ashtondav
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Post by ashtondav on Aug 8, 2019 7:28:18 GMT
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Post by Mr Smith on Aug 8, 2019 8:06:44 GMT
Haven't you been getting all your mates to sign up and collect those £50 vouchers  Cash bonus + your money back 
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ashtondav
Member of DD Central
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Post by ashtondav on Aug 8, 2019 8:09:08 GMT
Yep, lobster and caviar tonight.
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djay
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Post by djay on Aug 8, 2019 8:44:37 GMT
I notice they don't quote net figures of newbies less people selling up. The 90k total investors will keep increasing because of the hotel California effect. Apparently we earn projected returns of between 5 and 8.5%, not seen evidence of that on my accounts over the last year. The report is generally just glossing over issues, but the £30million cash required for UK and US securities is interesting as is the £5.6 million launch of UK and European private funds. We simple retail investors are becoming progressively less important to them.
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Post by shanghaiscouse on Aug 8, 2019 10:10:44 GMT
The UK CEO is stepping down, quite a big announcement. His replacement looks even worse, never worked at a senior level outside of FC. oh, she did volunteer in tanzania though.
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ashtondav
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Post by ashtondav on Aug 8, 2019 12:09:56 GMT
I notice they don't quote net figures of newbies less people selling up. The 90k total investors will keep increasing because of the hotel California effect. Apparently we earn projected returns of between 5 and 8.5%, not seen evidence of that on my accounts over the last year. The report is generally just glossing over issues, but the £30million cash required for UK and US securities is interesting as is the £5.6 million launch of UK and European private funds. We simple retail investors are becoming progressively less important to them.Not surprised the way the fickle minnows are selling (or trying to sell) up. There is no pressure on them t speed up the process as you are trying to offload the tainted stuff from the last two years.
The statement shows no sign of lack of funding. Quite the opposite.
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djay
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Post by djay on Aug 8, 2019 17:50:13 GMT
Well stock market investors liked the the results today, up 6%. Maybe amongst other things they like the reduction in reliance on retail lenders, less hamsters needed.
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Stonk
Stonking
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Post by Stonk on Aug 8, 2019 23:07:49 GMT
The 90k total investors will keep increasing because of the hotel California effect.
I wonder whether FC have ever lost even a single investor! I doubt it. It is surely very rare for a financial company to retain virtually all of its customers. Customer satisfaction must be very high.
More seriously, in order to appear honest, FC really ought to have a stab at saying how many of those 90K investors are "active". For instance, any account which contains only unsellable loans is clearly an investor who wants out; including them in the 90K is deceptive.
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m2btj
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Post by m2btj on Aug 9, 2019 8:28:23 GMT
The UK CEO is stepping down, quite a big announcement. His replacement looks even worse, never worked at a senior level outside of FC. oh, she did volunteer in tanzania though. My old boss used to say that turnover is vanity & profit is sanity. The bottom line is that FC is losing money (lots of it) despite increasing revenues. Reshuffling directors is a classic move in business. It's the old principle of getting out, ducking the bullet & letting someone else take the fall. The founding directors made their fortunes following the grossly over priced share flotation.
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Post by Deleted on Aug 9, 2019 9:37:42 GMT
Oz puts it perfectly.
I stopped lending new money to FC when it stopped being a workable open cry auction where I was earning just shy of 10%. I see that most now struggle to hit 6-8.5%. The whole expansion model had to be changed to manage the sheer scale of their problems/opportunities. To see that they still are not making a profit (2+years later) is extremely depressing for the industry. Still, the leaders got their cash so they are fine. Changing the deckchairs seems a bit of a waste of time, that occurs in industries which have run out of ways to get better at the knitting.
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Post by shanghaiscouse on Aug 9, 2019 9:48:12 GMT
6%? not for 2018 cohort, we are at 4.4% and with only further downside risk.
the point is they have got rid of the UK CEO and replaced him with someone who, on the face of it, looks even weaker. It is all done quietly as a single line buried in the report. Look at her profile on linkedin, she graduated 2006, did 4 years as a consultant (very junior level), quit before she had any real responsibility, went to volunteer in tanzania for a year, then joined FC when it was a start up. She has NO experience in the regulated industry outside of the madness of FC.
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Post by shanghaiscouse on Aug 9, 2019 9:50:46 GMT
and as others say, this 90k investors thing is an absolute insult. there must be thousands of people who want to get out today but cannot because they are stuck in the selling queue. and then even when loans are sold you still need to have an account open for 5 years to deal with recoveries.
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benaj
Member of DD Central
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Post by benaj on Aug 9, 2019 10:32:51 GMT
The 90k total investors will keep increasing because of the hotel California effect.
I wonder whether FC have ever lost even a single investor! I doubt it. It is surely very rare for a financial company to retain virtually all of its customers. Customer satisfaction must be very high.
More seriously, in order to appear honest, FC really ought to have a stab at saying how many of those 90K investors are "active". For instance, any account which contains only unsellable loans is clearly an investor who wants out; including them in the 90K is deceptive.
It's hard to trust some stats these days. The 90k investors is a big claim as FC wants to be proud making history, compared to what I have seen other smaller platform claimed 25k "members" while they had 100 investors in a loan, it's nothing. FC still has cash to keep the platform running and pays out my withdrawals "quickly", I can't really moan about that. After reading these updates and reports from FC, it seems investors satisfaction are the last things they care about as the words "investors" are rarely mentioned in these reports.
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coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Aug 9, 2019 11:31:01 GMT
and as others say, this 90k investors thing is an absolute insult. I'm one of the 90k but all I've been doing since September '17 is withdrawing my cash almost as quickly as it appears back in my account.
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Post by shanghaiscouse on Aug 9, 2019 12:38:53 GMT
The 90k total investors will keep increasing because of the hotel California effect.
I wonder whether FC have ever lost even a single investor! I doubt it. It is surely very rare for a financial company to retain virtually all of its customers. Customer satisfaction must be very high.
More seriously, in order to appear honest, FC really ought to have a stab at saying how many of those 90K investors are "active". For instance, any account which contains only unsellable loans is clearly an investor who wants out; including them in the 90K is deceptive.
I don't think they have ever lost anyone because even if you want to leave you have to keep an account open for 5 years to accept recoveries, and even then you might leave an empty account just in case other recoveries come through. In fact, what reason is there to ever close an account? Empty it of cash, yes, but as there are no charges then why would anyone close the account when recoveries could come through?
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