LENDY Lender Support / Opt-in Action Required

Please note, to clarify, if you live abroad and therefore do not have an MP, you can still opt-in (ignore point 2).

Thanks
FSAG team

LENDY lender support - reminder - Opt-in action required.

Firstly, many thanks to all those who have already opted-in.



REMINDER – ACT BEFORE MIDNIGHT ON MONDAY 17TH MAY TO REGISTER.


We hear that the FCA are to use all sorts of lame excuses for their apparently atrocious lack of supervision of the p2p industry over many years. An industry where circa 50% of P2P companies have closed their doors to retail clients, frozen repayments, not taken adequate action to safeguard retail client’s capital becoming lost to fraud, and ultimately gone belly-up into administration.


Possible excuse number 1, blame the innocent, hard-working, RETAIL investor for not conducting their own due diligence over [redacted] valuations and non-disclosed loan agreements handled by fully regulated Lendy and FundingSecure!

Shockingly, there are many more that we have heard, none of which show any sympathy whatsoever for the retail clients. All excuses appear to be ways for the FCA to exonerate themselves from blame and consequences.


Do not let the FCA win by attrition, register your support for FSAG by the closing date.

We are in contact (and/or making contact) with over a dozen high-profile political and governmental entities (right the way to Cabinet Ministers), all of which have the power to call the FCA to account by various means.


See the main post for full details and how to register.

Or quick reminder…..


• Please send your approval in writing to FSAGFCA@yahoo.com This is a legal requirement.

• In the basic form of “[your name] gives my full support to FSAG”

• Please include:


(1) your first and last name. This is 100% required to opt-in.

(2) the name of your MP, their party and constituency.

(3) if you have funds in FS or Lendy, and if you want to divulge the amount you have currently frozen (1st May 2021) in each company. This will give us a cumulative idea as to how large the problem is compared to other FCA regulated and non-regulated collapses recently.


If you live abroad, then we just need your name and amounts frozen in both FundingSecure and/or Lendy (please state which).


Should you be aware of anyone who has not signed up to FSAG, please forward this post to them for their consideration to opt-in.
They do not have to be members of LAG or FSAG, they just need to be owed money from Lendy or FundingSecure.


Many thanks

FSAG Team on behalf of Marc & FSAG Team

TO ANY LENDY LENDER.

Update and LAST CALL to Opt-in by midnight on Monday 17th May or inclusion is not guaranteed


Firstly, many thanks to all those who have already opted-in.


This is the LAST CALL for those interested to Opt-in by midnight on Monday 17th May.


Letters are planned to be sent on 18th May to parties who may be interested in our plight.


Here are more details:

Lender Support / Opt-in Action Required



Correspondence to the FCA/MPs/Treasury and/or other groups holds more weight if it’s supported by a united group, rather than individuals, hence we need to show a united front.


We are now at the stage where we have to declare who is signed up to FSAG (or any FundingSecure lender) and ideally LAG group (or any Lendy lender), and importantly, that we have their unequivocal permission to write/communicate on their behalf.


We are to write to the above letters of complaint highlighting the multiple failures of the FCA in regards to both Lendy and Funding Secure and seeking a Public Inquiry into the purported lack of Supervision demonstrated by the FCA in regards to both these companies.

Will all those lenders that wish to have their names associated with these proposed letters, please give FSAG your written consent to add your name at the bottom of the letters we are to write.


The letters will be signed as a list of all people's names that have opt-in.


THIS OPT-IN PERMISSION NEEDS TO BE CONFIRMED BY EMAIL (LEGALITY).


• Please send your approval in writing to FSAGFCA@yahoo.com

• In the basic form of “[your name] gives my full support to FSAG”

• Please include:


(1) your first and last name. This is 100% required to opt-in.

(2) the name of your MP, his/her political party and constituency (saves us time later on in hunting out 100's of MPs), - if you live abroad and therefore do not have an MP, or you do not know your MP, please ignore point (2).

(3) if you have funds in FS or Lendy, and if you want to divulge the amount you have currently frozen (1st May 2021) in each company. This will give us a cumulative idea as to how large the problem is compared to other FCA regulated and non-regulated collapses recently.

Should you be aware of anyone who is not signed up to FSAG, please forward this post to them for their consideration to opt-in.


If you are NOT fully satisfied with the proposed way forward, please do NOT respond to this request.
If you do not want to share your info, then only share what you are comfortable sharing.


We have a very small team here and doing what we can with quite literally zero resources.


A copy of the letter(s) will not be published on FSAG/LAG, as last time a letter was published in good faith on the platform for the lender’s info, the joint administrators at one of these companies quoted the letter in court.


The above is done purely as a goodwill gesture on our part. If you do not feel happy, or are not in agreement by 100% support in providing your name, or concerned about any ramifications, then please don’t support.

If you are satisfied with the low returns you are likely to receive and do not wish to try and improve on those, your support is not expected.


The above is not an alternative to everyone making their own representation, you must also continue to chase up the FCA on your own accord. Literally, every letter they receive will add to our and your chances of success.

All the best,


FSAG Team on behalf of Marc Mason & FSAG Team

I've only just seen this. I tend to rely upon the fb posts for info and didn't see anything there. My name is too recognisable _ I would want to put initials - is that possible? I have a friend who works for FOS, don't want them to know either.

We have checked and can accept an alias provided that it is like a "normal" name and that you expressly inform us that you are using an alias.

Bearing in mind where this list of names is going and could end up, it is likely that someone will check that the names (or some of them) are genuine lenders at Lendy and FundingSecure.

Therefore, provided we know that you are using the alias, we will be able to contact you if the need arises to allow verification of your real name (we will already have your email address).

Very good question and good reasons why you do not wish to disclose your real identity until you have to (if ever).

To clarify another point raised elsewhere, when an application to opt-in is sent, point 1 asks for a statement:  I (your name) gives my full support to FSAG. This is because FSAG is running this project (not LAG) but it covers any lender from Lendy or FundingSecure. It is therefore FSAG which needs the "support" clause as we may need to prove that lenders have given us their full support and that we are not just taking it for granted.

The opt-in remains open for the group of letters which were due to be sent on 18th May but have been delayed slightly whilst we await the extra names now coming in from the publicity given to us by the Administrators at FundingSecure on 20th May (ie after the initial proposed cut-off of 17th May for guaranteed inclusion in that batch of letters), by means of an email to ALL lenders telling them of the existence of FSAG. The opt-in is open to any lender at LENDY or FundingSecure.

Thanks for all your support.