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Post by rooster on Jul 17, 2019 20:33:33 GMT
The complaint levelled against the FCA is not what they could or could not do but that for previous two years they didn't. It was a failure of judgement rather than of resources. In addition, I wonder if its a failure of advertising standards also. Surely if an organisation advertises/describes itself as an authority on financial conduct when in reality, it's just and I quote a previous post 'an under resourced box-ticker', that has to be breaching some kind of rule or law? Even if it's not breaching, I don't think its morally right as Joe public like me think it indicates a level of operational competency.
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Post by rooster on Jul 17, 2019 20:42:34 GMT
Sorry I just re-used a number from someobe from the forum. So the partner rate is £625/h and average is £365/h. Still outrageously expensive and I'd be very happy to do their support staff job at £90-190/h which is more than any job I'd ever get. If my maths is right at this time of the morning, £1,025m plus VAT for a year's work is £5,565 per day of a standard 221 working day year! Oh... "Plus expenses" !!  I'll be tea boy for £100 a day...  I don't own a company but if I did, like RSM, surely my remit would be to crowbar as much cash as humanly possible (and more appropriately, what competition from other administrators allows) out of customers (creditors, borrowers, investors, whoever..). To put it another way. If RSM succeed with Lendy at charging an average rate of £365/h, haven't they not charged a high enough rate? If I was them, and please don't hate me for saying this as I have thousands tied up in Lendy bad debts too, I would go for £399/h next time around and see if the market bears that. They should be finding that perfect balance point where they amount they are screwing us is just about passable.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168 
Likes: 4,859
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Post by ozboy on Jul 17, 2019 20:57:53 GMT
"I attended The FCA public meeting today in London. Sadly not a single minute of it covered P2P lending whatsoever which was a real shame. However I was fortunate enough to meet two P2P forum legends in ozboy and 11025"
I'm more of a leg end really.  Thoroughly enjoyed the mini riot at the end, when the British polite composure facade collapsed and the peeps got out of their prams & vented. Wonder if The FCA will show that in their official video of today's proceedings?  Hopefully there's AV of it somewhere.
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adrianc
Member of DD Central
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Post by adrianc on Jul 18, 2019 8:06:05 GMT
Don't really need to read further than those actual URLs and the headlines they display, do we? <rolls eyes>
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Post by brightspark on Jul 18, 2019 8:36:25 GMT
It may have been that the FCA gave Lendy full permission to give some protection to lenders, and give Lendy a chance to turn things around, even though they knew Lendy were finding it difficult to sustain the platform. Rather than refuse full permission and drop lenders in the deep s.... immediately. Between a rock and a hard place for the FCA. The other side of the coin is that by the FCA procrastination the problems became worse and the management of Lendy were able to remove valuable assets such as the HQ building from the company.
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Monetus
Member of DD Central
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Post by Monetus on Jul 18, 2019 8:36:31 GMT
Don't really need to read further than those actual URLs and the headlines they display, do we? <rolls eyes> Journalists etc. 
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zlb
Member of DD Central
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Post by zlb on Jul 18, 2019 11:25:22 GMT
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registerme
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Post by registerme on Jul 18, 2019 11:32:46 GMT
I'd be careful about reading too much into that. The fact that deficiencies may have existed doesn't necessarily mean that they were exploited (deliberately or otherwise) by Lendy, lenders, or borrowers. Of course it doesn't exclude the possibility either but until and unless we have more information.....
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Post by samford71 on Jul 18, 2019 18:26:08 GMT
I trying to understand here how someone who set up a limited company whose sole purpose seems to be P2P lending and has the better part of £2mm spread across numerous platforms can argue "he had no understanding of the risks involved".
Really?
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Post by billy169 on Jul 18, 2019 18:32:35 GMT
Wow,, stories like this will seriously undermine any chance of legal action against any organisation.
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Monetus
Member of DD Central
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Post by Monetus on Jul 18, 2019 18:46:35 GMT
I trying to understand here how someone who set up a limited company whose sole purpose seems to be P2P lending and has the better part of £2mm spread across numerous platforms can argue "he had no understanding of the risks involved".
Really? You do know that journalists normally take a convenient soundbite out of a very long conversation right? What I actually said was "I was naive, greedy and had no true understanding of the level of risk involved when I first started P2P lending" but oh well.... And thanks for sharing your DD to the public domain. You'll be pleased to learn in my next filed accounts that I have significantly less than that in P2P these days.
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averageguy
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Post by averageguy on Jul 18, 2019 19:00:49 GMT
I trying to understand here how someone who set up a limited company whose sole purpose seems to be P2P lending and has the better part of £2mm spread across numerous platforms can argue "he had no understanding of the risks involved".
Really? You do know that journalists normally take a convenient soundbite out of a very long conversation right? What I actually said was "I was naive, greedy and had no true understanding of the level of risk involved when I first started P2P lending" but oh well.... And thanks for sharing your DD to the public domain. You'll be pleased to learn in my next filed accounts that I have significantly less than that in P2P these days. Neat reply
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Greenwood2
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Post by Greenwood2 on Jul 18, 2019 20:15:47 GMT
You do know that journalists normally take a convenient soundbite out of a very long conversation right? What I actually said was "I was naive, greedy and had no true understanding of the level of risk involved when I first started P2P lending" but oh well.... And thanks for sharing your DD to the public domain. You'll be pleased to learn in my next filed accounts that I have significantly less than that in P2P these days. Neat reply Glad you've reduced your exposure. I have as well but from a much lower starting level. Good luck to us all.
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Post by rooster on Jul 18, 2019 22:09:13 GMT
Glad you've reduced your exposure. I have as well but from a much lower starting level. Good luck to us all. Yes, remember what we've/you've learnt from Lendy... in future not to expose your investment-pot in anything that's either part or fully authorised by the FCA. Hmmmm, I wonder what that leaves exactly [blackjack perhaps].
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Greenwood2
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Post by Greenwood2 on Jul 19, 2019 6:24:58 GMT
Glad you've reduced your exposure. I have as well but from a much lower starting level. Good luck to us all. Yes, remember what we've/you've learnt from Lendy... in future not to expose your investment-pot in anything that's either part or fully authorised by the FCA. Hmmmm, I wonder what that leaves exactly [blackjack perhaps]. I have wondered if there should be a P2P anonymous, I think it can be quite as addictive as gambling with sometimes a similar outcome.
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