cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 21, 2016 0:42:40 GMT
Hi guys; I'm tagging onto this thread, as there is no need to start a new one.
Can someone with a bit more expertise than myself inform me how the new FCA application will affect the holding company that holds our money (Saving Stream Security Holding Ltd)?
I do understand that Lendy Ltd currently holds interim permission and that they are in the precess of gaining full registration, but would "Saving Stream Security Holding Ltd" not also have to obtain separate registration from the FCA, since they are a separate company but are also involved in the lending of money?
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Post by sunspot on Feb 21, 2016 12:08:28 GMT
Based purely on the name of the company, and your description, I assume it's responsible in some way for operating the "client account". If that's the case, it was probably set up in order meet FCA rules, so it's hardly likely to represent a stumbling block.
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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 Feb 21, 2016 13:39:59 GMT
Based purely on the name of the company, and your description, I assume it's responsible in some way for operating the "client account". If that's the case, it was probably set up in order meet FCA rules, so it's hardly likely to represent a stumbling block. Its the security trustee company which holds the security on lenders behalf and would enforce it if required on SS instruction (as a lender Im slightly worried that you imply you dont know this). Part of the new structure that makes new SS loans true P2P. Its a good question cooling_dude, one that could equally apply to Lendy Provison Reserve Ltd who administer the provision fund. Im not sure whether SSSH actually handles any cash or is engaged in lending itself, it just holds security, so may not actually need the same permissions as SS. Similarly the provision fund isnt actually holding lenders funds, just cash that SS have set aside themselves for use at their discretion to cover default issues. FCA FSR is down for maintenance so cant actually look at what permissions these comapnies hold until Monday.
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Post by sunspot on Feb 21, 2016 18:53:01 GMT
I stand corrected. However, sometimes I involve myself in details, and other times not. If something concerns me, I do my research, but in the case of Saving Stream, assuming our money is used as described, then I'm not worried.
My only real concern is the "old system". I signed up having read about it in a review, but assuming that someone had gotten their wires crossed, because in my book, it wasn't peer to peer! Were it not for this forum, I would still assume that was the case, because I saw no mention of it on the general sign-up and how-it-works blurb.
Indeed, it's for this reason, I'm currently staying well clear of older loans. I know some people take the opposite view, preferring the old system, but I definitely do not.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 21, 2016 19:38:34 GMT
Based purely on the name of the company, and your description, I assume it's responsible in some way for operating the "client account". If that's the case, it was probably set up in order meet FCA rules, so it's hardly likely to represent a stumbling block. Its the security trustee company which holds the security on lenders behalf and would enforce it if required on SS instruction (as a lender Im slightly worried that you imply you dont know this). Part of the new structure that makes new SS loans true P2P. Its a good question cooling_dude , one that could equally apply to Lendy Provison Reserve Ltd who administer the provision fund. Im not sure whether SSSH actually handles any cash or is engaged in lending itself, it just holds security, so may not actually need the same permissions as SS. Similarly the provision fund isnt actually holding lenders funds, just cash that SS have set aside themselves for use at their discretion to cover default issues. FCA FSR is down for maintenance so cant actually look at what permissions these comapnies hold until Monday. From (a very bad) memory, when I checked the FCA register when it was working there was no mention of "Lendy Provision Reserve Ltd" or "Saving Stream Security Holding Ltd". There was a "trading as" list under Lendy Ltd interim registration information (savingstream, Lendy Classic etc), but definitely no mention of the other 2 LTD companies. I would be very surprised if the FCA wouldn't require being at least informed about these two, especially "Saving Stream Security Holding Ltd". Will have a look at the FCA Register tomorrow.
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ablender
Member of DD Central
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Post by ablender on Feb 21, 2016 20:09:51 GMT
They are definitely not on the FCA register. (and not mentioned in other names for Lendy)
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dan83
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Post by dan83 on Mar 24, 2017 19:54:29 GMT
I thought I'd dig up an old thread rather then start a new one on the same subject.
One of the other P2P platforms I use has just got FCA approval, in the email it said it can no longer allow pre-funding.
Would you rather have SS FCA approved or have the pre-fund option?
If would be great to be able to sit round all day waiting for loans to go live, but I've got a life to get on with.
With out pre-funding I wouldn't have the time to get most of the loans o have or had.
What would you prefare?
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SteveT
Member of DD Central
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Post by SteveT on Mar 24, 2017 19:58:41 GMT
I thought I'd dig up an old thread rather then start a new one on the same subject. One of the other P2P platforms I use has just got FCA approval, in the email it said it can no longer allow pre-funding. Would you rather have SS FCA approved or have the pre-fund option? If would be great to be able to sit round all day waiting for loans to go live, but I've got a life to get on with. With out pre-funding I wouldn't have the time to get most of the loans o have or had. What would you prefare? MT were using the word "pre-funding" in a completely different context. They mean they will no longer fund new loans themselves (advancing funds to the borrower) before launching them on the platform. It's nothing to do with setting bid targets in advance. In fact, it brings MT into line with SS in terms of loans drawing down.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 24, 2017 19:58:46 GMT
I thought I'd dig up an old thread rather then start a new one on the same subject. One of the other P2P platforms I use has just got FCA approval, in the email it said it can no longer allow pre-funding. Would you rather have SS FCA approved or have the pre-fund option? If would be great to be able to sit round all day waiting for loans to go live, but I've got a life to get on with. With out pre-funding I wouldn't have the time to get most of the loans o have or had. What would you prefare? There is no "one or the other" - SS require full FCA approval if they want to continue to offer their current service So if the FCA says it shouldn't be, then it won't. However, the Pre-fund can be handled pre-drawdown and thus (as I understand it) bypass this rule. I think this is the reason INPL has remained on the PM, but removed on the SM
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dan83
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Post by dan83 on Mar 24, 2017 20:04:58 GMT
I thought I'd dig up an old thread rather then start a new one on the same subject. One of the other P2P platforms I use has just got FCA approval, in the email it said it can no longer allow pre-funding. Would you rather have SS FCA approved or have the pre-fund option? If would be great to be able to sit round all day waiting for loans to go live, but I've got a life to get on with. With out pre-funding I wouldn't have the time to get most of the loans o have or had. What would you prefare? MT were using the word "pre-funding" in a completely different context. They mean they will no longer fund new loans themselves (advancing funds to the borrower) before launching them on the platform. It's nothing to do with setting bid targets in advance. In fact, it brings MT into line with SS in terms of loans drawing down. Phew, that's good! I thought things was slowly going to get s lot harder for me on here. I didn't think MT done pre-funding (the way SS do it) but thought I must of just missed it on the site.
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