star dust
Member of DD Central
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Post by star dust on Jan 23, 2020 18:36:49 GMT
Ironically I can vote as I certified, but I cannot access my piffling December bonus payment which has been kidnapped and will be held in a HOLDING ACCOUNT not paying any interest until I complete the appropriateness test! So I can do everything, vote, instruct, buy, sell, withdraw (not sure about depositing as absolutely no intention of doing that), but I can't withdraw what's supposed to be a bonus for investing.
Apparently the duration of the kidnap will be 20 days - 20 days of lost interest, but the 15 minutes of my time this test will reputedly take is hardly worth either the bonus or it's interest. Only been investing with them for 5+ years, how inappropriate can I be? Great doing business with you AC. Does anyone, in similar circumstances, know where their Bonus money is/was recorded in their account statements? My bonus is still in the Holding Account despite, according to my calculations, more than 20 working days having passed. I can't however, find a record of it, and neither is it showing on my balance statements. AC, is it legal to deny someone access to their cash funds like this? If I can ever access it I'm intending withdraw it.
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lara
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Post by lara on Jan 23, 2020 18:50:22 GMT
Ironically I can vote as I certified, but I cannot access my piffling December bonus payment which has been kidnapped and will be held in a HOLDING ACCOUNT not paying any interest until I complete the appropriateness test! So I can do everything, vote, instruct, buy, sell, withdraw (not sure about depositing as absolutely no intention of doing that), but I can't withdraw what's supposed to be a bonus for investing.
Apparently the duration of the kidnap will be 20 days - 20 days of lost interest, but the 15 minutes of my time this test will reputedly take is hardly worth either the bonus or it's interest. Only been investing with them for 5+ years, how inappropriate can I be? Great doing business with you AC. Does anyone, in similar circumstances, know where their Bonus money is/was recorded in their account statements? My bonus is still in the Holding Account despite, according to my calculations, more than 20 working days having passed. I can't however, find a record of it, and neither is it showing on my balance statements. AC, is it legal to deny someone access to their cash funds like this? If I can ever access it I'm intending withdraw it. Not to be insensitive to your principles but you must be approaching the point of having spent as much time on this already as it would have taken you to sit the test and be done with it. eta It took me very little time, probably less than 5 minutes.
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Post by Ace on Jan 23, 2020 18:56:40 GMT
Not entirely sure if this is what you're looking for, but the last cashback payment for me is in my Cash Account statement on 19th Dec and is labelled as "cash back" (Note that there is a space between the words cash and back).
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star dust
Member of DD Central
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Post by star dust on Jan 23, 2020 22:20:26 GMT
Not entirely sure if this is what you're looking for, but the last cashback payment for me is in my Cash Account statement on 19th Dec and is labelled as "cash back" (Note that there is a space between the words cash and back). Well I was pretty sure that I had seen it there around the time it was paid (19 th as you’ve confirmed), but I’ve just re-checked through the whole of December on my standard and IFISA (though it shouldn’t be there) cash account statements and there is no record of it at all. Unfortunately, I hadn’t downloaded any statements in that period so I can’t check I whether I was mistaken. I’ve just taken some screen grabs.
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Post by Ace on Jan 23, 2020 22:25:12 GMT
Not entirely sure if this is what you're looking for, but the last cashback payment for me is in my Cash Account statement on 19th Dec and is labelled as "cash back" (Note that there is a space between the words cash and back). Well I was pretty sure that I had seen it there around the time it was paid (19 th as you’ve confirmed), but I’ve just re-checked through the whole of December on my standard and IFISA (though it shouldn’t be there) cash account statements and there is no record of it at all. Unfortunately, I hadn’t downloaded any statements in that period so I can’t check I whether I was mistaken. I’ve just taken some screen grabs. That's odd. Just to confirm, the payment was to the Standard Account with the text "19th Dec 2019 at 11:11 Payment for 2019 promotion Earn up to 1.25% cash back".
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Post by chris on Jan 24, 2020 8:04:49 GMT
Under our interpretation of the regulations and our implementation of them, until the appropriateness test is passed we cannot allow new funds to be credited into your account, so until then the funds are held in a separate holding account. Complete the test and the funds are released and deposited to their intended destination.
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jlend
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Post by jlend on Jan 24, 2020 8:25:05 GMT
Under our interpretation of the regulations and our implementation of them, until the appropriateness test is passed we cannot allow new funds to be credited into your account, so until then the funds are held in a separate holding account. Complete the test and the funds are released and deposited to their intended destination. I think what has happened is that some people are assuming their funds will be automatically refunded back to their nominated bank account after the 20 working days.
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Post by chris on Jan 24, 2020 8:26:37 GMT
Under our interpretation of the regulations and our implementation of them, until the appropriateness test is passed we cannot allow new funds to be credited into your account, so until then the funds are held in a separate holding account. Complete the test and the funds are released and deposited to their intended destination. I think what has happened is that some people are assuming their funds will be automatically refunded back to their nominated bank account after the 20 working days. I'm not sure that is a requirement in this instance but will check internally. Have any of those people actually contacted customer services to try and resolve things though?
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jlend
Member of DD Central
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Post by jlend on Jan 24, 2020 8:29:17 GMT
I think what has happened is that some people are assuming their funds will be automatically refunded back to their nominated bank account after the 20 working days. I'm not sure that is a requirement in this instance but will check internally. Have any of those people actually contacted customer services to try and resolve things though? It is on the website in case it helps --------- Your funds will be kept in a holding account until you have completed Lender Certification and successfully passed the Appropriateness Test. We are unable to hold your funds indefinitely, therefore they will be returned after 20 working days if Lender Certification and/or the Appropriateness Test has not been completed. This should give you enough time to complete any required actions during this transitional period, following the enhanced FCA rules effective from 9th December 2019
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Post by chris on Jan 24, 2020 8:44:54 GMT
I'm not sure that is a requirement in this instance but will check internally. Have any of those people actually contacted customer services to try and resolve things though? It is on the website in case it helps --------- Your funds will be kept in a holding account until you have completed Lender Certification and successfully passed the Appropriateness Test. We are unable to hold your funds indefinitely, therefore they will be returned after 20 working days if Lender Certification and/or the Appropriateness Test has not been completed. This should give you enough time to complete any required actions during this transitional period, following the enhanced FCA rules effective from 9th December 2019 In this instance though the deposit is from the AC corporate account, so were we to return the funds to where they came from...
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star dust
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Post by star dust on Jan 24, 2020 10:15:09 GMT
It is on the website in case it helps --------- Your funds will be kept in a holding account until you have completed Lender Certification and successfully passed the Appropriateness Test. We are unable to hold your funds indefinitely, therefore they will be returned after 20 working days if Lender Certification and/or the Appropriateness Test has not been completed. This should give you enough time to complete any required actions during this transitional period, following the enhanced FCA rules effective from 9th December 2019 In this instance though the deposit is from the AC corporate account, so were we to return the funds to where they came from... But the deposit was a cash-back bonus paid relating to my investment position well prior to the 9th December, are you implying that you have put a retrospective condition into the payment of this bonus, and thus I am not eligible? Surely the funds should be returned to my cash account as indeed it seems that is where other investor's bonuses went who had fulfilled this retrospective condition?
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jlend
Member of DD Central
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Post by jlend on Jan 24, 2020 10:40:27 GMT
It is on the website in case it helps --------- Your funds will be kept in a holding account until you have completed Lender Certification and successfully passed the Appropriateness Test. We are unable to hold your funds indefinitely, therefore they will be returned after 20 working days if Lender Certification and/or the Appropriateness Test has not been completed. This should give you enough time to complete any required actions during this transitional period, following the enhanced FCA rules effective from 9th December 2019 In this instance though the deposit is from the AC corporate account, so were we to return the funds to where they came from... It is a fair comment. Are you going to take back the funds?
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Post by chris on Jan 24, 2020 11:47:07 GMT
In this instance though the deposit is from the AC corporate account, so were we to return the funds to where they came from... But the deposit was a cash-back bonus paid relating to my investment position well prior to the 9th December, are you implying that you have put a retrospective condition into the payment of this bonus, and thus I am not eligible? Surely the funds should be returned to my cash account as indeed it seems that is where other investor's bonuses went who had fulfilled this retrospective condition? With our chosen implementation of the regulations neither you nor we can deposit new funds into the platform without having passed the appropriateness test. If you do not want to pass the test and would instead like those withheld funds returned to you then you should speak to the customer service team to arrange withdrawal to one of your designated bank accounts.
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star dust
Member of DD Central
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Post by star dust on Jan 24, 2020 12:51:09 GMT
But the deposit was a cash-back bonus paid relating to my investment position well prior to the 9th December, are you implying that you have put a retrospective condition into the payment of this bonus, and thus I am not eligible? Surely the funds should be returned to my cash account as indeed it seems that is where other investor's bonuses went who had fulfilled this retrospective condition? With our chosen implementation of the regulations neither you nor we can deposit new funds into the platform without having passed the appropriateness test. If you do not want to pass the test and would instead like those withheld funds returned to you then you should speak to the customer service team to arrange withdrawal to one of your designated bank accounts. I expected that should happen at the 20 day stage - how long are AC intending to prevent access to my money or not pay me the bonus (depending which way you want to view it)?
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Post by mrclondon on Jan 24, 2020 13:26:07 GMT
For those in this situation I suggest sending a letter before action to AC (by recorded delivery with email copy to SL), requesting payment of the amount due within (say) 14 days and stating the bank account details to which the payment should be made. Then follow through with a small claims court action.
I had to resort to this approach recently to get the credit balance (c. £200) back from my previous energy supplier some 9 months after I had switched.
The point here is that an individual who has historically invested in AC but who is (now) unable to pass the appropriateness test, should not be denied the bonus payment they are due simply because they don't understand the risks associated with p2p investing.
I wonder how many bonus payments have been withheld by AC on these grounds .... could be a lot of the less active lenders.
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