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Post by carol167 on Nov 7, 2019 8:29:06 GMT
So if you're both a HNW and a self sophisticated investor, which would you choose to tick ? Does it even matter which ?
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robski
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Post by robski on Nov 7, 2019 8:35:29 GMT
So if you're both a HNW and a self sophisticated investor, which would you choose to tick ? Does it even matter which ?
Nice but dim tim or loadsamoney take your choice I guess HNW is a more general catch all, and as I posted an example of above circumstances can change that means you could cease to be a sophisticated investor (depending on personal circumstances obviously) where as its less likely with HNW unless your right on the edge.
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Post by Ace on Nov 7, 2019 8:36:16 GMT
So if you're both a HNW and a self sophisticated investor, which would you choose to tick ? Does it even matter which ?
On platforms like RS, where anyone can invest, you might as well choose retail. There seems to be no disadvantage in doing this and you might benefit from more protection if the worst happens.
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Greenwood2
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Post by Greenwood2 on Nov 7, 2019 10:43:50 GMT
So if you're both a HNW and a self sophisticated investor, which would you choose to tick ? Does it even matter which ?
On platforms like RS, where anyone can invest, you might as well choose retail. There seems to be no disadvantage in doing this and you might benefit from more protection if the worst happens. Not sure what the 'punishment' is for false declaration. And if you are found to be over the 10% limit at some time in the future you might lose some protection (if there is any) on the extra amount (like the limit on FSCS protection)? You have to answer the questions about understanding the products in any case, so you can't plead ignorance in the future which ever you use.
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Post by Ace on Nov 7, 2019 10:54:02 GMT
On platforms like RS, where anyone can invest, you might as well choose retail. There seems to be no disadvantage in doing this and you might benefit from more protection if the worst happens. Not sure what the 'punishment' is for false declaration. And if you are found to be over the 10% limit at some time in the future you might lose some protection (if there is any) on the extra amount (like the limit on FSCS protection)? You have to answer the questions about understanding the products in any case, so you can't plead ignorance in the future which ever you use. The way I see it is, you can't lose anything by selecting retail that you won't lose by selecting one of the others. I doubt anyone will ever check either way.
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aju
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Post by aju on Nov 7, 2019 10:54:41 GMT
Not sure if anyone has reported on this but Mrs Aju today selected the self sophisticated option as she didn't want to wait any longer until I had fully reviewed the options.
In fact she can change her mind anytime it seems as the screen that she got on trying to lend, having skipped during login, was not going to let her lend until she made a selection. So we went to her account details and there is a record of her selection and it seems she can change her status at anytime in the future.
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Post by jono75 on Nov 10, 2019 12:46:42 GMT
According to an article I found on this is money from June: "The 10 per cent limit and marketing restrictions do not apply to those who self-identify themselves as either sophisticated or high net worth investors." www.thisismoney.co.uk/money/investing/article-7102797/Casual-investors-blocked-investing-10-P2P-firms.htmlSo, when I get asked I will probably answer sophisticated as I don't like the idea of the restrictions. It's a bit like the government blocking websites they deem unsuitable. However, I do understand the need to educate the public and clamp down on sites/ads where the risks are not made clear. My advice is to do a lot of research before investing. I tend to look at lower returns as the phrase "If it seems to good to be true" is one I totally agree with, as long as the reward is worth the risk. I guess there may be some protection offered in future I'd miss out on for selecting sophisticated , but probably not. As people are finding out with Boeing lately, self certification really is worthless.
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aju
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Post by aju on Nov 10, 2019 13:04:31 GMT
According to an article I found on this is money from June: "The 10 per cent limit and marketing restrictions do not apply to those who self-identify themselves as either sophisticated or high net worth investors." www.thisismoney.co.uk/money/investing/article-7102797/Casual-investors-blocked-investing-10-P2P-firms.htmlSo, when I get asked I will probably answer sophisticated as I don't like the idea of the restrictions. It's a bit like the government blocking websites they deem unsuitable. However, I do understand the need to educate the public and clamp down on sites/ads where the risks are not made clear. My advice is to do a lot of research before investing. I tend to look at lower returns as the phrase "If it seems to good to be true" is one I totally agree with, as long as the reward is worth the risk. I guess there may be some protection offered in future I'd miss out on for selecting sophisticated , but probably not. As people are finding out with Boeing lately, self certification really is worthless. That's an interesting thought. I too have not yet been asked but for Mrs Aju she has >10k across her RS investment and has answered as "self sophisticated investor". She is still being allowed to add funds although to be fair it's not strictly new funds just moving returns from E/D to ISA. I wonder what they will do with the £100 bonus she should receive in the next month or so. I'd be happy if they didn't invest it into Access(Rolling) . That said that product is set for invest @ 8% so it should be easy to recover anyway. The other interesting thing is she can change her answer anytime just by going to her account functions and slecting the option again.
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Post by Deleted on Nov 10, 2019 13:51:14 GMT
I wonder what they will do with the £100 bonus she should receive in the next month or so. I'd be happy if they didn't invest it into Access(Rolling) . That said that product is set for invest @ 8% so it should be easy to recover anyway. The cashback is invested at market rate. Extract from T&Cs: Earned bonuses will be credited to your Everyday Account and invested in the Rolling Market at market rate within 30 working days of qualifying.
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aju
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Post by aju on Nov 10, 2019 14:04:22 GMT
I wonder what they will do with the £100 bonus she should receive in the next month or so. I'd be happy if they didn't invest it into Access(Rolling) . That said that product is set for invest @ 8% so it should be easy to recover anyway. The cashback is invested at market rate. Extract from T&Cs: Earned bonuses will be credited to your Everyday Account and invested in the Rolling Market at market rate within 30 working days of qualifying. Thanks @inv11, I forgot that bit and it's interesting that there is no longer a Rolling Market or a market rate - I thought. (I know Access is just a rebadged Rolling with other changes) but I get your point. So I guess i'll just remove it then, it takes a few more clicks and I just checked and yes we can remove the bonus from our Access accounts when they arrive and without cost. We don't intend to put it back into access so not 14 day issue - unless I can see favourable rates. We will probably moved it to the 1Y as the recent rates there have been quite good.
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Post by p2pfinancenews on Nov 13, 2019 10:26:36 GMT
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aju
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Post by aju on Nov 13, 2019 11:23:48 GMT
Does that mean I now have to get a subscription just to see this info. I did some checks on TISA and this document is quite interesting - especially section 11 where they offer examples of questions and possible answers. I'm sure this is cobbled from regulatory docs but it is easier to read than those sometimes are I feel.
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Post by p2pfinancenews on Nov 13, 2019 11:40:19 GMT
Haha! Can't blame me for trying You can read a few articles per month before the paywall kicks in, so just thought I'd share in case anyone fancied having a look!
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aju
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Post by aju on Nov 13, 2019 11:46:57 GMT
Haha! Can't blame me for trying You can read a few articles per month before the paywall kicks in, so just thought I'd share in case anyone fancied having a look! Yeah I know I already read it and pdf'ed it before I found the TISA docs. Thing is I've been around P2P for over 10 years keeping to the simple ones like Zopa and more recently RS and I feel I know they are not safe enough to not commit money I am not prepared to lose. To me they are a final avenue to increase my return rather than my first choice. Mind you I'm not sure I'd get all the TISA example correct but at least its informative.
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Post by bernythedolt on Nov 13, 2019 17:17:21 GMT
I was half hoping that deliberately flunking the appropriateness test, to prove I'm not a sufficiently sophisticated investor, might hasten the sale of loans and forced closure of my Funding Circle account. No such luck!
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