Greenwood2
Member of DD Central
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Post by Greenwood2 on Feb 10, 2020 8:28:10 GMT
As default mentioned, why could the FCA not allow Lendy to stay in the 'authorisation pending/applying' state? i.e. not there yet, try harder. What is the point if the system exists permitting a cowboy outfit to suck in investors for years until exam day and, then, failing the exam they are given a pass mark anyway and allowed to carry on substandard but now being able to pretend that they are qualified? Has this been addressed by the changes the FCA have made to the P2P sector? All good points. I have no idea as to the answers. Over to you Mr Bailey. I think the problem was that until Lendy had full permission they were not under FCA regulation, so the FCA could only ask Lendy 'nicely' to clean up their act and that clearly wasn't working. To force Lendy into doing what was required they had to bring them into regulation by giving them permission (but that obviously didn't work out well!). The alternative would have been to eventually say to Lendy we're not giving you permission so you are carrying out regulated activity without permission and we're closing you down, which would put us back in the same position. I assume interim permission is now a thing of the past, all new platforms have to have permission before they start trading.
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Post by billy169 on Feb 10, 2020 8:53:08 GMT
Allowing them to advertise that the FCA had given them a top to toe exam, and making us feel more secure.
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Post by default on Feb 10, 2020 13:06:28 GMT
My understanding is that the FCA claimed Lendy met the criteria for authorisation. However, if that were true then those criteria were surely lacking. Almost undoubtedly, the FCA never even considered the impression that would be given to lenders by authorising Lendy. As I stated previously, the FCA hid behind the warning that "your capital is at risk". It really does beg belief that the FCA thought it could authorise Lendy when it knew of all the problems that existed with Lendy and think that this act would not mis-lead lenders. No one could 'honestly' think this.
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Post by portlandbill on Feb 10, 2020 16:19:34 GMT
Lies, damned lies, and the financial services (and legal) industry.
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taffy
Posts: 148
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Post by taffy on Feb 10, 2020 16:26:41 GMT
The advertised "Authorised and REGULATED" by the Financial Conduct Authority certainly swayed my decision to invest. I have no doubt that I would not have considered doing so without those caveats.
Funding Secure is even worse as the Innovative Finance Investment (ISA) is also authorised by HMRC.
I anticipated some losses in investing, but still expected a positive return overal. The losses we are seeing are not due to the occasional valuation errors, misjudgements or bankruptcies, but what looks more like fraud and gross mismanagement.
All taking place under the Regulation of the FCA! PPI will look trivial compared to this when all such companies are assessed. Administration protection will not last forever and may not even now give protection from criminal prosecutions.
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,808 
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Post by jonno on Feb 10, 2020 16:34:57 GMT
Lies, damned lies, and the financial services (and legal) industry. Have you got any stats to back that up? 
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quidco
Member of DD Central
Posts: 295
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Post by quidco on Feb 10, 2020 18:46:46 GMT
The advertised "Authorised and REGULATED" by the Financial Conduct Authority certainly swayed my decision to invest. I have no doubt that I would not have considered doing so without those caveats. Funding Secure is even worse as the Innovative Finance Investment (ISA) is also authorised by HMRC. I anticipated some losses in investing, but still expected a positive return overal. The losses we are seeing are not due to the occasional valuation errors, misjudgements or bankruptcies, but what looks more like fraud and gross mismanagement. All taking place under the Regulation of the FCA! PPI will look trivial compared to this when all such companies are assessed. Administration protection will not last forever and may not even now give protection from criminal prosecutions. I certainly think we're looking at jail time for some of the directors and officers of Lendy; if they were to declare now that they don't wish to receive a transfer of lender's capital via the illegal waterfall model it might help them in court.
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Post by supernumerary on Feb 10, 2020 19:23:42 GMT
Just after 7pm on Monday.
18 days to go, £51,021 pledged of £75,000 stretch target from 980 pledges.
Now at 68.03% of the way, to the TARGET.
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Post by loftankerman on Feb 10, 2020 19:49:36 GMT
I read widely and a lot, but understand little. American issues intrigue me and from time to time I have wondered if Lendy have any suffering investors in the USA. The reason being that my limited grasp of what goes on suggests that any persons investing online from the USA and feeling hard done by, might have a chat with the folk in the J. Edgar Hoover Building on the topic of wire fraud. It can involve eye watering fines and depending on circumstances carry up to 20 or 30 years behind bars. This could of course all be a just a misunderstanding on my part and I stand ready to be corrected. EDIT: Dunno what happened to the quote but it involved talk of jail time
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Post by rooster on Feb 10, 2020 21:59:39 GMT
The advertised "Authorised and REGULATED" by the Financial Conduct Authority certainly swayed my decision to invest. I have no doubt that I would not have considered doing so without those caveats. Funding Secure is even worse as the Innovative Finance Investment (ISA) is also authorised by HMRC. I anticipated some losses in investing, but still expected a positive return overal. The losses we are seeing are not due to the occasional valuation errors, misjudgements or bankruptcies, but what looks more like fraud and gross mismanagement. All taking place under the Regulation of the FCA! PPI will look trivial compared to this when all such companies are assessed. Administration protection will not last forever and may not even now give protection from criminal prosecutions. I certainly think we're looking at jail time for some of the directors and officers of Lendy; if they were to declare now that they don't wish to receive a transfer of lender's capital via the illegal waterfall model it might help them in court. That'll be why swathes of their admittedly small management team left the business. I used to think that they were 'let-go' by LB but I reckon that being intelligent fellows, they probably realised a train called 'jail-time' was heading up the tracks at them, full speed and so they bailed as soon as they could to minimise their association. We'll keep the pressure on them though, see that none escape and that they pay for their wrongdoings 
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Post by rooster on Feb 10, 2020 22:02:36 GMT
I read widely and a lot, but understand little. American issues intrigue me and from time to time I have wondered if Lendy have any suffering investors in the USA. The reason being that my limited grasp of what goes on suggests that any persons investing online from the USA and feeling hard done by, might have a chat with the folk in the J. Edgar Hoover Building on the topic of wire fraud. It can involve eye watering fines and depending on circumstances carry up to 20 or 30 years behind bars. This could of course all be a just a misunderstanding on my part and I stand ready to be corrected. EDIT: Dunno what happened to the quote but it involved talk of jail time Great idea, yeah love it.. lets get team 'Clown and Co', sued internationally 
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
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Post by ozboy on Feb 10, 2020 22:12:29 GMT
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mikeh
Member of DD Central
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Post by mikeh on Feb 11, 2020 16:49:11 GMT
Looks like the hat is going round again. I don't have a lot at stake here but very happy to go to 1% to help get this off the ground. Actually I feel quite optimistic that this will go ahead.
£55k now pledged.
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sydb
Member of DD Central
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Post by sydb on Feb 11, 2020 19:03:49 GMT
Mighty generous of you, Mike.
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Post by supernumerary on Feb 11, 2020 19:04:32 GMT
Just after 7pm on Tuesday.
17 days to go, £55,237 pledged of the £75,000 stretched target, from 1,065 pledges.
Now at 73.65% of the way, to the TARGET.
A further £19,763 needed to reach the GOAL.
This equates to requiring approximately, an average donation rate of £1,162.53 per day, over the next 17 days, to get to the £75,000 OBJECTIVE.
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