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Post by meledor on Apr 28, 2016 16:38:55 GMT
I check in on the forum as usually find out something about loans or platform changes as SS cannot be bothered to email investors or let them know what is going on. SS is my favoured platform by a long stretch but this takes the biscuit with regards to communication. Sorry SS this is just shocking. No email , no warning. Not everyone uses the forum. I will start to consider any further investment carefully now. Wow, other p2p sites are far far worse with communication. I would say they are good with communication. Agreed. I am happy with the communication at SS, and it is better than other platforms I use (some speak well of MT's communication but I do not use it). This is more IT glitch than communication issue.
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gurberly
Member of DD Central
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Post by gurberly on Apr 28, 2016 18:10:05 GMT
Sorry everyone. A development idea went live a bit early by accident. Being undone now. Will communicate the idea if and when we are ready in order to give everyone time to adjust. Dev -->Test-->Live Whilst generally supportive of the idea.... savingstream you are a financial institution with £186 million of investors funds. You are beyond the point of being "My mate Bill" next door and accidentally releasing Dev to Live. You just cannot play fast and loose with your platform and make basic implementation mistakes like this. If you make mistakes like this, then I do start to wonder about the platform as a whole and in particular about data security. Malcom
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Post by trevxe on Apr 28, 2016 18:52:06 GMT
Dev -->Test-->Live Whilst generally supportive of the idea.... savingstream you are a financial institution with £186 million of investors funds. You are beyond the point of being "My mate Bill" next door and accidentally releasing Dev to Live. You just cannot play fast and loose with your platform and make basic implementation mistakes like this. If you make mistakes like this, then I do start to wonder about the platform as a whole and in particular about data security. Malcom Agreed. It's pretty worrying that they're playing around with these things on the live platform.
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Liz
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Post by Liz on Apr 28, 2016 19:06:49 GMT
Sorry everyone. A development idea went live a bit early by accident. Being undone now. Will communicate the idea if and when we are ready in order to give everyone time to adjust. Dev -->Test-->Live Whilst generally supportive of the idea.... savingstream you are a financial institution with £186 million of investors funds. You are beyond the point of being "My mate Bill" next door and accidentally releasing Dev to Live. You just cannot play fast and loose with your platform and make basic implementation mistakes like this. If you make mistakes like this, then I do start to wonder about the platform as a whole and in particular about data security. Malcom £100m of investors funds, but yes you make some good points.
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sl75
Posts: 2,092
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Post by sl75 on Apr 29, 2016 6:37:15 GMT
There is a lot of informed opinion that it is in breach of FCA client money rules and they may have to drop it to obtain full authorisation and hence the ability to offer IFISAs. IMHO ISAs are far more valuable than INPL which is a convenience with no cash value, unlike ISas which boost interest rates to 12% from 6.6% to 9.6% depending on tax band. It probably can't be allowed on an ISA account, but AIUI that's no reason it can't be offered on non-ISA accounts - by comparison a stockbroker will often allow INPL on regular stocks and shares (where if you sell with a shorter settlement time, you don't need to send the money at all), but can only use previously deposited and cleared funds (or funds due within the settlement time from other shares already sold) to buy in an ISA account.
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Investboy
Member of DD Central
Trying to recover from P2P revolution
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Post by Investboy on Apr 29, 2016 8:55:03 GMT
Sorry everyone. A development idea went live a bit early by accident. Being undone now. Will communicate the idea if and when we are ready in order to give everyone time to adjust. Dev -->Test-->Live Whilst generally supportive of the idea.... savingstream you are a financial institution with £186 million of investors funds. You are beyond the point of being "My mate Bill" next door and accidentally releasing Dev to Live. You just cannot play fast and loose with your platform and make basic implementation mistakes like this. If you make mistakes like this, then I do start to wonder about the platform as a whole and in particular about data security. Malcom Tell this to Fantastic Coders. They have 1.25B under "mis-management", and their website have problems on a weekly basis. Plus I don't see their communication here (maybe on their own forum...) if something goes wrong.
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lobster
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Post by lobster on Apr 29, 2016 9:25:00 GMT
It sounds to me very much like there was nothing wrong with the code itself, the problem was that it was released to the live platform by accident , rather than the test environment.
So presumably we can assume from this that SS are indeed actually planning to implement something like a "7 day" rule ? ie. If you purchase any loan part, you have to wait a minimum of 7 days before disposing of it ? Or at the very least , they are experimenting with it.
Obvioulsy they would communicate with all platform users before any live release.
However it seems to me that any such implementation of a 7 day rule would only serve to reduce platform liquidity.
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pom
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Post by pom on Apr 29, 2016 10:09:01 GMT
Way I see it there are plenty of other platforms where you can't resell parts instantly (have to wait for loan to fill, drawdown etc) so it's just a change in strategy to get used to. If people have to think twice as to whether they really want to buy a part then it may slow down SM purchases a little bit in the short term but I'm sure people will soon get used to it. Whilst to new investors it can seem vitally important to get the max invested asap in the best possible loans, the difference between holding a loan for a few hours or a few days really isn't that much in the scheme of things. If you're not prepared to hold a loan for a few days maybe you shouldn't buy it in the first place - just because we usually have been able to sell (however long we've had it) instantly doesn't mean we always can or would always be able to.
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Post by earthbound on Apr 29, 2016 10:21:40 GMT
However it seems to me that any such implementation of a 7 day rule would only serve to reduce platform liquidity. I agree, 7 days is excessive, 3 days seems fair to me.
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