1st investor win at the Ombudsman (FC)
Jan 14, 2021 20:08:37 GMT
Mousey, benaj, and 2 more like this
Post by scooter on Jan 14, 2021 20:08:37 GMT
Congratulations Mr N! He must have known he was on to a winner when FC offered him £25 before he even went to the Ombudsman.
www.financial-ombudsman.org.uk/files/288690/DRN-2190104.pdf
Mr N requested to sell around £3,000 of his investments in April 2019. Although Mr N was
www.financial-ombudsman.org.uk/files/288690/DRN-2190104.pdf
Mr N requested to sell around £3,000 of his investments in April 2019. Although Mr N was
unhappy that it took until the 31 May 2019 for the sale to complete, he was also dissatisfied
that he only received just over £1,200 from the sale. Funding Circle explained that this was
because around 35 of the loan parts he put up for sale were removed from the sales queue
before the sale was completed. Mr N complained to Funding Circle as he didn’t understand
why this happened.
Mr N didn’t accept Funding Circle’s response as he felt it hadn’t answered why all 35 loans
Mr N didn’t accept Funding Circle’s response as he felt it hadn’t answered why all 35 loans
had gone into a processing status on 30 May 2019, only to become eligible for sale again
the following day. He thought it was highly unlikely that 35 failed direct debit payments were
resolved within 24 hours and instead suggested that there was an issue with Funding
Circle’s processes.
Funding Circle explained that loans can go into a processing status when it has been
unsuccessful in taking payments from the borrowers the first time around. It said that it looks
to take the payment from the borrower before the payment date, and where there is a delay
in receiving this, the loan will go into a processing status until Funding Circle re-requests the
payment and it is successfully taken. Funding Circle also suggested that the recent bank
holidays may have affected the payments.
In response to my provisional decision, Funding Circle acknowledged that its system failed
In response to my provisional decision, Funding Circle acknowledged that its system failed
to account for the delay in receiving and redistributing loan repayments that were due over a
bank holiday, which resulted in Mr N’s loan parts being flagged as processing. So it agreed
to compensate Mr N £150 for the level of inconvenience he experienced
