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Post by bobsunndb on Jul 20, 2021 9:13:21 GMT
Hello,
I am fairly new to the p2p investing, and one thing that keeps bothering me is how data of the platforms is secured. What I mean is in case the platform goes bankrupt or there is a hack attack or whatever else happens that data is lost, where do I find the records that I had investment in the platform? I would not have anything to prove in court that I had investments in the platform?
Thanks for sharing your knowledge on this matter.
Cheers!
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keystone
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Post by keystone on Jul 20, 2021 9:49:45 GMT
Best to download your data regularly, like daily. Over 3 years on and still no resolution to the Collateral saga where the data was destroyed.
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Greenwood2
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Post by Greenwood2 on Jul 20, 2021 10:46:20 GMT
You would presumably have bank statements showing deposits. Keep records and update regularly, I usually do monthly and when I add or remove funds.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Jul 20, 2021 10:50:30 GMT
As keystone wisely suggests, and maybe consider a remote hard drive store or similar. i also keep a paper diary log of basic transactions / info ect. |
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Post by bobsunndb on Jul 20, 2021 15:05:51 GMT
Hi, thanks for the suggestions. Still, I was looking for some kind of official organization that would regulate the way data is stored? Are not platforms obliged to have ways to secure/back up data?
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Post by bobsunndb on Jul 20, 2021 15:07:10 GMT
And on the keystone note, what is this Collateral saga that you mention?
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iRobot
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Post by iRobot on Jul 20, 2021 16:23:08 GMT
Hi, thanks for the suggestions. Still, I was looking for some kind of official organization that would regulate the way data is stored? Are not platforms obliged to have ways to secure/back up data? Ultimately, on paper / in theory*, the FCA are responsible for regulating authorised firms. The FCA's regulatory guides (handbooks) have various comments on the subject of maintaining financial information, including COBS 16A.2 which itself references SYSC 9 and that includes 9.1.1: In the event of Bankruptcy, there is a <ahem**> mandated wind down procedure as outlined in the Wind-down Planning Guide and, winding-down to one side, that document makes reference to the firms operational resiliency at point 3.1.7 (my emphasis): * - NB: as with lots of things in life, 'in theory' can be very far removed from 'in practice' and there can be very few examples where the gap between what the FCA should be doing 'in theory' is so very distant from what it actually achieves 'in practice'. ** - another example of where 'theory' can - and often does - deviate from 'practice'. Best advice has already been given - keep frequently-updated and meticulous records of your own.
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Greenwood2
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Post by Greenwood2 on Jul 20, 2021 16:58:34 GMT
And on the keystone note, what is this Collateral saga that you mention? You might want to look carefully at the section P2P Platforms closed to new investment. There are some horror stories in there the Collateral site being a particular and ongoing disaster (in liquidation), but see also Lendy and Funding Secure (in administration). You really didn't want to be in any of those.
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michaelc
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Say No To T.D.S.
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Post by michaelc on Jul 20, 2021 17:59:35 GMT
If I deposit funds into my bank or my stock broker I don't worry about keeping records of said deposit.
The fact that the best advice (and it probably is the best advice) is to keep your own meticulous records speaks volumes about how unstable the sector is.
Stay clear at least for now would be my advice.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 20, 2021 18:25:00 GMT
If I deposit funds into my bank or my stock broker I don't worry about keeping records of said deposit. The fact that the best advice (and it probably is the best advice) is to keep your own meticulous records speaks volumes about how unstable the sector is. Stay clear at least for now would be my advice. Given that the number of stockbrokers that have gone bust recently isnt far off the number of P2P platforms you are perhaps being a little reckless 
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michaelc
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Say No To T.D.S.
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Post by michaelc on Jul 20, 2021 18:31:20 GMT
If I deposit funds into my bank or my stock broker I don't worry about keeping records of said deposit. The fact that the best advice (and it probably is the best advice) is to keep your own meticulous records speaks volumes about how unstable the sector is. Stay clear at least for now would be my advice. Given that the number of stockbrokers that have gone bust recently isnt far off the number of P2P platforms you are perhaps being a little reckless And did anyone loose money as a result ?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 20, 2021 18:46:01 GMT
Given that the number of stockbrokers that have gone bust recently isnt far off the number of P2P platforms you are perhaps being a little reckless And did anyone loose money as a result ? I believe so. In one case AIUI PWC took fees from client money & not everyone was covered by FSCS. Haven't looked in detail (Comment was tongue in cheek)
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Greenwood2
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Post by Greenwood2 on Jul 22, 2021 5:37:39 GMT
If I deposit funds into my bank or my stock broker I don't worry about keeping records of said deposit. The fact that the best advice (and it probably is the best advice) is to keep your own meticulous records speaks volumes about how unstable the sector is. Stay clear at least for now would be my advice. I keep records of at least income and balances of all my accounts monthly. I can then see at a glance where my funds are and how they are faring and adjust accordingly. A percentage in P2P is fine for me.
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aju
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Post by aju on Jul 26, 2021 11:35:18 GMT
If I deposit funds into my bank or my stock broker I don't worry about keeping records of said deposit. The fact that the best advice (and it probably is the best advice) is to keep your own meticulous records speaks volumes about how unstable the sector is. Stay clear at least for now would be my advice. I keep records of at least income and balances of all my accounts monthly. I can then see at a glance where my funds are and how they are faring and adjust accordingly. A percentage in P2P is fine for me. One might think that older presumably more trustworthy companies like say Zopa for instance would not be that troubling but since the most recent systems changes (ongoing since mid february's big bang!) Zopa has been struggling to maintain completely accurate data. It took me some months to eventually get Zopa to admit that in their haste to change the front end detail that they actually removed a number of loans completely - ok they eventually admitted they had had a bug and they had removed loans that had completed during the week or so changeover before the latest build without telling anyone. (Eventually I have managed to get full detail of all our loans that were affected) I think they failed the first changeover and the loans in the weeks delay that completed should have been included in the loan data but were not. Identifying the missing loans and their info was a major task since they had changed the linkages ( BorrowerID) and added a loan ID as well that bore no resemblance to the old loans so identirying all loans was quite painstaking. It took Zopa quite some time to even admit the error and provide the lost data. They are still struggling with bonus tax issues such that it seems no one is able to understand UK tax rules its up at the highest level i'm lead to believe at present - I think they hate me as they know i won;t go away until they fixit. Zopa is now the only P2P we have funds in so i track things much more closely since losing quite a bit of visibility - sadly being able to see when things are changed and should not have been is much harder now they have removed full and detailed statements data too. (I'm still working on that one too).
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