Ukmikk
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Post by Ukmikk on Aug 16, 2019 11:08:31 GMT
It's already been noted that they have breached their FCA permissions by lending to themselves (oh the irony): Under 'Client Money' requirements applicable to this firm: "This firm must protect the money it holds and/or controls on behalf of customers. It cannot lend this money or use it to finance its own business." I invited Mr Siam to offer an explanation but as usual he declined to do so. The way this was hurriedly and incompetently implemented smacks of desperation to me; why did they suddenly need this cash so badly that they would breach their permissions and treat their lenders with such contempt? Again, as no explanation has been forthcoming we don't really know. I do wonder if it's being used to prop up the provision fund as last year's defaults are way over the levels provided for. If so then this is a very dangerous position for lenders to be in. All my opinion of course. I called FO on Monday but true to form I was unable to speak to anyone and they have not called back. Ukmikk , not responding to your posts does not mean that I am agreeing with you. I am not sure what your background is, but its clearly not compliance. One does not come to conclusion after reading 2 sentences. You have to read the full CONC and understand the business model, permissions and regulations first before jumping into conclusion. You do not learn how to ride a bicycle after reading the cover of a how to ride a bicycle book. Also, your views and conclusions are incorrect but I am not here to challenge you. I am not responding to your questions because we do have official channels for user queries and questions. I have asked you before to send your queries to our support ream but nothing was sent until now. Also, your claims that you cannot call our customer service team is incorrect. We have a strong large customer service and lender support teams that are responding to queries quickly. Also not sure why a competitor would comment on a competitors post. No comment. Well, as you are asking, my background is in IT, Systems and Data Analysis, mostly within the Financial Services Industry and most recently working within Capital Management, Compliance and Treasury functions. I also spent a couple of years working in front line customer services advising customers on Financial products. So while not an expert in all of these areas, I do feel I have a reasonable grasp of the basic requirements for a Customer-facing Financial Sector business. As I recall, your background is in Space Engineering. Hmmmm...
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Post by nsiam on Aug 16, 2019 11:24:57 GMT
Ukmikk , not responding to your posts does not mean that I am agreeing with you. I am not sure what your background is, but its clearly not compliance. One does not come to conclusion after reading 2 sentences. You have to read the full CONC and understand the business model, permissions and regulations first before jumping into conclusion. You do not learn how to ride a bicycle after reading the cover of a how to ride a bicycle book. Also, your views and conclusions are incorrect but I am not here to challenge you. I am not responding to your questions because we do have official channels for user queries and questions. I have asked you before to send your queries to our support ream but nothing was sent until now. Also, your claims that you cannot call our customer service team is incorrect. We have a strong large customer service and lender support teams that are responding to queries quickly. Also not sure why a competitor would comment on a competitors post. No comment. Well, as you are asking, my background is in IT, Systems and Data Analysis, mostly within the Financial Services Industry and most recently working within Capital Management, Compliance and Treasury functions. I also spent a couple of years working in front line customer services advising customers on Financial products. So while not an expert in all of these areas, I do feel I have a reasonable grasp of the basic requirements for a Customer-facing Financial Sector business. As I recall, your background is in Space Engineering. Hmmmm... Yes, I am a space engineer by background plus huge relevant hands on experience and knowledge. Yet, I am not claiming to be a compliance expert myself. That's why we have hired full time industry experts. It's not about me, its about the team.
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Ukmikk
Member of DD Central
Posts: 445
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Post by Ukmikk on Aug 16, 2019 11:27:25 GMT
Is this the same sort of 'team' as your alleged lender customer service 'team' (one person who is apparently unable to make or receive a telephone call)? Another laughably grandiose claim which I'd be surprised if anyone is buying any more. Ukmikk , you are wrong again. Our customer support team alone is 5 man/women strong! Very impressive. Odd then that not one of them was able to take my call or return it.
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Greenwood2
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Post by Greenwood2 on Aug 16, 2019 20:22:42 GMT
Well, as you are asking, my background is in IT, Systems and Data Analysis, mostly within the Financial Services Industry and most recently working within Capital Management, Compliance and Treasury functions. I also spent a couple of years working in front line customer services advising customers on Financial products. So while not an expert in all of these areas, I do feel I have a reasonable grasp of the basic requirements for a Customer-facing Financial Sector business. As I recall, your background is in Space Engineering. Hmmmm... Yes, I am a space engineer by background. Awesome, right? One of the most advanced degrees. Plus huge relevant hands on experience and knowledge. Yet, I am not claiming to be a compliance expert myself. That's why we have hired full time industry experts. Why say that, is it awesome in P2P terms? It is not relevant and makes me feel you may be a bit out of your comfort zone in P2P. I have extremely good qualifications and experience in certain subjects and am pretty good at adjusting to totally different new challenges but...
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Post by dan1 on Aug 16, 2019 20:53:05 GMT
Yes, I am a space engineer by background. Awesome, right? One of the most advanced degrees. Plus huge relevant hands on experience and knowledge. Yet, I am not claiming to be a compliance expert myself. That's why we have hired full time industry experts. Why say that, is it awesome in P2P terms? It is not relevant and makes me feel you may be a bit out of your comfort zone in P2P. I have extremely good qualifications and experience in certain subjects and am pretty good at adjusting to totally different new challenges but... au contraire.... financial services is an all too common and natural home for physicists (one assumes nsiam qualifies ). A quick Google (no, I've not read it)... www.theguardian.com/science/2013/jul/21/physics-graduates-gravitate-to-financeMy favourite entrepreneur (Go Raptor, Go!) being a physicist who made his fortune from financial services... let's just hope he doesn't try to "nuke Mars" as I saw a headline for earlier (I refused the clickbait).
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michaelc
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Post by michaelc on Aug 20, 2019 13:02:56 GMT
I have found customer service to be fine. A day or two to answer by email on a couple of occasions.
However, this Helping Themselves is too much for me so I'm safely out for now. Have nervously put a bit of it in TMP which has some similarities to FO.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Aug 20, 2019 16:29:28 GMT
I have found customer service to be fine. A day or two to answer by email on a couple of occasions. However, this Helping Themselves is too much for me so I'm safely out for now. Have nervously put a bit of it in TMP which has some similarities to FO. Frying pan and fire comes to mind. Still hoping (increasingly unlikely) to get back to break even on TMP, my remaining loans are all well over a year late, with an odd tiny payment. Hope it's better this time around. Keep us posted on the TMP board.
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Post by Ace on Sept 13, 2019 12:17:25 GMT
I picked up several slices of another new loan of £52500 directly to FO today. Their change of name does seem to have been particularly prescient, though the old name would have covered it. Not picking up much else. Would be good to get an update from FO on the current state of their business. I would really like to know how much they've borrowed from their own lenders and how much more they are planning to borrow. And when the non-self borrowing is predicted to increase. Tag: nsiam .
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Post by df on Sept 13, 2019 13:37:18 GMT
I picked up several slices of another new loan of £52500 directly to FO today. Their change of name does seem to have been particularly prescient, though the old name would have covered it. Not picking up much else. Would be good to get an update from FO on the current state of their business. I would really like to know how much they've borrowed from their own lenders and how much more they are planning to borrow. And when the non-self borrowing is predicted to increase. Tag: nsiam . I've picked up two slices of £52500 and one of 75k. Also three slices of normal loans. I've set most of investments at "short-term only", but left several available for any loan. Not sure whether to set them all to "consumer only" or let it run as it is. Yes, it would be helpful to know some details about "self-borrowing".
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