Post by Berkeley on Feb 29, 2016 20:31:00 GMT
While I agree with many others that the manner in which this platform performs is not as it should be, I have monitored the in-house bidding as closely as I have been able and have seen no actual breaking of FCA standards.
This particular loan, if downloaded into excel can be sorted by rate (Large to small) and then date (newest to oldest) it can then be clearly seen that the loan target was reached on 26-03-16. From that date, higher rate loans were rejected but only a single large bid was made on that date (5K @ 11%) by a non-house bidder (Assumed). This is how other platforms work and is acceptable under FCA rules.
It is however contentious whether it is acceptable for the house to effect the final loan rate, but providing that they do not literally knock bids out by underbidding others after they have entered their bids, they are doing nothing wrong. I think that they will be very careful not to do this and risk breaking FCA standards/
Originally I had intended to place 5-10 times the sum that I have on this platform, being put off a) by the in-house bidding and b) by what I perceive as some very strange assessments of the risk bands for individual loans. I will continue in the hope that the platform will mature fairly, but will keep bids lower than I might offer on other platforms.