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Post by stevexxx on Dec 10, 2019 19:47:25 GMT
I thought I would throw this out there because I have little understanding of the situation and perhaps someone can answer this question..
I take it Zopa p2p and Zopa Bank are separate companies? But If Zopa Bank fails does this affect Zopa p2p? and would both end up in receivership or is Zopa p2p free of liabilities to Zopa Bank?
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Post by stevexxx on Dec 12, 2019 0:33:59 GMT
Has no one any idea?
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aju
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Post by aju on Dec 12, 2019 1:25:53 GMT
Either that or no one is really interested perhaps in answering it. I would be surprised if there is not some form of regulatory requirements for their to be at least "Chinese walls" between the two but who knows as the regs are not that much use most of the time or it seems that way to the cynic in me.
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Greenwood2
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Post by Greenwood2 on Dec 12, 2019 8:26:29 GMT
Try asking Zopa?
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zlb
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Post by zlb on Dec 12, 2019 11:23:18 GMT
Either that or no one is really interested perhaps in answering it. I would be surprised if there is not some form of regulatory requirements for their to be at least "Chinese walls" between the two but who knows as the regs are not that much use most of the time or it seems that way to the cynic in me. would it get fscs protection with whatever "Chinese walls" are?
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aju
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Post by aju on Dec 12, 2019 14:58:02 GMT
Either that or no one is really interested perhaps in answering it. I would be surprised if there is not some form of regulatory requirements for their to be at least "Chinese walls" between the two but who knows as the regs are not that much use most of the time or it seems that way to the cynic in me. would it get fscs protection with whatever "Chinese walls" are? Zopa Bank will but Zopa (P2P) won't. Apologies about the chinese wall quip it came from my old employer a large comms company. A few years ago there was a hiving off of the external facing parts from the internal parts. As a result the external parts were no longer able to directly be associated or communicate with the internal facing parts some would say all comms between them were isolated or partitioned but that's another story. Ofcom forced this as a condition of still maintaining the 2 parts as one company so to speak. I currently have one share per whole of the company not 2 seperate ones. They effectively put up a "chinese wall" (Great Wall of China) and the two were made autonomous as a result, same Chairman separate CEO though. My shares in the whole could be in danger if Mr C and Mr D are voted in today, so they have said in their manifestos. Not sure that helps though!
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Post by jamess on Dec 12, 2019 17:12:03 GMT
There are three companies registered at Companies House.
Name number reg. date
ZOPA LIMITED 05197592 04/08/2004 ZOPA BANK LIMITED 10627575 20/02/2017 ZOPA GROUP LIMITED 10624955 17/2/2017
All have the same address.
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zlb
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Post by zlb on Dec 12, 2019 19:12:30 GMT
There are three companies registered at Companies House.
Name number reg. date
ZOPA LIMITED 05197592 04/08/2004 ZOPA BANK LIMITED 10627575 20/02/2017 ZOPA GROUP LIMITED 10624955 17/2/2017
All have the same address.
this would be the case. It shouldn't matter if same address. Perhaps the concern is that in order to get fscs protection, the p2p company can be raided before the fscs steps in. I would doubt this though, but I have no expertise in the area.
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Post by stevexxx on Dec 13, 2019 22:39:21 GMT
I decided to ask Zopa and this is the reply....
"The Zopa bank and the P2P company are going to be kept separate. They will both be under the bracket of "Zopa" but the debt is not transferable from one side of the business to the other."
So I guess that answers the question..
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Post by davee39 on Dec 14, 2019 21:27:13 GMT
Zopa P2P is unprofitable. The IT is clunky and the risk is high. It does not have a long term future.
The Bank is intended to be the ongoing long term business which will either prop up P2P or take over as P2P goes into orderly wind down.
If the bank fails Zopa will soon run out of cash and P2P will fail in a rather less orderly fashion.
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benaj
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Post by benaj on Dec 15, 2019 12:40:54 GMT
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aju
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Post by aju on Dec 15, 2019 13:01:53 GMT
Apparently they are creating "cool" software which is what being a software engineer is all about. Really? I've got news for them creating excellent stable resilient software is not about "cool" it's more about good design, Testing and ultimately QA and excellence in all of them. None of which zopa has delivered in the last 3 years or more in my opinion. Its interesting too that they acknowledge having this development in two different places well hopefully they have resolved all the issues that I can recall when I was in this for a big comms company 10 years or so ago. The biggest problem was always understanding across the divide. Admittedly we were located in Ipswich and London and our external teams were in Mumbai and despite all the people having two or more degrees in S/W sciences and being educated in english there was a very clear barrier.
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Post by Deleted on Feb 9, 2020 11:18:05 GMT
There are three companies registered at Companies House.
Name number reg. date
ZOPA LIMITED 05197592 04/08/2004 ZOPA BANK LIMITED 10627575 20/02/2017 ZOPA GROUP LIMITED 10624955 17/2/2017
All have the same address.
The 'Zopa Group' element worries me. Basically both the Bank and P2P businesses are part of the same umbrella organisation. Purported to be separate but obviously they are not. You only need to look at the car industry to sell that if one substantial part fails so will the parent body. I see tough times ahead for Z and FC...just my opinion.
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liso
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Post by liso on Feb 10, 2020 14:50:54 GMT
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Post by Ton ⓉⓞⓃ on Feb 10, 2020 15:14:08 GMT
the last line of the article comes from Z saying,
Removed or resigned same effect
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