webwiz
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Post by webwiz on Feb 11, 2016 12:40:06 GMT
Well if the Turnip thinks it's risky that boosts my confidence in the industry.
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registerme
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Post by registerme on Feb 11, 2016 12:40:13 GMT
It's annoying that the other parts of the press that picked up on this continue to take his one comment about automatic programmatic credit modelling / loan approval and apply it broad brush to the entire industry.
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james
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Post by james on Feb 11, 2016 13:53:43 GMT
You can even judge the quality by just what they take from where. CityAM and the Telegraph for example seems to have ripped off the BBC web site by using the quote "the bankers" while The Times used the more full version "the worst bankers" that was available in the transcript here or by listening to the recordings. Meanwhile the BBC has modified its web site and the story there does no use the more full phrase "the worst bankers" and also to add more coverage of the underwriting aspect, perhaps in response to the report I made to them and/or other feedback on the original version. Radio 4's later coverage on the day also added more coverage of the underwriting portion of what he said. It's a shame that Lord Turner is getting completely undeserved criticism for his well considered remarks about a particular underwriting practice. The BBC and follow the leader coverage elsewhere transformed his words into a more general criticism of P2P that he clearly didn't make and which makes him look considerably less astute than his actual comments did. |
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Post by meledor on Feb 11, 2016 14:42:07 GMT
The problem is that even when reported correctly nobody seems to know which platforms Adair Turner is referring to. This makes his comments less than useful. However if the use of automated credit scoring in P2P is not widespread, as has been suggested by some, at least in some sectors (such as possibly, high volume, low margin P2C) then his comments would be also inaccurate.
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Post by wiseclerk on Feb 11, 2016 18:50:37 GMT
Maybe he is just indirectly generating publicity for his book?
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adrianc
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Post by adrianc on Feb 11, 2016 18:58:54 GMT
Maybe he is just indirectly generating publicity for his book? and/or "challenger bank". It's worked, too. Until this all broke, I'd heard of him, but I didn't know he'd got a book out, and I'd not heard of Oaknorth (sounds like a flippin' housing estate...). I have now. I don't much care about either of 'em, but I've heard of 'em. <edit> Blimey, having looked up OakNorth and the way they sell their loans... That really was blatant marketing, wasn't it...?
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Post by chielamangus on Feb 12, 2016 9:33:08 GMT
With all due respect to Lord Turner, he saw the problems of the industry and has held some very high positions and is incredibly erudite. Erudition doesn’t guarantee competence or action. Turner's track record is not one to allow any faith to be placed in his utterances (Private Eye readers will have come across his failures) but he is one of those people that the BBC routinely interviews to fill up space.
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james
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Post by james on Feb 12, 2016 10:18:19 GMT
Maybe he is just indirectly generating publicity for his book? Maybe but I think that what he really said in full was right. It's just the BBC editing that made it less good and about all of UK P2P.
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Post by chris on Feb 12, 2016 18:20:07 GMT
Maybe he is just indirectly generating publicity for his book? Maybe but I think that what he really said in full was right. It's just the BBC editing that made it less good and about all of UK P2P. He tarred the whole industry with his comments but if you look at his qualifiers and understand that really what he's saying doesn't apply to the whole industry then there is some truth / wisdom / insight (delete as you feel appropriate) in what he says.
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registerme
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Post by registerme on Mar 14, 2016 8:35:38 GMT
I wonder what Jorg Asmussen (appointed a couple of days ago as a non-exec to the FC board) will have made of Adair Turner's comments? |
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Post by Financial Thing on Mar 15, 2016 0:03:19 GMT
Being a banker, I've said this all along. Here is my quote from the Telegraph way back in October 2012... link I've said it consistently every since. With all due respect to Lord Turner, he saw the problems of the industry and has held some very high positions and is incredibly erudite. Quote from Andrews article in 2012: "Assetz has been founded by Andrew Holgate, who left RBS last month after spending seven years in small business banking. He said the site will be similar to existing online lending marketplaces such as Funding Circle, which has lent £53m to small businesses." How far both FC and AC have come in only 3 years.
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duck
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Post by duck on Jun 16, 2016 8:08:35 GMT
Well Lord Turner is on the board of OakNorth www.oaknorth.com/home so a conspiracy theorist would say ..... Just digging up this old thread I had an Email alert today for a great offer from OakNorth Great rate fixed term savings account OakNorth 12-Month Fixed Term Deposit • Get a fixed rate of 1.61% AER for entire term of account. Interest will be paid gross. You must fund your account with a minimum of £1,000 and a maximum of £100,000 • Withdrawals are not permitted within the fixed term. You can access your money after the 12 months fixed period • Available to UK residents aged 18 years or over. Applications are only accepted online
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Post by brianac on Jun 16, 2016 8:53:15 GMT
So they won't take my 50p then? shame, 1.45% is <almost> irresistible
:-)
Brian
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bigfoot12
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Post by bigfoot12 on Oct 11, 2016 13:45:15 GMT
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james
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Post by james on Oct 11, 2016 14:11:59 GMT
Interesting that he said he was speaking about individual lenders making a credit assessment, not platforms, " But in fact, individual investor credit assessment now plays only a very minor role in the growing direct lending market... only a small percentage of investors now directly select specific portfolios of loans, and even those investors rely crucially on the platform’s centralised credit assessment of the relative riskiness of different loans." |
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