ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 3, 2019 12:50:53 GMT
As for the FCA, from what I have seen, they strike me as a toothless dog, all bark. An organisation set up to just write a strongly worded letter that says to people "oooh, that was naughty what you did there", when something goes wrong, and that's about it. Perhaps you've forgotten the FCA have closed one platform down for not conforming to the regulatory requirements? Then, when that platform's management decided to try to rig the administration by using some dodgy mates to hide the book-cookery, the FCA took court action to put it into the hands of an experienced, approved administrator. Are they perfect? I'm not even beginning to say that. But they're certainly a lot more potent than you suggest.Agreed. When they're roused from their large lunch and pink gin induced slumber. Zzzzzzzzzzzzzzzzzzzzzzzzzzz.
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gc
Member of DD Central
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Post by gc on Jun 3, 2019 15:59:25 GMT
I think the FCA can best be described as very effective at shutting empty stable doors. 😂 @ adrianc, I may have come across a little too harsh about the FCA and I feel this better sums up what I was trying to get across. I admit I am not too sure on their usefulness for us lenders and they don't inspire me with confidence. I have had dealings with them regarding other platforms that have folded.
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zlb
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Post by zlb on Jun 3, 2019 16:25:52 GMT
I think the FCA can best be described as very effective at shutting empty stable doors. 😂 sounds like their mo is after someone wrote to complain or they read this forum.
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Garage246
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Post by Garage246 on Jun 3, 2019 16:54:35 GMT
For those of us with Lendy holdings in a SIPP and the prospect of pension ombudsman compensation, copies of these overinflated claims about the security of caputal from SS/Lendy are really helpful for us. Please keep them coming!
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zlb
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Post by zlb on Jun 3, 2019 17:06:14 GMT
For those of us with Lendy holdings in a SIPP and the prospect of pension ombudsman compensation, copies of these overinflated claims about the security of caputal from SS/Lendy are really helpful for us. Please keep them coming! they haven't tried to sell all of them, but eg the Riv**ra one has been on market long time. Of course they are over valued. Even in p*******d St. they based the value on a property on the other side of the relevant road. Remember that loan for a crazy scheme for an ugly house that Ly didn't go ahead with... The fact that they were even considering it shows their calibre.
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garfield
Member of DD Central
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Post by garfield on Jun 3, 2019 21:37:10 GMT
For those of us with Lendy holdings in a SIPP and the prospect of pension ombudsman compensation, copies of these overinflated claims about the security of caputal from SS/Lendy are really helpful for us. Please keep them coming! Having recently closed a pension case with the ombudsman, they aren't the ones who pay out. The (company) pension provider was ordered to rectify some errors and pay compensation. I can tell you it was a lot of hard work for not very much! I don't know who you may be able to claim from for your SIPP. I'm no legal bod!
EDIT: in actual fact, wrt a SIPP, I think it would be the Financial Ombudsman who you'd need to approach (it being personal), but usually you would have to try to sort things out first. Best of luck!
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zlb
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Post by zlb on Jun 4, 2019 10:40:09 GMT
Can the issues listed in new FCA regs be used as reference point in any LAG correspondence as introductory to any evidenced detail? All of these appear to apply to this issue:
"Our review of the sector identified a number of potential and actual harms that may affect
investors, including:
• confidence and participation threatened by unacceptable conduct such as unreliable
performance or by disorderly failure
• buying unsuitable products
• poor customer treatment
• price too high or quality too low"
[https://www.fca.org.uk/publication/policy/ps19-14.pdf]
They go on to say, "In practice, this means investors may not:
• be given clear or accurate information, leading to the purchase of unsuitable financial
products
• understand or be aware of the true investment risk to which they are exposed
• be remunerated fairly for the risks they are taking
• understand what may happen if the platform administering their loan fails
• understand the costs they are paying for the services the platform provides
• pay fair prices for a platform’s services
I think that it's fair to say that people thought they had an understanding of what may happen if the platform fails.
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Garage246
Member of DD Central
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Post by Garage246 on Jun 4, 2019 20:27:59 GMT
For those of us with Lendy holdings in a SIPP and the prospect of pension ombudsman compensation, copies of these overinflated claims about the security of caputal from SS/Lendy are really helpful for us. Please keep them coming! Having recently closed a pension case with the ombudsman, they aren't the ones who pay out. The (company) pension provider was ordered to rectify some errors and pay compensation. I can tell you it was a lot of hard work for not very much! I don't know who you may be able to claim from for your SIPP. I'm no legal bod!
EDIT: in actual fact, wrt a SIPP, I think it would be the Financial Ombudsman who you'd need to approach (it being personal), but usually you would have to try to sort things out first. Best of luck!
Actually it is a bit more complicated as my SIPP provider had the FCA all over them and made them stop allowing P2P investments. They in turn called in the administrator last October and the SIPP book was sold off. I have a pensions solicitor on the case who is pretty confident he can get the claim. There is no evidence of the SIPP provider having done any DD on the suitability of Lendy and as I didn't use an IFA essentially the investment was made on the basis of the Lendy claims. Therefore any copies of the early Lendy claims are really helpful. Whilst there seems good possibilities for some compensation, sadly most of my holdings were non-SIPP. But I'd be grateful if anyone has copies of the early Lendy claims over and above what has already been posted.
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zlb
Member of DD Central
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Post by zlb on Jun 4, 2019 22:35:06 GMT
Having recently closed a pension case with the ombudsman, they aren't the ones who pay out. The (company) pension provider was ordered to rectify some errors and pay compensation. I can tell you it was a lot of hard work for not very much! I don't know who you may be able to claim from for your SIPP. I'm no legal bod!
EDIT: in actual fact, wrt a SIPP, I think it would be the Financial Ombudsman who you'd need to approach (it being personal), but usually you would have to try to sort things out first. Best of luck!
Actually it is a bit more complicated as my SIPP provider had the FCA all over them and made them stop allowing P2P investments. They in turn called in the administrator last October and the SIPP book was sold off. I have a pensions solicitor on the case who is pretty confident he can get the claim. There is no evidence of the SIPP provider having done any DD on the suitability of Lendy and as I didn't use an IFA essentially the investment was made on the basis of the Lendy claims. Therefore any copies of the early Lendy claims are really helpful. Whilst there seems good possibilities for some compensation, sadly most of my holdings were non-SIPP. But I'd be grateful if anyone has copies of the early Lendy claims over and above what has already been posted. investment based on Ly claims could get compensated. It's not applicable, normally, outside of a SIPP but it must be worth noting, surely...going forward for action group.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Jun 9, 2019 0:01:39 GMT
I too held a portion of my Lendy investments within a SIPP - how many followers of this thread are in the same boat? are you interested in joining forces to take coordinated legal action?
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Garage246
Member of DD Central
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Post by Garage246 on Jun 10, 2019 11:53:34 GMT
I too held a portion of my Lendy investments within a SIPP - how many followers of this thread are in the same boat? are you interested in joining forces to take coordinated legal action? @brianlom - as you know I am happy to join forces
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