to have P2P authorisation. Just consumer credit lending. They claimed to have the required FCA permissions to carry out the activity they were undertaking which was operating a P2P platfrom p2pindependentforum.com/post/112640. So yes, they did claim to have P2P authorisation, the fact that at the time that merely entailed a consumer credit IP & an a full authorisation application is a moot point Yes, so? The FCA register is promoted as the place you can check if the financial company is what it claims to be. Doesnt matter how simple the avoidance of the regulatory requirements is, the FCA's job is to ensure firms are operating with the correct permissions and it can be verified by customers. It failed. FCA regime had been in place since 2014. Companies operating under IP had already been allocated application windows since 2015, an many were already engaged in the process. All new companies had to apply. 8 had already been authorised as the link says. Everybody was bothered about authorisations, particularly with the launch of IFISA a month later. Plenty of discussion about on the forums. So the FCA failed to ensure the register was accurate, failed to check that a company involved in the application process was actually allowed to participate. Should have acted as soon as they became aware, no probably about it. Wouldnt accept a doctor knowing about a patients cancer & failing to tell them for 3 months. Would they have pulled the same trick? Might try but succeed only if the FCA failed in their job again. So yes the FCA are 'bad guys' in this, not the only 'bad guys' but the other 'bad guys' wouldnt have been able to be 'bad guys' if the FCA had done their job ISTM. And having determined the other guys were 'bad guys', the FCA allowed them to continuing being 'bad guys' it seems. Finally, the FCA failed to take action to protect records to enable the actions of the 'bad guys' to be fixed easily by the 'good guys' who as a result are now considered to be 'bad guys'
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sydb
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Post by sydb on May 6, 2019 12:45:29 GMT
That person should as a minimum be pending further enquiries/interview from the FCA. Mmmm, but how would we know if this has already happened? Re COL, by all means set up a thread discussing COL in a comparison with Lendy in the Lendy section of the forum, but not in this thread, eh, peeps.
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Mucho P2P
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Post by Mucho P2P on May 6, 2019 14:20:24 GMT
That person should as a minimum be pending further enquiries/interview from the FCA. Mmmm, but how would we know if this has already happened? Re COL, by all means set up a thread discussing COL in a comparison with Lendy in the Lendy section of the forum, but not in this thread, eh, peeps. Unfortunately, we won't know if it has already happened, or scheduled to happen, as these types of investigations are kept reasonably confidential unless there is conclusive evidence against any individual or corporation. www.handbook.fca.org.uk/handbook/DEPP/6.pdf
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hendragon
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Post by hendragon on May 7, 2019 14:37:39 GMT
anybody had any money yet?
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jonno
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nil satis nisi optimum
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Post by jonno on May 7, 2019 14:40:48 GMT
anybody had any money yet? Not a sausage. 
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sl75
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Post by sl75 on May 7, 2019 15:06:04 GMT
To be fair, they only said they "anticipate" that they'll have sorted stuff out by close of business today. It's a step up from the "hope" they had of resolving it within 48 hours but definitely not a firm promise!
Maybe we'll soon have a further update that they "expect" to have it sorted by [tomorrow/Thursday/end of this week/...]
I wonder what the real issue is - e.g. maybe the FCA are objecting to Lendy paying the forfeited interest to themselves from the client account w.r.t. loan parts that were for sale?
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ptr120
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Post by ptr120 on May 7, 2019 15:10:30 GMT
Their email to me today (which was clearly cut and paste) included the following:
We will be issuing a statement in regards to our ongoing work with the FCA in the near future.
Additionally, Private portals are now live on a number of loans, we will be posting specific meaningful updates as they become available. Further ad-hoc loan updates will be posted as normal within the next 48 hours.
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