Website

Hi michaelc

We are planning to update the customer facing web-site, and your feedback is most appreciated. However, aside from improved risk modelling/decisioning (which has ensured positive returns) the reality is that our resource focus has been to satisfy the FCA requirements.  This has included amending the lender customer journey to determine "sophistication" but to also meet our regulatory requirements with regard to Outcome Statement and the Wind-Down Plan.

The Wind-Down Plan will be a focus for lenders due to some high profile failures, and this has also been a focus for the FCA.  Our wind-down plan has always been in place (this is a large document only shared with the FCA), but the summary is outlined in our Terms of Service, segment 15 found HERE.  Although we have no expectation of needing to wind-down, should it occur we expect it to be orderly (we have capital set-aside) and we believe the risk to customers (both lenders and borrowers) is relatively limited due to;



• Product design - Currently the maximum loan term is 3-months. Therefore within 3-months of ongoing business operational management all performing loans would have been completed and lenders repaid.



• Timing – Alongside the 3-month product design, an additional 9 months of non-performing collections period would be sufficient for all loans to be repaid or classified as a write-off



• Size – The Money Platform is a small platform with the most typical product being for £250 over 12 weeks.
Some existing Staff resource will be maintained for a 12-month period during wind-down.


• Money - Client money is held by an outsource so no client funds could be at risk (with MangoPay).



In terms of the Outcome Statement this can be found HERE. As per FCA requirements, this currently only has a forecast and will be updated as per the regulatory time-frames.  That said, on this forum I have publicised IRR returns achieved in the last few years but as this is slightly different (timing wise) to the regulatory requirements. Therefore, we didn't replicate these numbers on the Outcome Statement and nor will we here in the future to avoid any confusion.  Although the platform performance for lender returns has continued in the last few months positively as before.

Kevin.