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Post by buzzablinio on Feb 19, 2020 7:45:48 GMT
From the LW website...
"FCA regulation of the peer-to-peer lending industry
Nicholas Harding - 18 April 2014
The peer-to-peer lending (P2P) industry is now regulated by the Financial Conduct Authority (FCA). The regulatory framework has been designed primarily to achieve the following key objectives.
Provide additional protection for consumers
Promote effective competition within the P2P lending industry
Allow the growth of the industry to continue in a controlled way
Ensure platforms provide clear and not misleading information and have appropriate procedures for handling client money
Ensure firms deal appropriately with customers in financial difficulties and complaints
Ensure platforms maintain a stable financial position and have contingency arrangements in place in the event of a platform failure"
I particularly like ”Ensure platforms provide clear and not misleading information and have appropriate procedures for handling client money”
Ah, well, it's only words so who cares - obviously not LW 😂
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squid
Member of DD Central
Posts: 141 
Likes: 204
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Post by squid on Feb 19, 2020 10:47:20 GMT
It will in due course be for the Financial Ombudsman Service to decide if ”Ensure platforms provide clear and not misleading information and have appropriate procedures for handling client money” was the case with the LW November announcement.
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Post by buzzablinio on Feb 24, 2020 22:06:17 GMT
Having had my stock response from LW - "we did nothing wrong, move along, end of the matter", I was surprised at how easy it is to raise the matter with the Financial Ombudsman 🙂
I don't know but lowering existing loan interest rates so you fall foul of the penalty for early redemption of loans of a now lower interest rate than the existing rate...just seems a little underhand to me.
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Post by carol167 on Feb 25, 2020 8:27:02 GMT
Having had my stock response from LW - "we did nothing wrong, move along, end of the matter", I was surprised at how easy it is to raise the matter with the Financial Ombudsman 🙂 I don't know but lowering existing loan interest rates so you fall foul of the penalty for early redemption of loans of a now lower interest rate than the existing rate...just seems a little underhand to me.
And don't forget that just a week later they then raised them all "by an average of 1.57% with immediate effect" once the damage was done and a lot of us had cashed in.
I think they realised just how low they'd gone. They should have forseen that. What amateurs! Mine was 0.68% on the classic account. I can get twice that in a Marcus account fully FSCS backed!
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Post by jojo on Feb 25, 2020 9:30:47 GMT
And don't forget that just a week later they then raised them all "by an average of 1.57% with immediate effect" once the damage was done and a lot of us had cashed in.
I think they realised just how low they'd gone. They should have forseen that. What amateurs! Mine was 0.68% on the classic account. I can get twice that in a Marcus account fully FSCS backed!
I have not cashed in, you are speculating on unknown figures Carol, maybe max 15 people on this forum have said to have draw in Jan and beginning of Feb, LW have 6800 Investors from their statistics, 15 out of 6800 is not what i would called " A LOT" . Don't forget and please take into account that people which have withdraw had their money within the expected 5 working days timeline showing good liquidity.
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keystone
Member of DD Central
Posts: 713
Likes: 575
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Post by keystone on Feb 25, 2020 10:47:50 GMT
And don't forget that just a week later they then raised them all "by an average of 1.57% with immediate effect" once the damage was done and a lot of us had cashed in.
I think they realised just how low they'd gone. They should have forseen that. What amateurs! Mine was 0.68% on the classic account. I can get twice that in a Marcus account fully FSCS backed!
I have not cashed in, you are speculating on unknown figures Carol, maybe max 15 people on this forum have said to have draw in Jan and beginning of Feb, LW have 6800 Investors from their statistics, 15 out of 6800 is not what i would called " A LOT" . Don't forget and please take into account that people which have withdraw had their money within the expected 5 working days timeline showing good liquidity. Jojo, are you a stooge for Lending Works or are you just speculating on the numbers. Or maybe both?
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Post by jojo on Feb 25, 2020 11:15:02 GMT
I have not cashed in, you are speculating on unknown figures Carol, maybe max 15 people on this forum have said to have draw in Jan and beginning of Feb, LW have 6800 Investors from their statistics, 15 out of 6800 is not what i would called " A LOT" . Don't forget and please take into account that people which have withdraw had their money within the expected 5 working days timeline showing good liquidity. Jojo, are you a stooge for Lending Works or are you just speculating on the numbers. Or maybe both? Keystone , I am just a investor with 2 accounts, one for my wife and one for myself, i just discover this forum after changes happen in Dec and was surprised like everyone with the interest shortfalls changes. If you read back my comments, I said from the start that I would prefer to wait and see if improvement will occur over the next 6 months like it was said. I don't see any reason why I should have to pay those fees so when the improvement happen on 12th of Feb I was pretty happy that its happen quicker than I anticipated. On numbers I have no clue to be honest, i am watching like everyone the LW Statistics page and what people are saying about how long it takes to withdraw ( because i have not done withdraw i can only rely on people feedback) and from what i read it looks like normal business. From what I understand to finance (but i might be wrong), more people that ask to draw at the same time, more time it will take to draw so i am guessing on the same logic, if time to draw is normal, that mean number of people that are withdrawing are fairly normal. On my investments my target is to judge if my capital is safely invested (which i think it is right now) and i keep monitoring with feedback from the community which is very helpful. I just don't like when people have decided to draw at the wrong time and then spread random numbers just because they are upset.
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tyrex
Posts: 78
Likes: 36
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Post by tyrex on Feb 25, 2020 12:53:54 GMT
Jojo, are you a stooge for Lending Works or are you just speculating on the numbers. Or maybe both? Keystone , I am just a investor with 2 accounts, one for my wife and one for myself, i just discover this forum after changes happen in Dec and was surprised like everyone with the interest shortfalls changes. If you read back my comments, I said from the start that I would prefer to wait and see if improvement will occur over the next 6 months like it was said. I don't see any reason why I should have to pay those fees so when the improvement happen on 12th of Feb I was pretty happy that its happen quicker than I anticipated. On numbers I have no clue to be honest, i am watching like everyone the LW Statistics page and what people are saying about how long it takes to withdraw ( because i have not done withdraw i can only rely on people feedback) and from what i read it looks like normal business. From what I understand to finance (but i might be wrong), more people that ask to draw at the same time, more time it will take to draw so i am guessing on the same logic, if time to draw is normal, that mean number of people that are withdrawing are fairly normal. On my investments my target is to judge if my capital is safely invested (which i think it is right now) and i keep monitoring with feedback from the community which is very helpful. I just don't like when people have decided to draw at the wrong time and then spread random numbers just because they are upset. It is somewhat hypocritical to on one hand appreciate the forum for the information it gives you that allows you to judge your investment decisions, whilst simultaneously berating a member for offering their experience and opinion, just because you do not agree with their comments.
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Post by jojo on Feb 25, 2020 13:10:07 GMT
Keystone , I am just a investor with 2 accounts, one for my wife and one for myself, i just discover this forum after changes happen in Dec and was surprised like everyone with the interest shortfalls changes. If you read back my comments, I said from the start that I would prefer to wait and see if improvement will occur over the next 6 months like it was said. I don't see any reason why I should have to pay those fees so when the improvement happen on 12th of Feb I was pretty happy that its happen quicker than I anticipated. On numbers I have no clue to be honest, i am watching like everyone the LW Statistics page and what people are saying about how long it takes to withdraw ( because i have not done withdraw i can only rely on people feedback) and from what i read it looks like normal business. From what I understand to finance (but i might be wrong), more people that ask to draw at the same time, more time it will take to draw so i am guessing on the same logic, if time to draw is normal, that mean number of people that are withdrawing are fairly normal. On my investments my target is to judge if my capital is safely invested (which i think it is right now) and i keep monitoring with feedback from the community which is very helpful. I just don't like when people have decided to draw at the wrong time and then spread random numbers just because they are upset. It is somewhat hypocritical to on one hand appreciate the forum for the information it gives you that allows you to judge your investment decisions, whilst simultaneously berating a member for offering their experience and opinion, just because you do not agree with their comments. , this is not what i meant. I am glad to know when there are facts like, time to draw, fees % , interests payments.... But the message to say that " a lot of people have draw" seems to me subject to interpretation, but i see from your previous messages that you have draw in Jan so maybe your anger or frustration are still intact. It seems to me that this Forum is only to complain, everytime I share my experience which is positive , i am treated like I work for p2p. I have made a very good interest amount over the last 5 years thanks to p2p and I still don't see any reason why I should not say so. Am I glad that fees increase, NO , Am I glad that i made good interests , YES , why do I have the obligation to talk only the negative about increase in fees and not the positive of good interests?
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Post by Undecided on Feb 25, 2020 22:03:58 GMT
“... the positive of good interest”.
You have no idea what interest you will get with LW. They can and do change the rate whenever they want now without necessarily telling everyone. I only found out about the recent increase via this forum and I didn’t know about the massive reduction in January until I tried to sell.
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Post by carol167 on Feb 25, 2020 22:54:37 GMT
It is somewhat hypocritical to on one hand appreciate the forum for the information it gives you that allows you to judge your investment decisions, whilst simultaneously berating a member for offering their experience and opinion, just because you do not agree with their comments. , this is not what i meant. I am glad to know when there are facts like, time to draw, fees % , interests payments.... But the message to say that " a lot of people have draw" seems to me subject to interpretation, but i see from your previous messages that you have draw in Jan so maybe your anger or frustration are still intact. It seems to me that this Forum is only to complain, everytime I share my experience which is positive , i am treated like I work for p2p. I have made a very good interest amount over the last 5 years thanks to p2p and I still don't see any reason why I should not say so. Am I glad that fees increase, NO , Am I glad that i made good interests , YES , why do I have the obligation to talk only the negative about increase in fees and not the positive of good interests? I would totally agree...
...up until the 1st of January, LW had been my 2nd best earner. (RS being my 1st). Up until Feb I had nearly the most capital with LW eclipsed only by AC.
I've been with LW since the beginning having joined in July 2014 back when I was advised by a telephone call from them that though I'd added 5k to their 5 year offering, there wasn't enough loans to use it and hence I might want to withdraw it and readd at a later date rather than just let it site there uninvested for some time. What excellent customer service I thought. That will tell you just how new they were. I even have a shiny credit card sized membership card - do they still send you those when you join ? And in the subsequent years, I've had nothing but praise for them. You have only to look back through my previous posts in the LW forum as proof. I even brought quite a few other people to LW with their bonus friends link.
Add in the ease of use of the platform, the useful and helpful voice of their representative Matthew who actually engaged with the forum, the simplicity of their 3 and 5 year products. What was not to like ?
But all that does not detract from the appalling way they miscommunicated exactly what was to befall us and their subsequent behaviour and mishandlng since. In one fell swoop they went from simplicity to what seems to be an incredibly complex setup to which you now need a maths degree to come even close to understanding with a reduced transprency on data and figures leaving us to wonder exactly what is going on behind the scenes. And rather than listen to their investors concerns and acknowledge that perhaps given the backlash they may have gone about things rather poorly and I would add unfarily, instead they have forced us down the FOS route alienating us even further.
Is it any wonder that we feel let down and are likely to snipe at and admonish LW ?? In my books they deserve it.
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