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Post by Ace on Oct 6, 2023 9:32:14 GMT
I've been notified by CR that from now on sales on their SM can only take place if the buyer and seller first exchange email addresses. Apparently, this change is required to comply with FCA rules.
What possible reason could the FCA have for requiring this? How does this improve protection for either the buyer or the seller? Does anyone know what new rule might have triggered this? I won't be using the SM now as I object to what seems to be a totally unnecessary imposition.
I'm not blaming CR here, as I assume that their hands have been tied.
I wonder how this will affect other platforms.
When will the FCA introduce real protections for lenders rather than tinker with nonsense like this?
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Post by overthehill on Oct 6, 2023 9:57:09 GMT
I've been notified by CR that from now on sales on their SM can only take place if the buyer and seller first exchange email addresses. Apparently, this change is required to comply with FCA rules. What possible reason could the FCA have for requiring this? How does this improve protection for either the buyer or the seller? Does anyone know what new rule might have triggered this? I won't be using the SM now as I object to what seems to be a totally unnecessary imposition. I'm not blaming CR here, as I assume that their hands have been tied. I wonder how this will affect other platforms. When will the FCA introduce real protections for lenders rather than tinker with nonsense like this?
Headless chickens running about the P2P free range...
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benaj
Member of DD Central
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Post by benaj on Oct 6, 2023 11:12:25 GMT
I haven't seen others have followed this measure yet. Is it a new rule? or is it CR SM specific?
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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 Oct 6, 2023 12:27:24 GMT
Probably need to ask CR ... not exactly sure where they fall in the regulatory sphere relating to bonds & illiquid securities trading. Not regulated P2P so outside that - haven't reviewed consumer duty changes in detail but likely to relate to that & Comms requirements ... CR is not a party in the transaction, just a facilitator ... likely a difference compared to a P2P SM.
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rocky1
Member of DD Central
Posts: 1,121
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Post by rocky1 on Oct 6, 2023 12:27:54 GMT
maybe the FCA could allow lenders the email and addresses of the dodgy directors and the dodgy borrowers who have walked away with millions of pounds of honest peoples money.
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