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Post by buryfc on Aug 24, 2020 13:41:54 GMT
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Post by billy169 on Aug 24, 2020 14:02:26 GMT
The full approval they got from the FCA was a very big factor for me.. i felt more secure,and stuck with it .dare say I'm not alone... without approval alot of us would have taken money out,,with approval we left it in,so how can they say approval was better ?.
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iRobot
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Post by iRobot on Aug 24, 2020 16:19:42 GMT
Telegraph a bit behind the curve on this one. A more in-depth article from over a month ago can be (openly) read here, including: Also includes details on threshold criteria, compensation bands, vexatious claims and a link to the Consultation document itself, for those with a high boredom threshold 
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Post by rooster on Aug 24, 2020 20:30:46 GMT
The full approval they got from the FCA was a very big factor for me.. i felt more secure,and stuck with it .dare say I'm not alone... without approval alot of us would have taken money out,,with approval we left it in,so how can they say approval was better ?. Indeed. Full FCA approval was a cornerstone of my confidence/decision to increase my investments through Lendy. Assurances were made that the FCA had participated in a detailed review of Lendy's processes and policies. In the context of Lendy's waterfall bonanza where the more they encourage a loan to become distressed, the more money they make, I can't believe that there isn't an FCA rule that states: "Platforms cannot include a term/condition which would lead Shareholders of that platform to benefit greatly by harming lenders".
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Mucho P2P
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Post by Mucho P2P on Aug 25, 2020 20:00:45 GMT
Telegraph a bit behind the curve on this one. A more in-depth article from over a month ago can be (openly) read here, including: Also includes details on threshold criteria, compensation bands, vexatious claims and a link to the Consultation document itself, for those with a high boredom threshold Its designed to make you give up before you even start!
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duck
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Post by duck on Aug 26, 2020 9:54:02 GMT
Telegraph a bit behind the curve on this one. A more in-depth article from over a month ago can be (openly) read here, including: Also includes details on threshold criteria, compensation bands, vexatious claims and a link to the Consultation document itself, for those with a high boredom threshold Its designed to make you give up before you even start! Won't work for all of us! A response to the consultation is being prepared, I have read every report the Complaints Commissioner has written since 2017 and got thoroughly engrossed in FSMA 2000 /2012  Whilst this thread is about Lendy (which I have some money in) I'm not letting the FCA off the hook for Col.
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duck
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Post by duck on Aug 26, 2020 13:22:16 GMT
Even when the FCA set the terms for an inquiry they still can't play it with a straight bat as the article shows.
Anybody in any doubt why the Consultation (which the complaints commissioner has been asking for for years) is taking place now in double quick time?
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Post by multiaccountmanager on Aug 27, 2020 8:50:25 GMT
Extract from proposal in the Consultation document
"In cases of financial loss, we would consider making a compensatory payment only
where adequate documentary evidence of the loss has been provided, and the
following further conditions have been met:
• we are the sole or primary cause of the loss; and
• there has been a clear and significant failure by us"
Which would appear to rule out any losses which might by due to FS failings, unless it can be proved that FS should not have been granted approval, or that the approval should have been withdrawn.
If the above is correct, I would suggest that each of us takes the time to respond to the Consultation before 14 September.
It seems to me that the FCA should be held responsible for any failing which contributed to a financial loss by an investor, albeit perhaps the FCA should only pay a percentage of the loss depending on the contribution, i.e. degree of culpability.
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Post by multiaccountmanager on Aug 27, 2020 8:52:43 GMT
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Greenwood2
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Post by Greenwood2 on Aug 27, 2020 10:26:13 GMT
Will only apply to complaints received after the new scheme comes into force (Section 1.11).
Not sure if that is good or bad. It may mean you can get higher compensation on existing complaints, or not!
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duck
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Post by duck on Aug 27, 2020 10:37:35 GMT
Will only apply to complaints received after the new scheme comes into force (Section 1.11). Not sure if that is good or bad. It may mean you can get higher compensation on existing complaints, or not! There the waters get more murky. Whilst the FCA refer to the 'new scheme' this consultation is to give clarity on the old scheme. The major tension that exists is that when the scheme was originally set up the words 'put back in the position....' were used, the FCA are using the consultation to remove this provision under the guise of 'clarification'. Whilst I accept that the FCA should not have a 'compensation scheme' for losses that are not covered by FSCS provisions (P2P) the statutory immunity from prosecution given to it by Parliament was never intended to extend to immunity to 'put back in the position'. This was the very reason that the office of the Complaints Commissioner was set up for in the first place.
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ilmoro
Member of DD Central
'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 Aug 27, 2020 11:16:31 GMT
The FCA acts with immunity it should not be able to act with impunity!
It already reportedly s***s in its own bed, it shouldn't be able to s*** in other people's without consequence.
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one21
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Post by one21 on Aug 27, 2020 16:54:36 GMT
Makes you wonder who makes the rules are they God or do think they are? As been said by others, the FCA is fundamentally flawed because they are financed by the very financial institutions they are supposed to regulate. What is required is an independant government backed control body.
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cwah
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Post by cwah on Sept 14, 2020 22:02:07 GMT
I m deep in trouble being with Lendy and FS. But also having invested on my personal account as well as spare cash from business...........
How best to complain? Is it better to raise 1 case for all account, or create 4 claims? (1 claim for lendy on personal account, 1 claim for lendy on business account, etc)
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duck
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Post by duck on Sept 15, 2020 4:18:08 GMT
How best to complain? Is it better to raise 1 case for all account, or create 4 claims? My complaints concern Col only and I have complained for myself and on behalf of wife and Ltd Co. The FCA got back to me and requested letters to confirm I could act on behalf of wife and Ltd Co. No problems, letters written and accepted. From my point of view this makes my life easier and also that of the FCA. Separate platforms obviously require separate platforms so that as matters are resolved the complaint can be answered and closed/progressed. FWIW I recently wrote a long complaint detailing all the failings wrt Col (stuff I have written about on the threads) and asked for this to be added to my original complaint as matters of clarification. This was accepted, nothing was 'timed out'.
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