rogerthat
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Post by rogerthat on Nov 27, 2019 11:52:45 GMT
In FS Risk Warnings section www.fundingsecure.com/risk-warningsRisk Warnings - Our Approach Is Peer to Peer Lending Safe? ... The Financial Services Compensation Scheme (FSCS) seeks to protect the cash held in your FundingSecure Limited (‘FSL’) client money account (up to a maximum amount of £85,000), however, the investments (property loans or pledged asset loans) that you make through our platform are not protected by the FSCS.
If that is not true then why on earth did the FCA allow them to say that on their website. Far be it for me to side with FS, as along with countless others, I am going to lose a significant amount of my invested money and accrued interest but there's actually nothing wrong with the statement above. Whilst at first glance it might appear ambiguous, FS do state that any funds invested are not covered by the FSCS. However, what they don't state is that they wouldn't operate within guidelines necessary to conform to FCA regulations as has clearly now become apparent.
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wishy
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Post by wishy on Nov 27, 2019 11:56:19 GMT
Are you saying that the uninvested funds are protected by the FSCS?
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rogerthat
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Post by rogerthat on Nov 27, 2019 12:00:36 GMT
Are you saying that the uninvested funds are protected by the FSCS? No..i'm not
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wishy
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Post by wishy on Nov 27, 2019 12:03:19 GMT
Oh dear, I am getting confused again.
The Financial Services Compensation Scheme (FSCS) seeks to protect the cash held in your FundingSecure Limited (‘FSL’) client money account (up to a maximum amount of £85,000), however, the investments (property loans or pledged asset loans) that you make through our platform are not protected by the FSCS.
The first section seems to imply that the uninvested funds are protected.
The Financial Services Compensation Scheme (FSCS) seeks to protect the cash held in your FundingSecure Limited (‘FSL’) client money account (up to a maximum amount of £85,000), however, the investments (property loans or pledged asset loans) that you make through our platform are not protected by the FSCS.
The second section says that the investments are not.
What am I missing rogerthat?
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rogerthat
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Post by rogerthat on Nov 27, 2019 12:14:27 GMT
Oh dear, I am getting confused again. The Financial Services Compensation Scheme (FSCS) seeks to protect the cash held in your FundingSecure Limited (‘FSL’) client money account (up to a maximum amount of £85,000), however, the investments (property loans or pledged asset loans) that you make through our platform are not protected by the FSCS. The first section seems to imply that the uninvested funds are protected. The Financial Services Compensation Scheme (FSCS) seeks to protect the cash held in your FundingSecure Limited (‘FSL’) client money account (up to a maximum amount of £85,000), however, the investments (property loans or pledged asset loans) that you make through our platform are not protected by the FSCS.The second section says that the investments are not. What am I missing rogerthat? "however, the investments (property loans or pledged asset loans) that you make through our platform are not protected by the FSCS." That bit..in particular the word 'NOT'
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wishy
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Post by wishy on Nov 27, 2019 13:01:26 GMT
Oh dear, I just don't get it.
Are you saying that the uninvested funds are a property loan or pledged asset loan made though the platform?
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Greenwood2
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Post by Greenwood2 on Nov 27, 2019 14:33:17 GMT
Oh dear, I am getting confused again. The Financial Services Compensation Scheme (FSCS) seeks to protect the cash held in your FundingSecure Limited (‘FSL’) client money account (up to a maximum amount of £85,000), however, the investments (property loans or pledged asset loans) that you make through our platform are not protected by the FSCS. The first section seems to imply that the uninvested funds are protected. The Financial Services Compensation Scheme (FSCS) seeks to protect the cash held in your FundingSecure Limited (‘FSL’) client money account (up to a maximum amount of £85,000), however, the investments (property loans or pledged asset loans) that you make through our platform are not protected by the FSCS.The second section says that the investments are not. What am I missing rogerthat? My layman’s understanding is that the money in a client money account has the FSCS protection IF the BANK fails. My understanding is that ones money is afforded the same protection up to the limit when in a UK bank, say Barclays, whether you hold it directly in your name or indirectly through an investment institution in a properly set up and managed and ringfenced client money account. If the investment institution fails and client cash was not in a bona fide client money account then there is no protection. If the investment institution fails and client cash was in a bona fide client money account then there is no need to call on the FSCS as the bank hasn’t failed and the money is ringfenced and in due course should be distributed to the rightful owners.
And it seems like FS's approach to client account money was a bit fluid, so some/all of the funds may not be in the client account, or the way the client account was set up may not obey client account rules and the funds might not be ring fenced, so we do not know if it is protected at all or if it is protected how much is where it should be.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 27, 2019 18:13:44 GMT
I have deleted my posting, before the expletives got me banned.
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adrian77
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Post by adrian77 on Nov 27, 2019 21:53:07 GMT
good way to put it ! Good luck chaps with the meeting tomorrow
I hate to think what will be uncovered once we get stuck into these accounts...
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rocky1
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Post by rocky1 on Nov 28, 2019 6:45:13 GMT
how come HMRC are not interested in all this P2P shenanigans?never mind all this AML business on ordinary people trying to supplement hard earned savings/pension.P2P seems rotten to the core.the directors past and present of these platforms and the FCA should be brought before a select committee and made answerable for what/how millions and millions of investors money has been legally lost.the platforms and all these borrowers should not be able to get awaywith what in a lot of cases seems just like pure fraud.somewhere along the line mr tax man is being screwed over here and it's not from the blooming lenders. a tax investigation on directors and borrowers would surely unearth some dodgy dealings between each other.
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adrian77
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Post by adrian77 on Nov 28, 2019 10:13:28 GMT
Excellent point above - hitting these characters in their tax pockets is a good starting point!!
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rogerthat
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Post by rogerthat on Nov 28, 2019 10:20:35 GMT
If I recall someone had the temerity a while back to pose a puzzle...how many words could you make out of the following letters.. I Z N P O...
Chickens..roost anyone
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Post by bracknellboy on Nov 28, 2019 11:21:02 GMT
If I recall someone had the temerity a while back to pose a puzzle...how many words could you make out of the following letters.. I Z N P O... Chickens..roost anyone presumably the answer is: As many as you want, until the pile of words collapses under its own weight.
Talking of which, how do you create Jenga from the letters I Z N P O ?
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r00lish67
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Post by r00lish67 on Nov 28, 2019 11:25:23 GMT
If I recall someone had the temerity a while back to pose a puzzle...how many words could you make out of the following letters.. I Z N P O... Chickens..roost anyone ZOP-IN ? P2P lending, Indian style..
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rogerthat
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Post by rogerthat on Nov 28, 2019 11:35:42 GMT
If I recall someone had the temerity a while back to pose a puzzle...how many words could you make out of the following letters.. I Z N P O... Chickens..roost anyone presumably the answer is: As many as you want, until the pile of words collapses under its own weight.
Talking of which, how do you create Jenga from the letters I Z N P O ?
Z P O N I
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