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Post by Deleted on Feb 16, 2020 9:53:22 GMT
Hi, wonder if anyone else had had the email? Having been with GS as a 'sophisticated investor' for a while and liking their model I am alittle bemused with their email requesting the following: Copy of bank statements, Source of funds information/evidence i.e. income from employers, property sale, investment income.
This is under a brief cover note explaining basically that it is for regulatory compliance but I am wondering if it is more to do with some internal turbulence?
I have been moving investment money in and out of GS over the last couple of years, and it has been convenient as it rolls loans over a 30 day period. Consequentially my total deposits have exceeded 25k which seems to be significant [in their eyes], though currently I have just 7k with them. In all honesty for the sake of having 7k with them, and the hassle of running another P2P platform at a time when I am generally exiting this investment class, I simply cannot be bothered with this anymore.
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Post by skidrow on Feb 16, 2020 10:30:23 GMT
I haven't had this email.
My circumstances differ from yours in that I'm HNW and I've only got about £50 with them as I'm in the final stages of withdrawing.
Nevertheless, I would in no circumstances give them such information without at least a phone call to their customer service team and a satisfactory explanation. However, even with that, in the circumstances you describe I think that I'd just withdraw anyway. Why take the risk?
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Post by Deleted on Feb 16, 2020 10:43:07 GMT
I haven't had this email. My circumstances differ from yours in that I'm HNW and I've only got about £50 with them as I'm in the final stages of withdrawing. Nevertheless, I would in no circumstances give them such information without at least a phone call to their customer service team and a satisfactory explanation. However, even with that, in the circumstances you describe I think that I'd just withdraw anyway. Why take the risk? Interesting that some possibly have not had the email... GS seem to be totting up all time deposits rather than the current balance, and I cannot see the significance in that at all. Reading on another GS thread here I see that at least one other has had the same email but a week or so ago, again it seems that once GS's threshold of 25k total deposits (not current balance) is reached then perhaps the email is triggered..? I don't know really, and as you say, why take the risk? It is a shame that yet another platform's risk/return ratio falters. After well over a decade of P2P investments over countless platforms it appears I am now down to just two!
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benaj
Member of DD Central
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Post by benaj on Feb 16, 2020 11:11:37 GMT
I am GS lender and my peak investment on this platform was closed to ££££££. IIRC, a GS representative sent me an email requesting more information like Source of funds. I have been told it was triggered by my withdrawals (£££££) on two occasions and has been flagged by the compliance team. It seems pretty standard procedure for Growth street. I have been asked similar question about source of funds by various platforms on various withdrawal requests. AFAIK, the platforms may ask source of fund once, or even being asked again for platform under administration.  |
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Post by Deleted on Feb 16, 2020 11:41:10 GMT
I am GS lender and my peak investment on this platform was closed to ££££££. IIRC, a GS representative sent me an email requesting more information like Source of funds. I have been told it was triggered by my withdrawals (£££££) on two occasions and has been flagged by the compliance team. It seems pretty standard procedure for Growth street. I have been asked similar question about source of funds by various platforms on various withdrawal requests. AFAIK, the platforms may ask source of fund once, or even being asked again for platform under administration. Thanks for the info, I haven't had any such demands from other platforms, save for the usual online 'sophisticated investor' tests. I have nothing to hide but object to constant demands for personal info and data that could end up in the wrong hands. I guess I have used GS as a bit of a drop in centre for small-ish packets of funds, just moving things around now and then as we all do I'm sure. That is what i like about the GS model. And with RS now using a 14 day 'fair use' loss of interest on their rolling product GS was a good place to be. Perhaps GS need to look at their model and accept that smaller investors will use their platform in this way. Thanks again.
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benaj
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Post by benaj on Feb 16, 2020 11:45:46 GMT
I am GS lender and my peak investment on this platform was closed to ££££££. IIRC, a GS representative sent me an email requesting more information like Source of funds. I have been told it was triggered by my withdrawals (£££££) on two occasions and has been flagged by the compliance team. It seems pretty standard procedure for Growth street. I have been asked similar question about source of funds by various platforms on various withdrawal requests. AFAIK, the platforms may ask source of fund once, or even being asked again for platform under administration. Thanks for the info, I haven't had any such demands from other platforms, save for the usual online 'sophisticated investor' tests. I have nothing to hide but object to constant demands for personal info and data that could end up in the wrong hands. I guess I have used GS as a bit of a drop in centre for small-ish packets of funds, just moving things around now and then as we all do I'm sure. That is what i like about the GS model. And with RS now using a 14 day 'fair use' loss of interest on their rolling product GS was a good place to be. Perhaps GS need to look at their model and accept that smaller investors will use their platform in this way. Thanks again. Another perspective, they request source of fund because you have money to invest / withdraw, take it like a compliment. Even banks can be nosy these days for these regular withdrawals from p2p platforms like Assetz Capital & Ratesetter.
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Post by Deleted on Feb 16, 2020 13:39:24 GMT
Thanks for the info, I haven't had any such demands from other platforms, save for the usual online 'sophisticated investor' tests. I have nothing to hide but object to constant demands for personal info and data that could end up in the wrong hands. I guess I have used GS as a bit of a drop in centre for small-ish packets of funds, just moving things around now and then as we all do I'm sure. That is what i like about the GS model. And with RS now using a 14 day 'fair use' loss of interest on their rolling product GS was a good place to be. Perhaps GS need to look at their model and accept that smaller investors will use their platform in this way. Thanks again. Another perspective, they request source of fund because you have money to invest / withdraw, take it like a compliment. Even banks can be nosy these days for these regular withdrawals from p2p platforms like Assetz Capital & Ratesetter. Thanks, you could be right there, although I wonder if they spent less time wondering where the funds are coming from and more time who they are lending to it might help them!
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Ukmikk
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Post by Ukmikk on Feb 16, 2020 14:15:21 GMT
Another perspective, they request source of fund because you have money to invest / withdraw, take it like a compliment. Even banks can be nosy these days for these regular withdrawals from p2p platforms like Assetz Capital & Ratesetter. Thanks, you could be right there, although I wonder if they spent less time wondering where the funds are coming from and more time who they are lending to it might help them! It stems from pressure from the regulator around KYC and AML regs. Firms don't want to get fines for not complying. Even though these rules have good intentions at heart, in practice they can be irritating for customers, like 2FA.
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johni
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Post by johni on Feb 16, 2020 14:55:59 GMT
This is a regulatory requirement because of money laundering I have been asked this on opening a new bank account recently. The institution can get fined if they allow individuals to possibly launder money through there accounts without doing any checks.
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Post by Deleted on Feb 16, 2020 15:51:00 GMT
This is a regulatory requirement because of money laundering I have been asked this on opening a new bank account recently. The institution can get fined if they allow individuals to possibly launder money through there accounts without doing any checks. Yes I realise what the questions are about, but wonder why GS are the only platform I use that ask such searching questions. The problem for GS is if a smaller private investor wants to invest lower sums they simply won't bother. I have a feeling this is perhaps what they are trying to do. I have much larger sums elsewhere but have only had to pass the usual 'sophisticated investor' tests. I have nothing whatever to hide but as I said previously, for a peripheral investment at lower end it simply is not worth the hassle or the risk.
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james21
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Post by james21 on Feb 16, 2020 16:31:00 GMT
I refused to supply the info on the basis I am a small investor
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Post by Deleted on Feb 16, 2020 16:46:49 GMT
I refused to supply the info on the basis I am a small investor Ditto. That is the best approach imo., after all, for small investments it simply isn't worth it. The chatter about recent issues at GS makes me wonder if the FCA have raised the bar for them in these matters.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 16, 2020 19:27:23 GMT
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Post by Deleted on Feb 16, 2020 19:42:50 GMT
That's interesting, that there is a 25k figure mentioned. I wonder when this came in? as some of my other P2P investments have been in excess of 25k, ISA's & non-ISA's and I have never been asked for more verification. Glossary as updated 6th Feb 2020 so maybe this is very recent. Whatever is happening here, whilst I agree with all manner of security and verification, I see this as a blow for smaller investors and platforms. For me, with quite limited spare money to invest, it really isn't worth my time; it is far easier just to transfer the small balance to RS.
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Post by Deleted on Feb 16, 2020 20:11:07 GMT
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