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Post by Undecided on Jan 2, 2020 18:39:57 GMT
Stuart, you say you have had some losses, which is what I assumed must be the case, but one of your colleagues stated to me in an email dated the 11/12/19 that "Assetz Capital have not recorded a loss on capital"! You need to make sure your staff give out accurate information or it makes me loose trust in AC. I was trying to find out my actual return (after losses) on my manual account investment. It would be great if you could make this information available along with predicted future returns as some other platforms do. I interpreted that as a loss for lenders. In other words no lender had lost capital in their loan portfolio, and that overall no loss of capital had been experienced. I would have thought it self evident that some loans make losses - but i may be wrong (often the case!) Stuart has confirmed that there have been losses for lenders and you can see them recorded in your AC tax report.
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Post by bernythedolt on Jan 12, 2020 23:47:55 GMT
[…] Yes there’s a cost in doing things to best in class standards compared to doing the minimum required to get away with it. But if a platform wants to be considered as one of the big, robust, trustworthy players in financial services then it should be prepared to make that investment in best in class financial reporting. If it’s happy to be fairly or unfairly lumped in with cowboys and failures then it can stick to scraping through on the minimum required which is too low a bar for my liking. Agreed, and I extend this principle to include the front-end presentation too. In the case of RS, rather than fix the bug blocking the helpful lender email notifications, both for loans paid back early and for loans matched, they decided to simply do away with them. Pathetic. Their graphical presentation on their Market Data/Rate Trends webpage is becoming woeful. The date field indicated by the vertical red cursor bar has been broken for weeks. It's no longer being populated and they have no plans to fix it - I did ask. And they haven't bothered to add their two new markets to the graph, Plus and Max, several weeks after introducing them. When a business is no longer bothering to update their tools and displays, they are no longer striving for best in class. It's not a good look. If they're past caring, so am I. Further 30% of funds withdrawn today.
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Post by gravitykillz on Jan 13, 2020 5:37:48 GMT
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Post by stuartassetzcapital on Jan 24, 2020 10:11:57 GMT
Just had the same conversation on the Seedrs thread.
They aren't overdue - feel free to TrustPilot Companies House as a zero for failing to employ enough staff to get through the backlog. It's frankly unacceptable. I am also submitting an official complaint to them.
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Post by stuartassetzcapital on Jan 24, 2020 10:31:47 GMT
I must object to this disrespect to our accounting team and auditors. We are a large company and with group structure and carry out a full audit unlike most other P2P companies. That should be of considerable comfort to investors versus the abbreviated and summary only accounts issued by most.
That takes time and money and unless we had disproportionate costs for submitting in say 5 months instead of 8 or so that’s how it is going to stay for now. The law is 9 months, the practical speed isn’t much different either and that is likely why the 9 months was set.
When we are a public listed company we can spend the extra few hundred thousand to get it faster and at that scale but for now this is the fastest the extremely busy team can go and also to do the job properly whilst also doing the myriad of other financial activities including intense client money management and compliance. We don’t cut corners and it takes time and money and resource.
If anyone has genuine concerns over this they can contact me.
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Post by stuartassetzcapital on Jan 24, 2020 11:37:39 GMT
We will be providing a web link for the accounts submitted to Companies House. They absolutely received them, signed for them, we have that proof and after our complaint they claim they were lost and were sent replacements. In due course, when they pull their finger out frankly, they will confirm they received them some time ago on their website - but as i said they have a backlog.
Like other matters that we take into our own hands when the government fails, such as housing savings and pension crises, we will publish our own accounts if they cant handle that.
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Post by mrclondon on Jan 24, 2020 14:03:00 GMT
Its fascinating the number of discussions that are taking place via PM regarding the intention to sell the AC shares from the original raise (via the seedrs SM or by other means if appropriate) once the 3 year lock-in for EIS relief expires in May this year. Its not one big thing that is tipping people to this point of view, just the accumulation of a long list of relatively minor niggles - some expressed above, other I've commented on in other threads in recent days are the ongoing lack of write off of unrecoverable loans leading to misrepresentation of the state of lender's loanbooks, and the lack of payment of promotional bonuses by AC to those who are unable to pass the appropriateness test.
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Post by stuartassetzcapital on Jan 24, 2020 14:17:37 GMT
After I discovered they had lost the accounts yesterday and my direct personal intervention with them we now have action by Companies House within 24 hours and they have apologised. The CH website is now updating publicly as we speak and once fully complete in that update they will have the accounts available and as of the correct date of last year when they actually had them so I wont be arranging for them to be downloadable separately.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 24, 2020 16:40:46 GMT
I’ve had an email alert that the account filing is in process at CH. I’m pleased to hear CH have taken action to correct the issue, have apologised and have done so within 24 hrs. That’s a reasonably good organisational response when something has gone wrong. There are some organisations that don’t take action to correct issues, don’t apologise, don’t react within 24 hrs and instead just blame others!Yeah, they're it's called the FCA.
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aju
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Post by aju on Jan 25, 2020 10:12:06 GMT
I’ve had an email alert that the account filing is in process at CH. I’m pleased to hear CH have taken action to correct the issue, have apologised and have done so within 24 hrs. That’s a reasonably good organisational response when something has gone wrong. There are some organisations that don’t take action to correct issues, don’t apologise, don’t react within 24 hrs and instead just blame others!Yeah, they're it's called the FCA. It seems from yesterdays Rip off britain episode that the FCA are not the only regulator that doesn't really give a toss care. Quite worrying if you ask me. All that said I've done quite well out of Ofcom and Ofgem over the last few years. Not sure if my current energy company is signed up though!. Just noticed some oddities in their billing of my electric costs. Probably ok but need to get my head round their meter readings and my own ones. (Its Avro if anyone is interested been with them quite a while now and they were the cheapest again recently so change my contract again!)
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jj
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Jolly Jammy
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Post by jj on May 16, 2020 7:19:34 GMT
I believe that the P2P sector is an early indicator of the health of the whole economy, even the whole world economy.
The whole P2P sector seems to be affected. The weak ones get infected first.
There is a problem with the debt & lending, which is a follow-on off the financial crisis in 2008.
If you study the USA in particular it seems that the banks are borrowing more & more. I think to cover their debt.
Gold might be a good investment.
" I believe that the P2P sector is an early indicator of the health of the whole economy, even the whole world economy." Why should the relatively tiny and immature P2P market be a better economic indicator than those markets traditionally considered to be the best forward indicators, namely the enormously sophisticated global bond market, and also the FX and equity markets ? " Gold might be a good investment." Again , why ? It earns no interest at all (unlike P2P, and most stocks pay a dividend), and gold also has very little utility. Warren Buffet puts it best, albeit a bit tongue-in-cheek : "Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head." Well I'm sure you get the point - apart from the relatively tiny jewellery market, gold is hardly used for anything. A good measure of the value of something is to gauge how life would be without that commodity. eg. a world without iron or nickel would almost unthinkable (no steel for starters) but what about a world without Gold ? Very little disruption compared to most other items of value - damn near "business as usual" tbh. DUH!!!
Eh no I don't get your point. Do you now get my point??
I have also added silver to my portfolio.
A nice hedge against uncertain times & against an ever decreasing £. Real money!
Do you know what a hedge is ?
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macq
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Post by macq on May 16, 2020 8:30:17 GMT
its that thing my neighbour refuses to cut back  |
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Post by valueinvestor1234 on Oct 17, 2020 18:04:27 GMT
Cleaning out process is a natural way of selection. It happens to all new markets as they move to maturity. You may look at the stock market during tech bubble. I mean stocks were skyrocketing up with no acceleration in earnings, actually, with no earnings at all. When the market eventually came to senses, lots of bankruptcies followed. From the bubble arose some of the greatest companies we have now: Amazon, Google, eBay and about ten more. The same will happen with the P2P alternative platforms. More will be uprooted and will be remembered no more. Others will rise and start dominating the field. Regulation is a plus, despite it does not always work. But those platforms that are willing to be licensed at least show they want to be transparent and responsible with investors' funds. Other factors should be there too. Viventor is now moving towards securing an Investment Brokerage License. That's a great plus for them, including strengthening of AML/KYC procedures: www.viventor.com/blog/posts/viventor-launches-automated-and-kyc-aml-compliant-onboarding-process |
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 17, 2020 21:13:42 GMT
Cleaning out process is a natural way of selection. It happens to all new markets as they move to maturity. You may look at the stock market during tech bubble. I mean stocks were skyrocketing up with no acceleration in earnings, actually, with no earnings at all. When the market eventually came to senses, lots of bankruptcies followed. From the bubble arose some of the greatest companies we have now: Amazon, Google, eBay and about ten more. The same will happen with the P2P alternative platforms. More will be uprooted and will be remembered no more. Others will rise and start dominating the field. Regulation is a plus, despite it does not always work. But those platforms that are willing to be licensed at least show they want to be transparent and responsible with investors' funds. Other factors should be there too. Viventor is now moving towards securing an Investment Brokerage License. That's a great plus for them, including strengthening of AML/KYC procedures: www.viventor.com/blog/posts/viventor-launches-automated-and-kyc-aml-compliant-onboarding-process Errr, you what? A willingness to be licensed shows that they want to be transparent and responsible with investor's funds?!!! Where'd you get that cod logic from? In many cases, it is more likely that FCA "Licensing" gives them just the cloak of respectability they need to enable them to appear "honest" and then proceed to fleece investors with impunity. Because, when they do, the FCA is most concerned with covering its own backside and denying culpability!
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michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Oct 18, 2020 19:24:22 GMT
Cleaning out process is a natural way of selection. It happens to all new markets as they move to maturity. You may look at the stock market during tech bubble. I mean stocks were skyrocketing up with no acceleration in earnings, actually, with no earnings at all. When the market eventually came to senses, lots of bankruptcies followed. From the bubble arose some of the greatest companies we have now: Amazon, Google, eBay and about ten more. The same will happen with the P2P alternative platforms. More will be uprooted and will be remembered no more. Others will rise and start dominating the field. Regulation is a plus, despite it does not always work. But those platforms that are willing to be licensed at least show they want to be transparent and responsible with investors' funds. Other factors should be there too. Viventor is now moving towards securing an Investment Brokerage License. That's a great plus for them, including strengthening of AML/KYC procedures: www.viventor.com/blog/posts/viventor-launches-automated-and-kyc-aml-compliant-onboarding-process What is your relationship with Viventor ?
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