Mousey
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Post by Mousey on Apr 28, 2019 11:35:19 GMT
5. A) Do you charge any money to borrowers in connection with the provision of credit – including interest payments and other charges? Yes - please apply for full permission
So what defines Credit - it's tricky to track down but the FCA refer to it as "includes a cash loan and any other form of financial accommodation". Hmmm 'financial accommodation'.
I'll be writing to the FCA methinks.
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Greenwood2
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Post by Greenwood2 on Apr 28, 2019 15:18:08 GMT
While there needs to be scrutiny on this new company I think some are reading too much into it. I expect that the people involved are being entrepreneurial and starting the next venture as soon as possible to ensure adequate personal cashflow. i.e. as the income from lendy slows down the income from the next company can ramp up. It’s just what rich people or serial entrepreneurs do. Is that the same as moving on fast before the brown stuff hits the rotating thing?
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Post by loftankerman on Apr 28, 2019 15:33:33 GMT
5. A) Do you charge any money to borrowers in connection with the provision of credit – including interest payments and other charges? Yes - please apply for full permission
So what defines Credit - it's tricky to track down but the FCA refer to it as "includes a cash loan and any other form of financial accommodation". Hmmm 'financial accommodation'.
I'll be writing to the FCA methinks.
My understanding is that the accommodation lies with Payme effectively providing the employer with the available cash flow so that they can provide the employee with an advance payment of monies already earned in the current pay period. The transaction is between employer and Payme. To my mind the arrangement is that an employee can ask me, the employer, to borrow money from Payme so that I can give him an advance on monies earned. He will cover the cost of the administration and I have his agreement to withhold the advanced amount and fees from his next pay packet. I will then reimburse the lender with all monies owed. It looks okay to me.
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registerme
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Post by registerme on Apr 28, 2019 18:08:43 GMT
I can't remember the name of it, but there was an article in the Economist last week about a UK company already doing this. Apparently it's proved to benefit both employers and employees.
Whether or not Lendy can replicate that..... {shrug}.
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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 Apr 28, 2019 20:08:56 GMT
I can't remember the name of it, but there was an article in the Economist last week about a UK company already doing this. Apparently it's proved to benefit both employers and employees. Whether or not Lendy can replicate that..... {shrug}. Wagestream wagestream.co.ukClients include Rentokill & Stonegate. I note they have FCA registration as an electronic money provider although no permissions are required for their activity.
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invester
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Post by invester on Apr 28, 2019 20:29:38 GMT
In my view I think sweet FA is happening at the new companies. Neither will it be particularly lucrative.
It also seems quite likely to end up the same way as Lendy, firms defaulting on commitments and/or litigation over disputes.
Never realised the stuff about Pamela but it smells of bad ethics and conflicts of interest. Looking at her Linkedin she seems to be wholly unsuitable if she is Operations Manager considering the company should really be in firefighting mode, and 'International Marketing Manager' sounds like an one of those positions created as a favour, as I don't see how those activities justifies a full-time person working on it.
Just get the feeling that these guys are stringing it out and doing very little to justify the money they earn, but from their point of view it is better than earning nothing.
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Mucho P2P
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Post by Mucho P2P on Apr 29, 2019 11:58:46 GMT
As Pay Me Today are acting as money lenders they will presumably have to be authorised by the FCA - so that's alright then! Liam and co believe they have found a way around the FCA, and do not need authorisation.
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Mucho P2P
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Post by Mucho P2P on Apr 29, 2019 12:01:24 GMT
brightspark I really hope you're not suggesting that Liam Brooke has tried to structure these de facto loans purported to be advances as a way to avoid scrutiny by the FCA? from what I see, it has been structured to avoid the FCA. However, facilitating payments to retail clients, might just come under the FCA umbrella in the near future.
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Mucho P2P
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Post by Mucho P2P on Apr 29, 2019 12:04:03 GMT
In my view I think sweet FA is happening at the new companies. Neither will it be particularly lucrative. It also seems quite likely to end up the same way as Lendy, firms defaulting on commitments and/or litigation over disputes. Never realised the stuff about Pamela but it smells of bad ethics and conflicts of interest. Looking at her Linkedin she seems to be wholly unsuitable if she is Operations Manager considering the company should really be in firefighting mode, and 'International Marketing Manager' sounds like an one of those positions created as a favour, as I don't see how those activities justifies a full-time person working on it. Just get the feeling that these guys are stringing it out and doing very little to justify the money they earn, but from their point of view it is better than earning nothing. If Liam can not make lendy profitable with such huge fees, it is unlikely he will be able to make a smaller entity profitable with even smaller payments, as that relies on huge turnover.
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Mucho P2P
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Post by Mucho P2P on Apr 29, 2019 15:01:20 GMT
He is either preparing another job for himself for when Lendy no longer exists, or he set up the new company with such an obnoxiously in-your-face-name to mock the Lenders.
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sl75
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Post by sl75 on Apr 30, 2019 6:46:17 GMT
All we need to do is have Lendy use "Pay me today" to advance us all the money that we've already earned. Job done!
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Monetus
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Post by Monetus on Apr 30, 2019 12:58:21 GMT
Lord Robert Michael Kelly resigned as a director of Copious Capital Ltd yesterday according to Companies House.
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Mousey
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Post by Mousey on May 4, 2019 10:26:46 GMT
I wonder if Robert Kelly just doesn't have time to deal with paymetoday what with being the director of other finance businesses: The Payroll Business Ltd Wagesmart Ltd Elevate Payroll Limited CARRINGTON PAYROLL SERVICES LTD ANYTIMEWAGES LTD FORWARD CAR LOANS LTD KELLYMATICS LTD
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Post by loftankerman on May 4, 2019 11:56:42 GMT
Looks like the Lendy business, roots and spin-offs have a former employee's "Nuffin to do with me Guv!" fright club. The first rule of Fright Club is that you have never had a relationship with Lendy.
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