Greenwood2
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Post by Greenwood2 on Nov 18, 2019 21:03:41 GMT
FSCS compensation isn't given according to the type of investor, so why is there a distinction even? What's all the fuss about having to say right now? What benefit do the FCA, FSCS or the Government get from people agreeing to being described as sophisticated? Not right now new rules come in about 9th December (I think), Posted this on another thread: I thought the point was to give 'Grandfather rights' to existing P2P lenders, so if you already have significant P2P lending you are not forced to sell, possibly at a loss to get down to a 10% limit, to do this the FCA have allowed most existing P2P lenders to self certify as sophisticated, seems reasonable to me. New lenders have to adhere to the 10% limit for a while and hopefully learn about P2P in the meantime.
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zlb
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Post by zlb on Nov 19, 2019 12:50:25 GMT
FSCS compensation isn't given according to the type of investor, so why is there a distinction even? What's all the fuss about having to say right now? What benefit do the FCA, FSCS or the Government get from people agreeing to being described as sophisticated? Not right now new rules come in about 9th December (I think), Posted this on another thread: I thought the point was to give 'Grandfather rights' to existing P2P lenders, so if you already have significant P2P lending you are not forced to sell, possibly at a loss to get down to a 10% limit, to do this the FCA have allowed most existing P2P lenders to self certify as sophisticated, seems reasonable to me. New lenders have to adhere to the 10% limit for a while and hopefully learn about P2P in the meantime. OK, thanks. Know 9th is the date, but as a investor in a FSCS protected vehicle elsewhere (e.g. vanguard all world), I'd still be entitled to the £50k, even if listed as 'sophisticated'? It does make me wonder about how they are going to police this. Get your point about 'grandmother rights' 
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