IS LENDING WORKS DOING ANYTHING RIGHT?

I'm sure they do read comments on here, but they are fully aware, that most investors head straight for Trust Pilot, for required reassurance before investing, hence all their sugar coated, corporate BS responses, to justify their dismal performance this last year. I can only thank Lending Works for my realization, that no centralized financial institution, will ever be trusted with any of my money ever again. How can it be right, that a company helps themselves to retail investor funds, because of their failings as a business....Will the Banks start taking money from peoples accounts, when they next make losses....I mistakenly thought, we had a Financial Conduct Authority, to police these kind of shady practices (That's Another Story Entirely!). I only say this based on my dismal experience with Lending Works, it really has shocked me, that the so titled 'Fair And Simple' company (in their words) piled all losses, at their retail investor doors, due to their poor credit control measures. All this, whilst still paying themselves handsomely, and despite having a big investment from a private investor, never once dipping into their own deep pockets and paying for the errors they made! Stop using Covid 19 as an excuse! I was also with RS, Z, FC, LC and AC....All of which have performed with a higher degree of respect, compassion and dignity, far above this effort.

If all they care about are their Trustpilot reviews  I would suggest we keep writing negative reviews. 

I think that the best line of action for these dishonest people (LW) is to report them to the Financial Ombudsman (FO). My personal experience with such action is:-

A few investors, including myself, took our case against Assetz Capital to the FO for AC taking money from our Cash Accounts and locking it in without our permission. Of course AC at least had the decency to pay us some interest during the past year upon our money. In the course of their investigations, the FO became aware that AC had allocated our monies into loans which were already defaulted ,or as AC would describe them - “trading suspended”. The FO decided to investigate AC due to such unfair trading and its conduct. This has resulted in a lot of trouble and problems for AC. FO's investigation is still ongoing and I received another update from the FO last week stating that they are still awaiting AC to provide information and documents which FO requested several weeks ago. FO further stated that throughout their long investigation, AC have demonstrated reluctance to cooperate with FO and have always ignored previous initial requests and been extremely slow to respond. I don't know if this investigation had any effect on AC's behaviour, but AC have suddenly decided to repay our money back over the past month. In any case I am very pleased with the outcome.

I'm sure that if LW is reported to the FO then LW will be deemed guilty of unfair trading and mismanagement of investors' monies by LW not paying interest for the whole year, and now demanding ransom of more than 10% from investors in order to release their capital.

Surely the subject of this thread should be 'IS LENDING WORKS DOING ANYTHING RIGHT?'

In the first line of my comment I explained "Financial Ombudsman (FO)".  It is definitely the same one as you have named; I just didn't use "UK" as I thought it was unnecessary.  I also do hope that I will be successful in this case with LW, but it carries more weight if more and more people take their case to FO as well. 

That will not be a problem.  I will post my complaint but it will be useless to anyone else.  In order to take any complaint to FO one has to exhaust the company's own complaint procedure first, so you have to complain to LW first and then, if you get no joy, you can involve FO.  There is no shortcut to this procedure.