shimself
Member of DD Central
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Post by shimself on Apr 14, 2016 19:24:22 GMT
Peer-to-peer investors can claim back compensation - but only in limited circumstances in the telegraph www.telegraph.co.uk/investing/isas/peer-to-peer-investors-can-claim-back-compensation---but-only-in/My short summary: The FSCS will cover investors if they have received “unsuitable advice” (from an IFA or similar )to invest in a peer-to-peer scheme, but only if the advice was given after April 6. People will be able to claim compensation of up to £50,000 if they received advice from a regulated advisory firm to invest in peer-to-peer and lost money as a result. Also potentially people who had lost their money because it had not been correctly ringfenced by the platform. Now who can I get to advise me? |
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Post by cassiopeia on Apr 14, 2016 20:01:09 GMT
We need protection from fraud and collapse of the company which runs the platform, not the underlying investments, so this part might be useful.
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jonah
Member of DD Central
Posts: 2,031
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Post by jonah on Apr 14, 2016 20:18:20 GMT
Peer-to-peer investors can claim back compensation - but only in limited circumstances in the telegraph www.telegraph.co.uk/investing/isas/peer-to-peer-investors-can-claim-back-compensation---but-only-in/My short summary: The FSCS will cover investors if they have received “unsuitable advice” (from an IFA or similar )to invest in a peer-to-peer scheme, but only if the advice was given after April 6. People will be able to claim compensation of up to £50,000 if they received advice from a regulated advisory firm to invest in peer-to-peer and lost money as a result. Also potentially people who had lost their money because it had not been correctly ringfenced by the platform. Now who can I get to advise me? I assume this means that if anyone posting here happens to be a regulated ifa in their day job says a misconstrued comment... Mods, it might be worth following the approach/ convention at MSE for IFAs to declare this to avoid this issue. Assuming there are any here of course!
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james
Posts: 2,205
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Post by james on Apr 14, 2016 20:31:10 GMT
It seems unlikely that an IFA here would have an in place client agreement with many or any readers of their posts such that they can give for fee regulated financial advice here. " can the person make money" as a proxy for acting in the way of business is typically the easy way to distinguish. PERG2 Annex 1 has a flowchart. Even if done by way of business it seems unlikely that know your customer and fact find requirements could be properly met solely through public posts here. |
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Apr 18, 2016 11:58:05 GMT
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stevio
Member of DD Central
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Post by stevio on Apr 19, 2016 19:13:34 GMT
Does this mean my wife can sue me for telling her to invest in P2P rather than her 0.5% bank account?
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james
Posts: 2,205
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Post by james on Apr 19, 2016 22:13:51 GMT
Provided you are registered with and regulated by the FCA and gave her professional advice as part of for business client-customer relationship.
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shimself
Member of DD Central
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Post by shimself on Apr 21, 2016 10:02:13 GMT
Can we set up some suitably authorised aunt sally to advise us all to invest in p2p?
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Post by westonkevRS on Apr 22, 2016 7:11:47 GMT
Does this mean my wife can sue me for telling her to invest in P2P rather than her 0.5% bank account? My worse better half has been looking for a reason for years....
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Post by propman on Apr 22, 2016 7:38:30 GMT
Does this mean my wife can sue me for telling her to invest in P2P rather than her 0.5% bank account? My worse better half has been looking for a reason for years.... Its only worth suing if you have funds that she doesn't get anyway. Personally in my family we have a "what's mine is hers and what's hers is hers " philosophy.
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bigfoot12
Member of DD Central
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Post by bigfoot12 on Apr 22, 2016 11:24:10 GMT
Can we set up some suitably authorised aunt sally to advise us all to invest in p2p? This sounds like an opportunity for InvestUp or SippClub, or someone similar who has already done some DD on the platforms. How much would you (or anyone else) pay? Suppose the correctly qualified person came along, did some DD and recommended some platforms to you. What do you think is the right price both up front and annually thereafter?
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