Mousey
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Post by Mousey on Sept 1, 2022 12:41:04 GMT
Following " Did internal politics and a culture of confusion at the FCA fail P2P investors?" I am writing an article specifically about the FCA's involvement in Lendy. In particular I am interested in hearing from people who submitted complaints or concerns to the FCA prior to Lendy's administration in May 2019. I can receive information in complete confidence via PM on here, or using the contact page above  |
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TitoPuente
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Post by TitoPuente on Sept 1, 2022 14:50:35 GMT
“We are still concerned that consumers stepping in the PtP world do not know that they are potentially exposed to high risks and we believe that they cannot be expected to understand the risks even with enhanced disclosure”.
7th June 2017 – E-mail sent from B** F** – Director (Risk & Compliance Oversight Division)
Patronising to say the least. We the ignorant consumers are not educated to understand the enhanced disclosures. I have never read an enhanced disclosure that said that there was a risk that the Directors would engage in criminal activities and/or collusion with other unscrupulous borrowers and associates.
The issue with P2P is not asset class risk, it is crime.
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r1200gs
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Post by r1200gs on Sept 1, 2022 15:08:24 GMT
“We are still concerned that consumers stepping in the PtP world do not know that they are potentially exposed to high risks and we believe that they cannot be expected to understand the risks even with enhanced disclosure”. 7th June 2017 – E-mail sent from B** F** – Director (Risk & Compliance Oversight Division) Patronising to say the least. We the ignorant consumers are not educated to understand the enhanced disclosures. I have never read an enhanced disclosure that said that there was a risk that the Directors would engage in criminal activities and/or collusion with other unscrupulous borrowers and associates. The issue with P2P is not asset class risk, it is crime. Yes, Lendy were effectively selling our money while knowing full well we were not going to get it back, plus siphoning off for themselves. What happened here was crime and people should be going up in court so when will it happen? I too was well aware of the risk of borrowers being unable to pay the money back, not in my wildest nightmares did I think the FCA would oversee what happened here. That FCA approval aided and abetted this crime.
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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
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Post by ilmoro on Sept 1, 2022 15:11:54 GMT
“We are still concerned that consumers stepping in the PtP world do not know that they are potentially exposed to high risks and we believe that they cannot be expected to understand the risks even with enhanced disclosure”. 7th June 2017 – E-mail sent from B** F** – Director (Risk & Compliance Oversight Division) Patronising to say the least. We the ignorant consumers are not educated to understand the enhanced disclosures. I have never read an enhanced disclosure that said that there was a risk that the Directors would engage in criminal activities and/or collusion with other unscrupulous borrowers and associates. The issue with P2P is not asset class risk, it is crime. I would say that there is considerable evidence that that FCA statement isnt inaccurate ... which actually makes the FCA (in)actions worse
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Post by rooster on Sept 1, 2022 22:21:22 GMT
“We are still concerned that consumers stepping in the PtP world do not know that they are potentially exposed to high risks and we believe that they cannot be expected to understand the risks even with enhanced disclosure”. 7th June 2017 – E-mail sent from B** F** – Director (Risk & Compliance Oversight Division) Patronising to say the least. We the ignorant consumers are not educated to understand the enhanced disclosures. I have never read an enhanced disclosure that said that there was a risk that the Directors would engage in criminal activities and/or collusion with other unscrupulous borrowers and associates. The issue with P2P is not asset class risk, it is crime. Absolutely spot on. I took a risk at the beginning of this debacle on what I'll term 'P2P- genuine-defaults' and in fairness to myself have probably lost very little to those. The money I've lost was stolen by a 'fully FCA approved' criminal group that lied with every lender-protective statement that they marketed. Outright lies such as those published by the Lendy clowns undermine any kind of investment. I mean whether its 4%, 8% or 12%, those kind of returns are simply not viable if accompanying them is the risk of total capital loss by way of theft. The joke of it is, if I withhold hindsight, today I genuinely cannot tell you what the difference is in the protections that were stated by Lendy and those of any other bluechip investment company.
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Post by HMS Ardent on Sept 2, 2022 7:04:46 GMT
Exactly.
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duck
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Post by duck on Sept 5, 2022 8:38:52 GMT
In particular I am interested in hearing from people who submitted complaints or concerns to the FCA prior to Lendy's administration in May 2019. I can receive information in complete confidence via PM on here, or using the contact page above FOIs submitted after the collapse of interest?
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Mousey
Member of DD Central
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Post by Mousey on Sept 5, 2022 9:26:26 GMT
In particular I am interested in hearing from people who submitted complaints or concerns to the FCA prior to Lendy's administration in May 2019. I can receive information in complete confidence via PM on here, or using the contact page above FOIs submitted after the collapse of interest? You mean they actually reply to FOI requests?!? Well yeah sure, the more the merrier 
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duck
Member of DD Central
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Post by duck on Sept 5, 2022 12:53:28 GMT
I read that Twit comment a day or so ago and thought 'so it is not just me'. 4.5 years in I am still sending FOIs on Col and a decent % are unanswered (usually Section 31 Law Enforcement). I only sent a couple of FOIs for Lendy (Col keeps me busy) and did get some answers ....... although I did like wrt the VREQ. I will get the FOIs to you later Mousey
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