r00lish67
Member of DD Central
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Post by r00lish67 on May 2, 2021 10:02:35 GMT
Times article"EY stepped down as the auditor of Kuflink after it highlighted what it called “significant” deficiencies in internal controls at the business, a sponsor of Southampton FC. “We believe the controls present; the level of governance evidence; the level of record-keeping and the general oversight of the business are currently inadequate.” It said that “significant work” was required to improve them." "In Kuflink’s most recent annual accounts, for the year ending June 30, 2019, EY highlighted “significant doubt” over the company’s ability to continue as a going concern." Not brand new news, but this had somehow passed me by. Doesn't sound very good, does it?
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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
Posts: 10,850
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Post by ilmoro on May 2, 2021 10:45:36 GMT
Times article"EY stepped down as the auditor of Kuflink after it highlighted what it called “significant” deficiencies in internal controls at the business, a sponsor of Southampton FC. “We believe the controls present; the level of governance evidence; the level of record-keeping and the general oversight of the business are currently inadequate.” It said that “significant work” was required to improve them." "In Kuflink’s most recent annual accounts, for the year ending June 30, 2019, EY highlighted “significant doubt” over the company’s ability to continue as a going concern." Not brand new news, but this had somehow passed me by. Doesn't sound very good, does it? Discussion you missed & KF CEO response p2pindependentforum.com/post/426401/thread
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alibaba
Member of DD Central
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Post by alibaba on May 2, 2021 11:04:03 GMT
I saw the original post and listed most of my investments on the secondary market, most of them sold quite quickly. At one point there were 39 investments listed on the secondary market which also sold quickly. I was able to remove my funds immediately. The way Kuflink handled the situation impressed me and I have reinvested my funds. I will wait for the next audit to decide wether to increase my investment.
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Post by uksoul on May 2, 2021 22:51:36 GMT
I saw the original post and listed most of my investments on the secondary market, most of them sold quite quickly. At one point there were 39 investments listed on the secondary market which also sold quickly. I was able to remove my funds immediately. The way Kuflink handled the situation impressed me and I have reinvested my funds. I will wait for the next audit to decide wether to increase my investment. Agreed on the excellent management by Narinder Khattoare on the audit disclosures. His willingness to enage personally with investors over their concerns impressed me a lot. I initially withdraw all my reserved investments upon reading the audit but upon several emai exchanges with Narinder, all my concerns were addressed and i have reinvested again. 20/21 accounts due soon which will show a decline in loss. 2021 likely see kuflink into profit mode.
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Post by uksoul on May 11, 2021 1:49:26 GMT
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rocky1
Member of DD Central
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Post by rocky1 on May 11, 2021 5:31:25 GMT
with the amount of retail funds now going into p2p/bonds etc etc i think that all of these financial/fintech companies should be showing proper audited accounts and it should be part of the we are authorised and regulated by the FCA criteria. i think at the moment kuflink have done well and have come clean and are rectifying previous mistakes that were not intentional.it is a pity that the likes of LY,MT,FS,COLL etc were not delved into in such detail a few years before covering their arses and heading for the door.
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Post by uksoul on May 11, 2021 7:25:19 GMT
with the amount of retail funds now going into p2p/bonds etc etc i think that all of these financial/fintech companies should be showing proper audited accounts and it should be part of the we are authorised and regulated by the FCA criteria. i think at the moment kuflink have done well and have come clean and are rectifying previous mistakes that were not intentional.it is a pity that the likes of LY,MT,FS,COLL etc were not delved into in such detail a few years before covering their arses and heading for the door. Yes, Kuflink has responded extremely well and the new auditors are held in high regard in their industry. For sure more p2p lenders need to follow suit with stricter audited accounts and greater transparency.
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