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Post by Ace on Jun 4, 2019 18:51:35 GMT
Could we please have a single confirmation tick box, rather than 4, when buying?
To be honest, none of us will ever read what we're ticking after the first time. So it's really just one of those nonsense arse covering exercises.
Would be better to agree to them once when signing up and again whenever the details change.
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nw99
Posts: 340
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Post by nw99 on Jun 4, 2019 20:47:18 GMT
Seconded
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withnell
Member of DD Central
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Post by withnell on Jun 5, 2019 6:17:21 GMT
When you scroll down a page, please could the top bars (showing your available funds & a/c number, and the dashboard/available loans/current investments/secondary market links) please stay there at the top of the screen - rather than scrolling off the top of the screen? I'd find it really useful when buying loans on the secondary market, to be able to see my available funds at all times - rather than them disappearing when I scroll down to the 'amount to buy' box. Alternatively could the available funds be shown within the "amount to buy" box?
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dawn
Member of DD Central
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Likes: 275
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Post by dawn on Jun 5, 2019 6:42:57 GMT
What I would like is for the numbers that I download or screen scrape to add up to the numbers on the dashboard. Rounding errors over a long period now mean my figures are somewhat adrift of those on the dashboard.
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Post by ablrate on Jun 6, 2019 8:35:39 GMT
Could we please have a single confirmation tick box, rather than 4, when buying? To be honest, none of us will ever read what we're ticking after the first time. So it's really just one of those nonsense arse covering exercises. Would be better to agree to them once when signing up and again whenever the details change. We have aimed to make the risks clear from the start, hence these risk warnings on every trade. We knew the FCA would be moving towards requiring 'bumps in the road' as they call them and that has now come to pass with the appropriateness test and marketing restrictions due to be implemented by December 9th. We are working through the rules and requirements so this section and the way we deal with acknowledgement of risks will be changing.
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Post by ablrate on Jun 6, 2019 8:37:58 GMT
What I would like is for the numbers that I download or screen scrape to add up to the numbers on the dashboard. Rounding errors over a long period now mean my figures are somewhat adrift of those on the dashboard. Do send over your analysis. The rounding will only ever make your account 1p up or 1p down, if it is different from this we would like to take a look and report back to you. Please email info@abl and we will do our analysis on it.
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blender
Member of DD Central
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Post by blender on Jun 6, 2019 9:20:39 GMT
Could we please have a single confirmation tick box, rather than 4, when buying? To be honest, none of us will ever read what we're ticking after the first time. So it's really just one of those nonsense arse covering exercises. Would be better to agree to them once when signing up and again whenever the details change. We have aimed to make the risks clear from the start, hence these risk warnings on every trade. We knew the FCA would be moving towards requiring 'bumps in the road' as they call them and that has now come to pass with the appropriateness test and marketing restrictions due to be implemented by December 9th. We are working through the rules and requirements so this section and the way we deal with acknowledgement of risks will be changing. A bit more than bumps in the road. They would like it to be like negotiating the entrance to Downing Street. See www.fca.org.uk/publication/consultation/cp18-20.pdf
It is unfortunate that ablrate will have to spend much time on compliance when the priority should be to grow the business. Imo, FCA really do not want the task of regulating this complex area and they are setting up unreasonable barriers to limit the growth and success of the sector. They have screwed up with Collateral and damaged rather than protected consumers there, and do not want a repeat. This 10% rule is really offensive. What business is it of the FCA how I invest my funds as long as I am informed and competent? I could give 100% to charity and no-one would stop me, yet the effect on me would be the same as losing it on p2p. If it's any consolation I think the customers of the set and forget platforms are going to be frightened off more than the customers of platforms where you select your own loans. Rant over.
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Post by ablrate on Jun 6, 2019 9:59:33 GMT
We have aimed to make the risks clear from the start, hence these risk warnings on every trade. We knew the FCA would be moving towards requiring 'bumps in the road' as they call them and that has now come to pass with the appropriateness test and marketing restrictions due to be implemented by December 9th. We are working through the rules and requirements so this section and the way we deal with acknowledgement of risks will be changing. A bit more than bumps in the road. They would like it to be like negotiating the entrance to Downing Street. See www.fca.org.uk/publication/consultation/cp18-20.pdf
It is unfortunate that ablrate will have to spend much time on compliance when the priority should be to grow the business. Imo, FCA really do not want the task of regulating this complex area and they are setting up unreasonable barriers to limit the growth and success of the sector. They have screwed up with Collateral and damaged rather than protected consumers there, and do not want a repeat. This 10% rule is really offensive. What business is it of the FCA how I invest my funds as long as I am informed and competent? I could give 100% to charity and no-one would stop me, yet the effect on me would be the same as losing it on p2p. If it's any consolation I think the customers of the set and forget platforms are going to be frightened off more than the customers of platforms where you select your own loans. Rant over.
I wrote an article three years ago of the inevitability of complex regulatory restrictions, it happens in all sectors so P2P was never going to be any different. We are writing a blog post on our take (its taken over and merged with the lendy one!) - The marketing restrictions are not as bad as they look or could have been. It is to be imposed on new lenders, and is self certified, but lenders can reclassify themselves as sophisticated etc if the feel they know what they are doing, and those restrictions will not apply (so you will be fine Blender). The FCA are saying that they want to give the opportunity to lenders to learn about the space first and then they are able to make their own choices, which is not a bad thing. There are other areas of the rules that we think are pretty good, and we are just working out the tech and the underlying procedural changes. This is the final one: www.fca.org.uk/publication/policy/ps19-14.pdf
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blender
Member of DD Central
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Post by blender on Jun 6, 2019 10:48:56 GMT
Thanks Ablrate, that helps. So it is new lenders rather than new loan offers to existing lenders? Glad to know that I will still be able to lose my shirt here if I choose to. The nanny state upsets me. Many of those retail investors who dabble in p2p are retired, have no mortgage or debts, have a secure pension income plus some cash to invest and the time to make considered choices. The rules seem to be set for the most ignorant lenders, investing money they need for their maintenance on the riskiest platforms. And to favour the banks, with their track record.
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hantsowl
Member of DD Central
Posts: 672
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Post by hantsowl on Jun 6, 2019 11:13:42 GMT
What I would like is for the numbers that I download or screen scrape to add up to the numbers on the dashboard. Rounding errors over a long period now mean my figures are somewhat adrift of those on the dashboard. Do send over your analysis. The rounding will only ever make your account 1p up or 1p down, if it is different from this we would like to take a look and report back to you. Please email info@abl and we will do our analysis on it. My totals have differed by as much as 5p in the past, but today they balance out. Try comparing the amounts shown as invested on the "Current Investments" page with the corresponding amounts on the SM page. I have 11 loans which differ in value by 1p. This is clearly a rounding error of some kind and is likely to have been introduced by either SM purchases/sales or when paying back capital on Amortising loans. The difference does NOT seem to occur on Interest Only loans. I update a spreadsheet when payments are made and this is when I notice that my totals sometimes differ from those on the payment notification screen. It seems strange that the 2 pages would show different totals for many loans. It suggests that at least one of the pages is working out the values on the fly rather than simply reading the totals from a database field.
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SteveT
Member of DD Central
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Post by SteveT on Jun 6, 2019 11:17:22 GMT
Do send over your analysis. The rounding will only ever make your account 1p up or 1p down, if it is different from this we would like to take a look and report back to you. Please email info@abl and we will do our analysis on it. My totals have differed by as much as 5p in the past, but today they balance out. Try comparing the amounts shown as invested on the "Current Investments" page with the corresponding amounts on the SM page. I have 11 loans which differ in value by 1p. This is clearly a rounding error of some kind and is likely to have been introduced by either SM purchases/sales or when paying back capital on Amortising loans. The difference does NOT seem to occur on Interest Only loans. I update a spreadsheet when payments are made and this is when I notice that my totals sometimes differ from those on the payment notification screen. It seems strange that the 2 pages would show different totals for many loans. It suggests that at least one of the pages is working out the values on the fly rather than simply reading the totals from a database field. It's the same for my account. Individual loans differ by no more than 1p between the figures shown on the Current Investments list and on the loan's SM page. But the aggregate account total can be a few pennies adrift, depending which way all the roundings add up.
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dawn
Member of DD Central
Posts: 308
Likes: 275
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Post by dawn on Jun 6, 2019 15:47:19 GMT
What I would like is for the numbers that I download or screen scrape to add up to the numbers on the dashboard. Rounding errors over a long period now mean my figures are somewhat adrift of those on the dashboard. Do send over your analysis. The rounding will only ever make your account 1p up or 1p down, if it is different from this we would like to take a look and report back to you. Please email info@abl and we will do our analysis on it. I will do so but it may be a couple of weeks - it is the middle of the A-level and GCSE season and I've very little spare time just at the moment. One of my accounts is now 15p adrift and the other 2 a little less. Over time the difference is growing. I will get the figures together as soon as I can.
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Post by df on Jun 6, 2019 16:16:41 GMT
Could the process of depositing by debit card be simplified? There's no other platform where I have to type my name, postal and e-mail address and phone number each time I make a deposit.
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Post by ablrate on Jun 6, 2019 16:38:21 GMT
Could the process of depositing by debit card be simplified? There's no other platform where I have to type my name, postal and e-mail address and phone number each time I make a deposit. The frame is from our third party providers. We ask for that data as part of the security check which moves liability for fraud etc onto the bank and not us. I appreciate others may not do it that way, but we have several things working in the background to make sure all payments are checked. Sorry
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Post by ladywhitenap on Jun 6, 2019 19:49:56 GMT
Wherever a loan title or its number is mentioned in the UI, it should be a hot link to take the reader to the loan details page.
LW
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