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GBBA
Aug 13, 2015 12:02:37 GMT
via mobile
Post by oldnick on Aug 13, 2015 12:02:37 GMT
Returning to my request for a holdings statement, and AC's lack of enthusiasm for same What we have at the moment is data (a list of all the tiny transactions) but not information (a list of holdings). I can see the black box argument but in that event why bother us with the transactions statement? At the time the account was created it was determined to be a legal requirement to provide that statement. Our preference would have been for a simplified statement showing deposits, withdrawals and repayments. Can you produce both? It doesn't solve the 'looking inside the Black box' request, but would give the uninterested a better view of what's happening with their accounts.
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GBBA
Aug 13, 2015 12:03:59 GMT
Post by chris on Aug 13, 2015 12:03:59 GMT
At the time the account was created it was determined to be a legal requirement to provide that statement. Our preference would have been for a simplified statement showing deposits, withdrawals and repayments. Can you produce both? It doesn't solve the 'looking inside the Black box' request, but would give the uninterested a better view of what's happening with their accounts. No technical reason why not, will add it to the wish list.
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duck
Member of DD Central
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GBBA
Aug 13, 2015 14:57:06 GMT
Post by duck on Aug 13, 2015 14:57:06 GMT
I like the statement, would hate to see it go! I have noticed over the last couple of days that you can get an idea what loans are moving round since the GBBA is picking up shrapnel in some of the loans not seen on the 'units available' page.
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GBBA
Aug 13, 2015 15:20:28 GMT
duck likes this
Post by chris on Aug 13, 2015 15:20:28 GMT
I like the statement, would hate to see it go! I have noticed over the last couple of days that you can get an idea what loans are moving round since the GBBA is picking up shrapnel in some of the loans not seen on the 'units available' page. Unless the legal advice changes there's no chance it will be going anywhere. Might be supplemented with a simplified version, but we'd have to leave the full version somewhere.
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am
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GBBA
Aug 13, 2015 16:26:36 GMT
Post by am on Aug 13, 2015 16:26:36 GMT
Returning to my request for a holdings statement, and AC's lack of enthusiasm for same What we have at the moment is data (a list of all the tiny transactions) but not information (a list of holdings). I can see the black box argument but in that event why bother us with the transactions statement? At the time the account was created it was determined to be a legal requirement to provide that statement. Our preference would have been for a simplified statement showing deposits, withdrawals and repayments. I can see an argument that a GEIA/GBBA without assignment of individual holdings to individual loans would have been in effect a highly liquid bond, rather than P2P - and perhaps outside the scope of what the FCA have authorised AC to do.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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GBBA
Aug 13, 2015 17:51:44 GMT
Post by sqh on Aug 13, 2015 17:51:44 GMT
chris, is the GBBA buying loan units of loan #79 that was unsuspended today ?
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GBBA
Aug 13, 2015 18:13:23 GMT
Post by chris on Aug 13, 2015 18:13:23 GMT
chris, is the GBBA buying loan units of loan #79 that was unsuspended today ? No. The loan is tradable under a status of "monitoring event" which allows MLIA activity but no account purchases (only sales). GBBA currently has no holding in that loan. The loan would otherwise meet the GBBA criteria though.
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duck
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GBBA
Aug 19, 2015 16:24:18 GMT
Post by duck on Aug 19, 2015 16:24:18 GMT
A question for perhaps chris (accepting it is not your field but .....)
My partner has today received the Email regarding loan 82 and asked me if there was anything she should do. Since she is a GBBA investor only can I ask what is the rational in including this type of investor in the Email updates?
Accepting that we are perhaps unusual in that I am running a full spreadsheet for her GBBA and know that she has £15.21 invested in that loan (she has no idea what loans she is invested in) is there not potential to 'confuse' lenders who run the account as I believe you wish it to be run i.e. hands off?
I've been trying to come up with a good reason (apart from openness and transparency) why the Email updates would be of use to GBBA investors and can only come up with liquidity issues if a loan book was to be 'cashed in'.
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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 Aug 19, 2015 16:36:58 GMT
A question for perhaps chris (accepting it is not your field but .....)
My partner has today received the Email regarding loan 82 and asked me if there was anything she should do. Since she is a GBBA investor only can I ask what is the rational in including this type of investor in the Email updates?
Accepting that we are perhaps unusual in that I am running a full spreadsheet for her GBBA and know that she has £15.21 invested in that loan (she has no idea what loans she is invested in) is there not potential to 'confuse' lenders who run the account as I believe you wish it to be run i.e. hands off?
I've been trying to come up with a good reason (apart from openness and transparency) why the Email updates would be of use to GBBA investors and can only come up with liquidity issues if a loan book was to be 'cashed in'. This raises an interesting point in the case of votes. Who casts them for GBBA holdings? Presume it cant be AC as they might have extra info. Very little info in the GBBA descriptions about account management stuff like this
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duck
Member of DD Central
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GBBA
Aug 19, 2015 16:56:41 GMT
Post by duck on Aug 19, 2015 16:56:41 GMT
A question for perhaps chris (accepting it is not your field but .....)
My partner has today received the Email regarding loan 82 and asked me if there was anything she should do. Since she is a GBBA investor only can I ask what is the rational in including this type of investor in the Email updates?
Accepting that we are perhaps unusual in that I am running a full spreadsheet for her GBBA and know that she has £15.21 invested in that loan (she has no idea what loans she is invested in) is there not potential to 'confuse' lenders who run the account as I believe you wish it to be run i.e. hands off?
I've been trying to come up with a good reason (apart from openness and transparency) why the Email updates would be of use to GBBA investors and can only come up with liquidity issues if a loan book was to be 'cashed in'. This raises an interesting point in the case of votes. Who casts them for GBBA holdings? Presume it cant be AC as they might have extra info. Very little info in the GBBA descriptions about account management stuff like this Indeed, I was just discussing this with my partner explaining that Emails were usually for votes. Since the PF covers GBBA accounts it would seem logical that GBBA holders shouldn't vote and without digging through what can be long histories they would not know what way to go .... and then it is a 'hands on' account.
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GBBA
Aug 19, 2015 18:22:05 GMT
Post by chris on Aug 19, 2015 18:22:05 GMT
duck, ilmoro - I'll find out. I can guess at several reasons but don't want to spread misinformation. Will update once I've heard back from the rest of the exec.
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Post by geoffrey on Aug 20, 2015 20:22:46 GMT
Yes, both my (grown-up) son and daughter have, on my advice, put some investment into GEIA and GBBA, and both of them sent me today the "URGENT" voting email they had received from Assetz, asking me what they should do. I have to say, I told them to ignore it because we don't know how much they have in that loan, and they have absolutely no view as to what they should answer. In that case, it seems best to leave the decision by majority up to those with a clear and tangible stake in the loan. Assetz shouldn't keep sending "URGENT" emails, saying that a decision is "required" to GBBA holders. You need to add something in your T&Cs for those who invest in those accounts to the effect that they sign over their voting rights to the trustees of the Provision Fund, since it is that Fund that will compensate account holders if a loan goes bad. This seems an entirely reasonable way to deal with this issue (though I realize lawyers don't always do "reasonable" -- still, RS never sends emails about distressed loans asking for permission to negotiate or whatever, so there has to be a way round it).
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GBBA
Aug 25, 2015 10:18:35 GMT
Post by crabbyoldgit on Aug 25, 2015 10:18:35 GMT
This seems to me to be another reason why members of the geia and gbba should have a regular view of their holdings in the funds, my vote around what to do in the case of a loan in trouble would probably be very different based on the amount of holdings i had at risk and i am not sure letting somebody else make those votes for me when its my money at risk is a good idea for me or the provision fund, exposing them to considerable anger if thing go wrong and they had in effect ended up with the casting votes.
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jonah
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GBBA
Aug 25, 2015 18:56:44 GMT
Post by jonah on Aug 25, 2015 18:56:44 GMT
I assume that there is a specific time when holdings are taken to determine voting percentages? Does GBBA get taken in the same way at the same time?
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GBBA
Aug 25, 2015 20:28:47 GMT
Post by chris on Aug 25, 2015 20:28:47 GMT
duck, ilmoro - I'll find out. I can guess at several reasons but don't want to spread misinformation. Will update once I've heard back from the rest of the exec. , any news on this? ISTR the same question being asked about the green account. Should really have a solid answer by now... An official statement is being worked on between marketing, compliance and legal.
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