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Post by chris on Apr 5, 2014 9:53:35 GMT
Don't want to go too far off piste but there are still compliance issues to sort out before we can offer something like Wellesley and call ourselves P2P - we need to make sure that we do not become a collective investment scheme as these fall under very different regulation. I'm just the computer geek so I haven't much of a clue about the correct terminology, differences, etc. but my limited understanding is that lenders must make individual decisions and take risk, insulate them completely and you are not a P2P site. So abusing your analogy maybe we're targeting something more like a modern supercar with radar cruise control, where you can drive manually or mostly automatically but you're still in control, at least at a basic level.
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Post by oldnick on Apr 5, 2014 9:54:23 GMT
I don't know if there would be a compliance issue in terms of ID checks, but presuming that it's okay with the compliance team then you could lend on behalf of however many wives you have (again the system wouldn't limit this) and get individual cleared funds and statements for each. Edit: UX means user experience which is a grandiose term encompassing the way the site looks and how people interact with it. So glad to know that AI doesn't involve itself with my sex life. Not so happy that the Compliance Team might... Do they have to check the compliance of your mattress? (or your mistress?)
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Post by badger on Apr 5, 2014 16:35:21 GMT
returning to the theme of this thread - congratulations to Assetz and chris. AI is working well for me, I've achieved more diversification in the past two days then in the previous two months since I first dipped my toes into Assetz. You will get all the spare cash that's been waiting in my bank for something like this to come along. And all without drawdown delays. Well done.
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Post by Ton ⓉⓞⓃ on Apr 5, 2014 23:29:32 GMT
AI acted twice for me today to buy LTL 6 (5yr deal 6.5% Aussie) & to buy Auction 43 (5yr 10% invoice discounter). One ton each.
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andy2001
Member of DD Central
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Likes: 34
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Post by andy2001 on Apr 6, 2014 0:32:26 GMT
I don't like Auto invest, but if we must have it. Then it should be set to be able to make sales of loan units on condition that the funds or at least some of the funds from the sold unit will be instantly used to buy a unit we want to buy.
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Post by chris on Apr 6, 2014 8:29:17 GMT
I don't like Auto invest, but if we must have it. Then it should be set to be able to make sales of loan units on condition that the funds or at least some of the funds from the sold unit will be instantly used to buy a unit we want to buy. I've thought about this and for the time being won't be implementing these chains. I understand the reasoning and like the theory but it does completely remove the possibility of manually buying loan units on the aftermarket as the loan units wouldn't even be listed for sale until they would be bought automatically. It would also shift the balance of who gets to buy loan units by preferring those without an onward chain that needs resolving which needs careful thought to resolve whether or not that would be fair or appealing. I'd rather wait until phase 2 is out of the door and people can see our big picture before tackling this.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Apr 6, 2014 12:46:44 GMT
Pasted from another thread, for consideration here:
Mega bidders can bid (say) £5000 on an auction. AC by default splits the actual purchase to 50 X £100 chunks which can be offered for sale later if required. The mechanics of letting an auto-investor nibble £20 off a £100 unit* on the aftermarket should be feasible. Currently, all sorts of "odd" remaining chunks from partly repaid loans are made available, e.g. Kris C*****r £100 slices are now worth £87.99, but I bought one in February for £90.74 so prices are always changing anyway.
Any chance, Chris?
* if no smaller chunks are available. I always used to bid in multiple small amounts purely for ease of re-sale (like on FC) until I discovered that AC subdivided larger bids.
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Post by chris on Apr 6, 2014 13:31:34 GMT
I believe that this would be very beneficial however there are legal and compliance issues that need to be resolved, and our team is a little busy with the FCA changeover and another internal project. Once I'm given permission to split loan units into smaller chunks I'll code it  |
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andy2001
Member of DD Central
Posts: 361
Likes: 34
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Post by andy2001 on Apr 6, 2014 14:51:20 GMT
I don't like Auto invest, but if we must have it. Then it should be set to be able to make sales of loan units on condition that the funds or at least some of the funds from the sold unit will be instantly used to buy a unit we want to buy. I've thought about this and for the time being won't be implementing these chains. I understand the reasoning and like the theory but it does completely remove the possibility of manually buying loan units on the aftermarket as the loan units wouldn't even be listed for sale until they would be bought automatically. It would also shift the balance of who gets to buy loan units by preferring those without an onward chain that needs resolving which needs careful thought to resolve whether or not that would be fair or appealing. I'd rather wait until phase 2 is out of the door and people can see our big picture before tackling this. I sold a unit of boiler 4 last night, and it sold instantly. The system as it stands completely removes any realistic change to pick up a non auto invest part that has a valid buy request in auto invest. So saying you don't want to do it for this reason is ridiculous. If you don't want to remove the chance of getting these units without auto invest you need to change things so there's a delay of say 20 or 30 seconds.
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Post by chris on Apr 6, 2014 14:56:00 GMT
You've misunderstood my reasoning - at the moment if there isn't a current buy order in place then the loan unit appears on the aftermarket and can be bought manually, or automatically if a new buy order is placed.
With the proposed change the loan unit wouldn't even appear on the aftermarket until an automatic buyer were found. There have been plenty of loan units sold on manually over the last couple of days, I'm not ready to kill that off just yet. Equally I'm not ruling it out in the future it's just important to understand how the existing systems are working and how it all fits into the bigger picture we're implementing behind the scenes.
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Post by gingergent on Apr 6, 2014 16:46:35 GMT
Is it just me, or does everyone now have to use a drop-down "more" menu to get to the documents & Q&A tabs when looking at existing loans? It seems the AI panel has shunted them off the main tab list. Considering that there's only 1 tab on the AI panel, it's a bit vexing. Can the AI & bid list panels not just overlay the content whilst allowing the main tab bar to run all the way across the top (or some other solution that keeps all the tabs visible)?
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andy2001
Member of DD Central
Posts: 361
Likes: 34
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Post by andy2001 on Apr 6, 2014 16:49:44 GMT
Is it just me, or does everyone now have to use a drop-down "more" menu to get to the documents & Q&A tabs when looking at existing loans? It seems the AI panel has shunted them off the main tab list. Considering that there's only 1 tab on the AI panel, it's a bit vexing. Can the AI & bid list panels not just overlay the content whilst allowing the main tab bar to run all the way across the top (or some other solution that keeps all the tabs visible)? For me it's the case on some loans and not others.
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Post by Ton ⓉⓞⓃ on Apr 6, 2014 17:58:53 GMT
I think they're still messing with the exact layout and of course an extra tab comes into existence when it draws down called "Your Units"
I think we're gonna forget what the old AC looked like soon.
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Post by oldnick on Apr 7, 2014 8:42:16 GMT
Don't want to go too far off piste but there are still compliance issues to sort out before we can offer something like Wellesley and call ourselves P2P - we need to make sure that we do not become a collective investment scheme as these fall under very different regulation. I'm just the computer geek so I haven't much of a clue about the correct terminology, differences, etc. but my limited understanding is that lenders must make individual decisions and take risk, insulate them completely and you are not a P2P site. So abusing your analogy maybe we're targeting something more like a modern supercar with radar cruise control, where you can drive manually or mostly automatically but you're still in control, at least at a basic level. Radar - check. Manual or automatic - check. Handbrake - a proper lever that you know you've applied - not one of those little electronic switches please. (Metaphorically speaking of course - it needs to be very clear as to whether the entire AIM system is active or disabled.
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Post by Ton ⓉⓞⓃ on Apr 7, 2014 10:19:02 GMT
Small bug chris on the AI. I noticed that it's struggling to show the correct time when I made some bids on Coventry, it flips between seconds (which is correct) then to minutes (incorrect) and I think I even saw hours (also incorrect). To explain again. I made a bid and it then showed the correct time had elapsed since I made the bid, I made another bid and both bids had the correct time elapsed. When the time reached one minute it then said I made them an hour (or hours) ago. After several bids over a couple of minutes or so some said 59 minutes ago (or hours possibly). I'm guessing the number is correct but the units aren't. HTH IN EDIT. The time all show correct now tho, which is 15 minutes after the event. |
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