taffy
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Post by taffy on Nov 4, 2020 12:50:08 GMT
Since Administration, my "investments" have returned very little leaving me with several thousand pounds capital losses.
When FS talked of 10% returns I assumed that was interest on capital not OF capital. Was I wrong or were others likewise deceived?
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james100
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Post by james100 on Nov 4, 2020 14:05:20 GMT
Since Administration, my "investments" have returned very little leaving me with several thousand pounds capital losses. When FS talked of 10% returns I assumed that was interest on capital not OF capital. Was I wrong or were others likewise deceived? Your Funding is Secured in their pockets. And the only "interest" I have is in how the hell they managed to get away with it.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 4, 2020 17:01:38 GMT
Since Administration, my "investments" have returned very little leaving me with several thousand pounds capital losses. When FS talked of 10% returns I assumed that was interest on capital not OF capital. Was I wrong or were others likewise deceived? Your Funding is Secured in their pockets. And the only "interest" I have is in how the hell they managed to get away with it.I don't think they will, I'd be VERY nervous if I was involved. What happened at FS is FAR too blatant & serious (and provable) to be ignored by the FCA. The FCA's reputation (particularly regarding P2P) is in complete tatters and they know it, their credibility just doesn't exist and only naive idiots trust them on anything now. Funding Secure, Collateral, and Lendy will (should/must) be dealt with in the fullness of time, but it takes a while to build a good case. Lord knows there is a Mount Everest of evidence. IF nothing ever eventually happens re these three Platforms then the FCA should be summarily shut down, as the useless, ineffective & arrogant organisation they have so far proved themselves to excel at being, in facilitating what happened within these P2Ps. MANY will be pushing for that FCA shutdown if justice is not done, if only to protect future investors from the FCA's Gross Incompetence. A seismic shift of mindset from "Deny culpability on everything and cover our backside at all costs" to actually admitting mistakes and fulfilling their remit, "Protect the financial consumer", would be a good start. But I don't think any of us think that will ever happen.
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taffy
Posts: 148
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Post by taffy on Nov 4, 2020 18:53:20 GMT
I have recently been asked by a P/P Platform that is still in business to review and endorse their platform. I said no, because P/P lack regulation, simple as that.
I "invested" in three very different P/P platforms to ensure diversity. One Unsecured Loans based on creditworthiness of applicants, one secured by property (max % of valuation) and a third being Pawnbroking who loaned a max 70% of valuation and had control of the asset as security (right!!). I would not have invested in any of them if they were not FCA Approved and Regulated, in the case of ISA`s also approved by HMRC no less. Of the three, only one is not in administration but with reduced returns and increased risk due to COVID, so very much riskier than before.
I agree wholeheartedly with you that the FCA failed in their duty to audit and regulate these companies leaving it a Wild West for investors duped into believing the FCA contributed some safeguard. By way of punishment no doubt, Mr Andrew Bailey was transferred from head of the FCA to the Head of the Bank of England, that will teach him!! The FCA has lost all credibility and unless it now acts quickly to recompense investors and provide true regulation from now on, it must be scrapped.
There is much talk on here about legal action, but against who and to what end.
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pfffill
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Post by pfffill on Nov 5, 2020 0:52:07 GMT
I have recently been asked by a P/P Platform that is still in business to review and endorse their platform. I said no, because P/P lack regulation, simple as that. I "invested" in three very different P/P platforms to ensure diversity. One Unsecured Loans based on creditworthiness of applicants, one secured by property (max % of valuation) and a third being Pawnbroking who loaned a max 70% of valuation and had control of the asset as security (right!!). I would not have invested in any of them if they were not FCA Approved and Regulated, in the case of ISA`s also approved by HMRC no less. Of the three, only one is not in administration but with reduced returns and increased risk due to COVID, so very much riskier than before. I agree wholeheartedly with you that the FCA failed in their duty to audit and regulate these companies leaving it a Wild West for investors duped into believing the FCA contributed some safeguard. By way of punishment no doubt, Mr Andrew Bailey was transferred from head of the FCA to the Head of the Bank of England, that will teach him!! The FCA has lost all credibility and unless it now acts quickly to recompense investors and provide true regulation from now on, it must be scrapped. There is much talk on here about legal action, but against who and to what end. I would leave your expectations of anything more than a token compensation from the FCA at the door as you leave; in my opinion - based on nothing but the historical weasel ways of such bodies, I'll admit - that's all we are likely to see. Any talk of compensation for losses sustained is akin to micturating upwind, I believe.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on Nov 5, 2020 11:46:09 GMT
NEVER give up, remember The Battle of Britain!!!!  And, of course, David and Goliath. 
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micky
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Post by micky on Nov 5, 2020 17:00:29 GMT
No need to check your FS accounts. My error.
I have and our current investments have been deleted and replaced with- 'No matching records found'.
Customer services are looking into it.
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