benaj
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Post by benaj on Mar 26, 2020 20:01:02 GMT
Assetz cannot pay everyone at the same time, the allocations are made in turn - several times a day. No one is being persecuted. Time to chill out, enjoy a glass of wine and be grateful that we will no longer have to watch the England team disgrace themselves again in the Euros. What wine are you drinking right now, ideally good pairing for the tagine?
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jlend
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Post by jlend on Mar 27, 2020 11:02:43 GMT
. Do you have an email saying it should never have been there? That would help, thanks. No, but it always seemed the obvious logical conclusion given that there are no statement entries for capital repayments, so that function could never be triggered.
Perhaps there was originally an intention that capital repayments WOULD become visible to individual investors (based on their pro-rata share of the relevant payment).
Perhaps such plans may have changed since then; e.g. with most users happier with the way it was than with the proposed alternative of QAA statements having huge numbers of "irrelevant" entries...?
Perhaps as you say. However that is not what AC said when asked. I can see how the confusion has occurred. The feature was displayed on the website. On asking AC they said the feature should work. On the website it said the feature was available. In fact it still says the feature is there. "Reinvest your interest and capitalWithin your Loan Dashboard, you can choose to set your account to automatically re-invest interest and capital repayments back into your QAA (if it is still open for new investments and subject to the cap per lender). Alternatively, you can transfer this cash into your Cash Account for investment in other loans or Investment Accounts."So should AC have got the function working at some stage or are they OK simply removing it without notice. I honestly don't know. The regulations for AC are clear. If the function once advertised should have worked then AC had no right to lend the money. Should AC return the money to lenders, I don't know. But if I was a lender I would ask for the pro rata money back from the date I enabled the feature. "This firm must protect the money it holds and/or controls on behalf of customers. It cannot lend this money or use it to finance its own business."
At the very least it is not great if it turns out AC knowingly left and advertised the feature on the website when it appears it didn't work, and told lenders it should work. The FCA guiding principles for AC include: 6 Customers' interests
A firm must pay due regard to the interests of its customers and treat them fairly.
7 Communications with clients
A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.
At the very least the situation wasn't clear IMHO. I am definitely no expert, but by removing the feature the account is getting closer to an unregulated collective investment scheme. The AC Investment Accounts, Ratesetter and Lending Works all have the ability to withdraw repaid capital in the individual loans that a lender is invested in, albeit a little convoluted now with the Access, Plus and Max accounts with Ratesetter. I am surprised AC were happy to remove the feature from a compliance perspective, although I must say I am no expert. There is a risk AC have broken the direct link between the borrower and lender which is a key part of P2P. Now when a borrower repays, the lender may not get their pro rata portion of the repayment back if they want it. There is no method of doing that in the Access accounts now. As far as I know AC are not authorised and regulated to offer collective investment schemes. Unauthorised collective investment schemes are "unlawful" according to the FCA. I can only think AC have spoken to the FCA and the FCA are happy with what AC have done in these extraordinary circumstances. Heaven forbid if they have not made absolutely sure and are running an unauthorised scheme. There would be no excuse for that given the time they had. If there were issues, IMHO AC would have to compensate lenders out of their own pocket, there would be no realistic way of rewinding the payments that have already been made to other lenders. There is also now a potential issue with how AC hold uninvested cash in the Access Accounts. With Lending Works and Ratesetter unmatched orders can be cancelled which fits with the p2p regulations as the money still belongs to the lender at that point. So what about all the money in cash in the Access accounts which is continually rebalanced as lenders add and withdraw money and which AC use to fund new tranches and loans. Should lenders be able to tell AC they want their pro rata portion back at any one time. I don't know, but I assume AC have checked given the recent changes. This cash belongs to lenders pro rata at all times I assume until the point it is lent. Can AC withhold the cash and lend it out while there are lenders wishing to withdraw? Am not totally convinced AC can do this due to the way they have designed the accounts. In the extreme case does this mean AC can't lend any more money from the QAA until the lender queue is zero? I hope AC have checked everything out.
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jlend
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Post by jlend on Mar 30, 2020 15:24:39 GMT
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Post by Ace on Mar 30, 2020 15:54:29 GMT
Could one of those hyper-diligent folk out there please let us know what the changes were, since AC don't seem to want to tell us.
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dead-money
Rocket to the Moon
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Post by dead-money on Mar 30, 2020 16:02:45 GMT
AMENDED
"When will withdrawal requests be able to be placed on the QAA and other Access Accounts? You can give notice on the 30 Day Access Account and the 90 day Access Accounts as normal right now and as those notice periods expire you will either receive the withdrawal if cash is available to do so or enter the queue at that time. The queue is working already although withdrawals have not yet started up again – we will advise when they do through our updates to this blog. Placing a withdrawal instruction on funds “Directly” invested in the Quick Access Account will also place you immediately in the queue at the time you request it. The queue is working already although withdrawals have not yet started up again – we will advise when they do through our updates to this blog."
TO "When will withdrawal requests be able to be placed on the QAA and other Access Accounts?
You can give notice on the 30 Day Access Account and the 90 day Access Accounts as normal right now and as those notice periods expire you will either receive the withdrawal if cash is available to do so or enter the queue at that time.
A withdrawal instruction on funds “Directly” invested in the Quick Access Account will also place you immediately in the queue at the time you request it.
The “Invest Idle Funds” feature has been temporarily removed and any funds you had in the QAA via this mechanism are now in the account as “Direct” investment. To join the withdrawal queue, you must place a manual withdrawal request from the QAA. If you previously turned off “invest idle funds”, prior to the removal of the feature, the funds associated with that mechanism will already be in the queue. The queue is working now, and some funds have been released from the Access Accounts."
ADDED "Do capital repayments in full, or part, or where a loan has regular repayments of capital, contribute to withdrawal requests from the Access Accounts?
Yes, they do, however please be aware that, at the time of writing, it appears that many banks and other major alternative lenders have suspended funding new loans. This means that we are experiencing reduced loan redemptions in full compared to what was previously expected to have made up a substantial amount of the cash for withdrawals. Therefore, capital repayments are no longer at a material level at this time."
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jlend
Member of DD Central
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Post by jlend on Mar 30, 2020 16:26:55 GMT
AMENDED
"When will withdrawal requests be able to be placed on the QAA and other Access Accounts? You can give notice on the 30 Day Access Account and the 90 day Access Accounts as normal right now and as those notice periods expire you will either receive the withdrawal if cash is available to do so or enter the queue at that time. The queue is working already although withdrawals have not yet started up again – we will advise when they do through our updates to this blog. Placing a withdrawal instruction on funds “Directly” invested in the Quick Access Account will also place you immediately in the queue at the time you request it. The queue is working already although withdrawals have not yet started up again – we will advise when they do through our updates to this blog."
TO "When will withdrawal requests be able to be placed on the QAA and other Access Accounts?
You can give notice on the 30 Day Access Account and the 90 day Access Accounts as normal right now and as those notice periods expire you will either receive the withdrawal if cash is available to do so or enter the queue at that time.
A withdrawal instruction on funds “Directly” invested in the Quick Access Account will also place you immediately in the queue at the time you request it.
The “Invest Idle Funds” feature has been temporarily removed and any funds you had in the QAA via this mechanism are now in the account as “Direct” investment. To join the withdrawal queue, you must place a manual withdrawal request from the QAA. If you previously turned off “invest idle funds”, prior to the removal of the feature, the funds associated with that mechanism will already be in the queue. The queue is working now, and some funds have been released from the Access Accounts."
ADDED "Do capital repayments in full, or part, or where a loan has regular repayments of capital, contribute to withdrawal requests from the Access Accounts?
Yes, they do, however please be aware that, at the time of writing, it appears that many banks and other major alternative lenders have suspended funding new loans. This means that we are experiencing reduced loan redemptions in full compared to what was previously expected to have made up a substantial amount of the cash for withdrawals. Therefore, capital repayments are no longer at a material level at this time."
"Do capital repayments in full, or part, or where a loan has regular repayments of capital, contribute to withdrawal requests from the Access Accounts? Was added in a previous update on the 26th. p2pindependentforum.com/post/376432
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dead-money
Rocket to the Moon
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Post by dead-money on Mar 30, 2020 16:36:51 GMT
Hmm, wish they would stop reediting this single page and post updates and changes as distinct revisions or at less clearly highlight what's changed and why !
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blender
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Post by blender on Mar 30, 2020 16:56:21 GMT
Hmm, wish they would stop reediting this single page and post updates and changes as distinct revisions or at less clearly highlight what's changed and why !
They might just as well keep moving the deck chairs around, considering that: "Therefore, capital repayments are no longer at a material level at this time."
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sl75
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Post by sl75 on Mar 30, 2020 17:40:37 GMT
Interestingly, I see that on the beta site, rather than extending the option that allows 30DAA funds to be transferred directly to 90DAA, so that QAA funds can also be transferred to 30DAA/90DAA, they've removed it entirely.
Perhaps that's why AC expect it to take so long to implement - i.e. they'd previously planned to quietly remove the button to transfer funds directly from 30DAA to 90DAA during the site redesign, and hope nobody noticed or missed it?
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Post by chris on Mar 30, 2020 18:15:41 GMT
Interestingly, I see that on the beta site, rather than extending the option that allows 30DAA funds to be transferred directly to 90DAA, so that QAA funds can also be transferred to 30DAA/90DAA, they've removed it entirely.
Perhaps that's why AC expect it to take so long to implement - i.e. they'd previously planned to quietly remove the button to transfer funds directly from 30DAA to 90DAA during the site redesign, and hope nobody noticed or missed it?
Oh no it should be there, I'll report it to the developers.
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Mikeme
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Post by Mikeme on Mar 31, 2020 9:29:12 GMT
I have just looked at my cash account and see a message to the left of CASH Iv'e not seen before saying TRANSFER IN PROGRESS. Is this new?
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sapphire
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Post by sapphire on Mar 31, 2020 9:36:49 GMT
I have just looked at my cash account and see a message to the left of CASH Iv'e not seen before saying TRANSFER IN PROGRESS. Is this new? I have a small cash balance but this message does not appear. Do you have an IFISA transfer in/out in progress?
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alibaba
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Post by alibaba on Mar 31, 2020 9:40:01 GMT
No message on my account
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Mikeme
Member of DD Central
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Post by Mikeme on Mar 31, 2020 9:43:29 GMT
It seems like it is transfer from my ISA cash account. I was had withdrawn the cash there to my main cash account. Before it was instant now seems to be TRANSFER IN PROGRESS. I'll check again later.
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mark
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Post by mark on Mar 31, 2020 10:04:47 GMT
It seems like it is transfer from my ISA cash account. I was had withdrawn the cash there to my main cash account. Before it was instant now seems to be TRANSFER IN PROGRESS. I'll check again later. I have had this before a couple of times. I recall that it was Isa withdrawal related and from memory their was some Isa admin required. Normally dealt with instantly but with all that is going, maybe a staffing issue. Mine was sorted after a short period of time.
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