djay
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Post by djay on Jun 26, 2019 13:46:06 GMT
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Post by Deleted on Jun 26, 2019 14:40:24 GMT
"The regulator said it introduced limits for peer-to-peer investors because it was seeing too many “absolutely tragic” stories coming from investors". Too little too late me thinks, but at least they had Lendy on their radar at all, or should I say LB?
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Post by brightspark on Jun 26, 2019 17:34:00 GMT
The Regulator is shedding crocodile tears. Nothing meaningful was done 2 years ago when there would have been opportunity to curtail management excesses. It was their remit to Regulate the industry, not simply to Regulate the platform demise in which we are involved. Even that is looking increasingly as though it is going to be paid for with cash which should be being released back to the relevant investors. The whole thing is just a shabby and sordid tale of missed opportunity from beginning to end. Shame on then I say.
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Mucho P2P
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Post by Mucho P2P on Jun 26, 2019 18:45:40 GMT
From the above website link " FCA chief executive Andrew Bailey (pictured) told the Treasury Select Committee how tightly the regulator had been monitoring Lendy. " <- If only the FCA had scrutinised Lendy that much whilst Lendy was in the application process for FCA authorisation, a lot of heartache and financial losses by the lenders might have been avoided.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 26, 2019 18:49:37 GMT
The Regulator is shedding crocodile tears. Nothing meaningful was done 2 years ago when there would have been opportunity to curtail management excesses. It was their remit to Regulate the industry, not simply to Regulate the platform demise in which we are involved. Even that is looking increasingly as though it is going to be paid for with cash which should be being released back to the relevant investors. The whole thing is just a shabby and sordid tale of missed opportunity from beginning to end. Shame on then I say. Ah, you will quickly learn, if you haven't already, that The FCA, as well as The Government, The Administrators, RICS and Everyone Else Involved don't know the meaning of shame, and couldn't give a toss about you. But you already know all this brightspark don't you. 
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Post by brightspark on Jun 27, 2019 12:39:14 GMT
If the judgement is made that there is a problem within the investment industry that is losing a serious number of voters to the party in power only then will substantive changes be made. Otherwise there will continue to be cooing noises and much wringing of hands coupled with the mantra of Caveat Emptor.
We will see what RSM have to say shortly but if a substantial repayment is not soon made to HQ investors something will hit the fan. Pressure on the FCA is already becoming intense over other financial problems within the City (LCF, Woodford, Collateral, etc etc) and Lendy's death throes only add to the sense that small investors with their pension pots have been exposed as sitting targets for all and sundry.
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Post by rooster on Jun 27, 2019 22:22:59 GMT
If the judgement is made that there is a problem within the investment industry that is losing a serious number of voters to the party in power only then will substantive changes be made. Otherwise there will continue to be cooing noises and much wringing of hands coupled with the mantra of Caveat Emptor. We will see what RSM have to say shortly but if a substantial repayment is not soon made to HQ investors something will hit the fan. Pressure on the FCA is already becoming intense over other financial problems within the City (LCF, Woodford, Collateral, etc etc) and Lendy's death throes only add to the sense that small investors with their pension pots have been exposed as sitting targets for all and sundry. I suppose considering my position when I invested in each of my loans, that it could be argued 12% interest was fair game for the risk involved with peer2peer being a new-ish investment market, property value volatility, valuation inaccuracy, just bad luck etc.... However, I'm not going to stomach it very well should it turn out (and I must stress that this has not been suggested, let alone proven), that if for that 12% interest, I also should have been taking into account from the outset, the FCA being toothless and broken (I'm a great believer in if you take a job on, you do it..... the FCA accepted the regulatory 'job' so they should have delivered), unscrupulous platform operator with motives outside of building a sustainable long term business. Their breaking of terms and conditions that I relied on when choosing to invest. Again, I am really NOT saying that any of this has been done. The only team that truly could determine this or in all fairness eliminate suspicion (if in fact Lendy have done a sterling job throughout and just suffered bad luck) is the administrator. The report I hope will outline Lendy's performance, far better than the interest to date or stalled loans ever have. As an aside, my financial adviser shared his opinion of the FCA and it wasn't pretty. He reckons they're about as light touch as you can get on pretty much anything that comes under their nose, and that they misrepresent themselves to joe public that believe they add a small level of security. Just my advisers opinion, but I'm mentioning it now on this forum so we'll all be able to see whether it rings true.
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Post by powertool on Jun 28, 2019 10:29:55 GMT
Does your financial adviser have any other thoughts or predictions on the situation?
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jun 28, 2019 10:48:29 GMT
Does your financial adviser have any other thoughts or predictions on the situation? I think you will find an IFA will advise investments where they get an ongoing fee and P2P is not even discussed even to give you the facts for you to decide as they can never get a fee and admittedly it is higher risk.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 28, 2019 11:50:27 GMT
If the judgement is made that there is a problem within the investment industry that is losing a serious number of voters to the party in power only then will substantive changes be made. Otherwise there will continue to be cooing noises and much wringing of hands coupled with the mantra of Caveat Emptor. We will see what RSM have to say shortly but if a substantial repayment is not soon made to HQ investors something will hit the fan. Pressure on the FCA is already becoming intense over other financial problems within the City (LCF, Woodford, Collateral, etc etc) and Lendy's death throes only add to the sense that small investors with their pension pots have been exposed as sitting targets for all and sundry. I suppose considering my position when I invested in each of my loans, that it could be argued 12% interest was fair game for the risk involved with peer2peer being a new-ish investment market, property value volatility, valuation inaccuracy, just bad luck etc.... However, I'm not going to stomach it very well should it turn out (and I must stress that this has not been suggested, let alone proven), that if for that 12% interest, I also should have been taking into account from the outset, the FCA being toothless and broken (I'm a great believer in if you take a job on, you do it..... the FCA accepted the regulatory 'job' so they should have delivered), unscrupulous platform operator with motives outside of building a sustainable long term business. Their breaking of terms and conditions that I relied on when choosing to invest. Again, I am really NOT saying that any of this has been done. The only team that truly could determine this or in all fairness eliminate suspicion (if in fact Lendy have done a sterling job throughout and just suffered bad luck) is the administrator. The report I hope will outline Lendy's performance, far better than the interest to date or stalled loans ever have. As an aside, my financial adviser shared his opinion of the FCA and it wasn't pretty. He reckons they're about as light touch as you can get on pretty much anything that comes under their nose, and that they misrepresent themselves to joe public that believe they add a small level of security. Just my advisers opinion, but I'm mentioning it now on this forum so we'll all be able to see whether it rings true. S/he's absolutely right. I sold investments for 5 years in the City and all the bodies involved in "Regulation" are useless, as I have said and warned on here many times before. These Regulators only exist for their own benefit and provide scant real protection to the Public, witness how they run to cover whenever they're shown to be what they are - completely incompetent. The FCA won't last much longer and will join SIB, LAUTRO, FIMBRA, PIA and the FSA in the graveyard. All abject failures which have cost Consumers a LOT of lost money. And then the Government will form another new Regulator and crow about how this new Body will be different & protect Consumers much better blah blah and this New Body will also fail and another New Body formed again into an infinite loop. NOTHING is ever learned. [ EDIT/PS: eg Did anyone else notice Bailey's complete lack of responsibility and concern for Investors losses when he was grilled by The Treasury Committee on The FCA's failings last Tuesday? ]
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zlb
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Post by zlb on Jun 28, 2019 14:18:12 GMT
Would the FCA-equivalent have authorised (before tech as applied to finance) an investment product like Lendy, which was like an everyday bank that offered a 3 year savings product that was actually investments in construction development finance; and depositors had to go and sign up with paper, and pay in a cheque? It's beyond hilarious that they didn't know that Ly were working with particular borrower types.
Have there been any parallel products in the past which were fscs protected?
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Mucho P2P
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Post by Mucho P2P on Jun 28, 2019 15:05:44 GMT
No similar products in the past that were FSCS protected.
There were products in the past (and still are) from FCA regulated companies, that only took on-board HNW and Sophisticated investors, and refused the retail client. But the companies that I know about that deal in similar types of loans to Lendy are very well run, even though they do not take on the retail client.
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registerme
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Post by registerme on Jun 28, 2019 16:22:10 GMT
....... which was like an everyday bank....... How do you figure it was "like an everyday bank"?
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zlb
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Post by zlb on Jun 28, 2019 17:48:04 GMT
....... which was like an everyday bank....... How do you figure it was "like an everyday bank"? I didn't. it's a hypothetical question. moving the position to analogue which would most likely have been a building rather than a website.
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Post by rooster on Jun 28, 2019 22:59:22 GMT
Does your financial adviser have any other thoughts or predictions on the situation? No, he agreed with me that as my loans are directly with the borrowers, there's a chance of reasonable recovery. He did remind me (I knew this) that 12% pa is achievable with a 5+ year traditional investment. I explained that I wanted to try something different/new/fresh! The rest as they say, is history.
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