blender
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Post by blender on Feb 18, 2015 18:59:35 GMT
What makes you think the FCA have interests other than securing their bonuses. Same crowd responsible for the banking crash, just a few cosmetic name changes. Name changes? You mean it may stand for Funding Circle's Acolytes? Oh dear!
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jimbo
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Post by jimbo on Feb 19, 2015 6:00:47 GMT
The FCA are a waste of space as a regulator in my opinion. They don't ever seem to act until well after the horse has bolted. Given how 'well' they regulate the AIM market as a template, I'd be surprised if they bothered to do anything beyond contacting FC and giving them a slap on the wrist.
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blender
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Post by blender on Feb 22, 2015 12:10:44 GMT
I think that a slap on the wrist from the FCA would be seen as a serious failure - something to try hard to avoid.
(Both accounts still wrong).
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bloodycat
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Post by bloodycat on Feb 25, 2015 22:31:04 GMT
Been on for less than 2 months and already had one occassion where a purchase on the secondary market had been debited but not actually gone through. It took me a while playing in excel to locate the problem.
They did rectify the problem reasonably promptly once I notified them, though I wasn't reassured by their response that it would eventually have been picked up by their mainly manual reconciliation process, nor the fact that they got my name wrong.
I have also noticed on a couple of occasions first thing in the morning the Funds summary total isn't the same as total deposited + net earnings shown in the all time earnings summary due to it not having caught up with that days recieved interest payments. Obviously the two summaries inexplicably use different data sources. Doesn't inspire confidence in the design or scalability of their systems.
I have yet to work out how to verify that payments recieved are what is expected
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blender
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Post by blender on Feb 25, 2015 22:45:48 GMT
... nor the fact that they got my name wrong. Welcome bloodycat - you would think FC would remember a name like that.
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bloodycat
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Post by bloodycat on Feb 25, 2015 22:51:44 GMT
... nor the fact that they got my name wrong. Welcome bloodycat - you would think FC would remember a name like that. Thanks. Obviously they have my real name ... or perhaps not since they got it wrong
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maxmarengo
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Post by maxmarengo on Feb 26, 2015 9:07:54 GMT
Have locked the poll for now. Would be interesting to run it again in 6 months time.
My conclusions from the poll:
- Only half the respondents have an accurate account which is a bit disturbing. Of course people with problems are more likely to respond and more likely to be following this forum to start with.
- Pretty good balance of overs and unders, so FC is not "creating" or "destroying" money, just putting it in the wrong pots.
What the survey does not show is time to fix. I reported my issue over 3 months ago and I still have the £100+ extra in my account.
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SteveT
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Post by SteveT on Feb 26, 2015 9:22:23 GMT
I've emailed Frankly Crummy a couple of times (when the cumulative errors went against me) and each time they got it balanced again within 24 hours or so. However I now take their assurances that problems get picked up automatically with a large pinch of salt. My account has been £17 in my favour for at least the last month.
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blender
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Post by blender on Feb 26, 2015 10:39:40 GMT
Have locked the poll for now. Would be interesting to run it again in 6 months time. My conclusions from the poll: - Only half the respondents have an accurate account which is a bit disturbing. Of course people with problems are more likely to respond and more likely to be following this forum to start with. - Pretty good balance of overs and unders, so FC is not "creating" or "destroying" money, just putting it in the wrong pots. What the survey does not show is time to fix. I reported my issue over 3 months ago and I still have the £100+ extra in my account. Hi Max, First many thanks for this poll which has been valuable. You conclusions seem relaxed. A bit disturbing that half of our accounts are wrong at any time? 'Just putting it in the wrong pots' - is taking money from one lender's account and putting it in another lender's account for no valid reason. I suppose as I am always a beneficiary of this, I feel strongly because personally I am most unhappy with feeling I have obtained another lender's cash by FC's error, rather than a sale. Unacceptable to do that at all.
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Post by davee39 on Feb 26, 2015 10:42:07 GMT
Been on for less than 2 months and already had one occassion where a purchase on the secondary market had been debited but not actually gone through. It took me a while playing in excel to locate the problem. They did rectify the problem reasonably promptly once I notified them, though I wasn't reassured by their response that it would eventually have been picked up by their mainly manual reconciliation process, nor the fact that they got my name wrong. I have also noticed on a couple of occasions first thing in the morning the Funds summary total isn't the same as total deposited + net earnings shown in the all time earnings summary due to it not having caught up with that days recieved interest payments. Obviously the two summaries inexplicably use different data sources. Doesn't inspire confidence in the design or scalability of their systems. I have yet to work out how to verify that payments recieved are what is expected The repayments affect the funds summary in the same way at Zopa. When a repayment is made the capital part is deducted from the funds summary so this continues to fall until all repayments are processed. The next stage is that the capital and interest starts to be credited and the summary total increases, hopefully to end at a higher level than it started. This is not an unreasonable process, but it is supposed to complete during the wee small hours so few people notice. You are probably correct with regard to scaleability, as loan volumes have increased they are are processing many more loan parts. One suggestion I have not seen mooted previously might be a larger minimum part size for the larger loans, perhaps £30 parts min above £100k. And yes, the site was abominable when I logged in at 9am. Perhaps there is a spiritual purpose, to teach us that patience is more important than the pursuit of profit.
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markr
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Post by markr on Feb 26, 2015 12:26:42 GMT
Welcome bloodycat - you would think FC would remember a name like that. It's a name that's regularly muttered through gritted teeth in my household - why is it that on a nocturnal toilet visit, one's bare foot will always land in the dismantled mouse.
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maxmarengo
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Post by maxmarengo on Feb 26, 2015 13:06:04 GMT
Ok Blender, I agree I am too laid back about this. If this scale of error were happening with my bank or any other financial institution I deal with I would be switching accounts. I am in FC for pleasure rather than business! The "in the wrong pots" comment was due to the fact that it appears that FC have balancing errors. It would be much worse if they were not correctly linking debits and credits. Musing on this after I had posted, the fact that 3 months on FC have not fixed my error suggests that they are not putting enough resource in to this and it is likely that the number of unresolved errors will have grown. The nice thing about the survey is that it shows 70+ people's experience in a nutshell. So if you are thinking about increasing your stake in FC - CAVEAT EMPTOR Hi Max, ....You conclusions seem relaxed. A bit disturbing that half of our accounts are wrong at any time? |
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blender
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Post by blender on Feb 26, 2015 13:46:03 GMT
MaxM - it's just my opinion, I am old-fashioned and if in charge would have reported myself to the FCA by now.
I also think that your poll is by far the single most useful post on the subject, brilliant, thanks.
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nick
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Post by nick on Feb 26, 2015 14:47:54 GMT
My account has never reconciled and has been out by £20 to £3k+ now. I have never been able to print off a monthly statement (as to many transactions) and get these periodically sent to me. The only way I get comfort is via weekly review of the return versus back of the envelope calcs. However, I have always assumed that the "P&L" numbers, eg interest, cashback, accrued interest less fees are correct and that my cash balance is wrong due to trapped bids/double countings of sales etc etc. Is this a fair assumption? For those of you who are able to reconcile their accounts, are the errors usually on the cash balance side rather than errors in interest,cashback, & fees?
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SteveT
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Post by SteveT on Feb 27, 2015 8:09:41 GMT
Not sure whether its connected to last night's "essential maintenance" downtime but, having been £17 in my favour yesterday, my account this morning is some £500 short (with the sum Lent having dropped by roughly the same). Needless to say I've emailed FC to investigate.
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