Is the Administration / Insolvency process fit for purpose?
Feb 11, 2020 12:13:50 GMT
sqh, ozboy, and 1 more like this
Post by nyneil on Feb 11, 2020 12:13:50 GMT
I have no professional knowledge in the legal or financial industries, but as an investor through many p2p platforms, including Col, L & FS, It has become apparent that the current administration / insolvency practice has failed to keep up with the rapidly changing financial landscape. The situation has changed from the time when the only concerns were to obtain the best outcome for creditors, as this now disadvantages those with most to lose - us p2p lenders.
Insolvency practitioners are bound by the current set of regulations which act in favour of 'creditors', so it seems to me, this is what needs to change, as a matter of urgency.
It will be interesting to hear the opinions of those with more knowledge / experience. Do you agree? What can we do? Who is responsible for setting, monitoring and updating the rules? Is this another 'write to your MP & Finance Committee' letter?
We should do something to raise awareness that this is not just an issue of of a few discredited p2p platforms; there is an intrinsic problem in the current, outdated, system . The FCA, bless em, are finally tightening the regulation of 'functioning' p2p platforms, but the process around what to do when they fail also needs a major overhaul.
Just my two penneth.
Insolvency practitioners are bound by the current set of regulations which act in favour of 'creditors', so it seems to me, this is what needs to change, as a matter of urgency.
It will be interesting to hear the opinions of those with more knowledge / experience. Do you agree? What can we do? Who is responsible for setting, monitoring and updating the rules? Is this another 'write to your MP & Finance Committee' letter?
We should do something to raise awareness that this is not just an issue of of a few discredited p2p platforms; there is an intrinsic problem in the current, outdated, system . The FCA, bless em, are finally tightening the regulation of 'functioning' p2p platforms, but the process around what to do when they fail also needs a major overhaul.
Just my two penneth.
