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Post by spareapennyor2 on Jul 20, 2018 16:47:44 GMT
ok then Wednesday 18.00 hrs extended
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Post by brightspark on Jul 20, 2018 16:51:04 GMT
First time poster but long time lurker here. Re FCA authorisation, Aren't Lendy now subject to FCA Principles? The applicable rules 1.4 FCA Under the Principles (Note (2)), providers and distributors of products and services have various responsibilities that have an impact on customers. Detailed rules within the FCA Handbook further specify what these responsibilities are in certain defined circumstances. 1.5 FCA The Principles apply to all authorised firms. This Guide looks particularly to the following Principles (Note (3)): Principle 2 ('A firm must conduct its business with due skill, care and diligence'); Principle 3 ('A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems'); Principle 6 ('A firm must pay due regard to the interests of its customers and treat them fairly'); and Principle 7 ('A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading'). They seem to be belatedly getting to grips with 2 and 3, but haven't yet realised that 6 and 7 need addressing. Should we be raising this with the FCA do you think? I contacted the FCA and they have responded very quickly and here's what they have to say; "Thanks for completing the contact form on our website regarding Lendy Ltd. I understand Lendy Ltd have provided investors two options for a peer 2 peer loan, were the borrower as defaulted on their loan. You’d like to find out if the firm if needs to comply with our high level principles including Principle Six and Principle Seven for investors under this peer 2 peer agreement. The activity of operating a Peer 2 Peer platform in the UK is an regulated activity which falls inside our remit. I can see from the register entry for Lendy Ltd, they hold the operating an electronic system in relation to lending permission from us. You can view their register entry by clicking on the highlighted link. This means Lendy Ltd would need to comply with our the rules and regulations as outlined in The Financial Services Handbook, including Principle six and Principle Seven. However, as the regulator we have to remain impartial and I’m therefore unable to make comment on whether Lendy Ltd have complied with out high level principles including Principle Six and Principle Seven. Your next steps If you’re not satisfied with the service provided by Lendy Ltd, you can use the Complaints Procedure including The Financial Ombudsman Service. Further information regarding the Complaints Procedure can be located on our website by clicking on the highlighted link. As the regulator we’re unable to investigate consumer’s individual complaints or disputes with an authorised firm, as we do not hold complaint resolution powers. These powers are held by The Financial Ombudsman Service. You may wish to seek you own legal advice regarding your legal position in relation to your investor agreement with Lendy Ltd. I hope this information has been useful. Yours sincerely " I have replied "Just one other thing Andrew, I appreciate that you cannot comment specifically but I hope that I have given you sufficient information to flag that there might be issues worth investigating at Lendy. For a feeling of just how angry and misled many lenders feel, you might like to look at some of the comments made on the P2P forum p2pindependentforum.com/board/58/lendyI leave it in your hands Kind regards" I don't expect that an army of investigators will descend on Lendy this afternoon, but I do trust the FCA to get around to taking a good look at what goes on at Lendy at some stage, albeit too late to help us poor suckers with our immediate issues. What you have indicated adds up to that someone wanting to complain can go through the Ombudsman complaints procedure. The Ombudsman Service publishes a guide on how to make a complaint - Basically the investor complains to Lendy and if not satisfied with the response raises the complaint with the Ombudsman . The test the Ombudsman will apply to the complaint is that some gross misdemeanour rather than some minor technical infringement must have been committed. The Ombudsman will presumably view the complaint against the background framework provided by the FCA. For most small investors with a few bob invested in a loan its a lot of work collating all the paperwork etc for not much gain. Larger investors might wish to try this route. Another route would be to take legal advice etc.
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TheDriver
Member of DD Central
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Post by TheDriver on Jul 20, 2018 17:00:49 GMT
Appears to have been extended by 5 days! Perhaps they intend to allow more time to convince investors option 1 is the best bet, but even their disingenuous example shows that any investment after late 2016 will fail to return even the original capital.
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Post by douganole on Jul 20, 2018 17:03:08 GMT
I think you're right NSFW, but if they get enough Complaints I would think they have to act? Otherwise they're left with their panties down as being incompetent. Heaven forbid. Agree ozboy One issue is the actual loss on investments and we have to look to the Ombudsman if we wish to complain. The other issue is the failure ( continued failure) of Lendy to adhere to the Principals which the FCA stipulate. These Principals are not optional, they are compulsory. It is now on record that the FCA are aware of these failures and I have a reply email from the FCA which, by it's very existence, shows that the FCA have been made aware. If enough people contact the FCA to voice similar concerns, and they are made aware that the press are also involved and aware of the FCA being notified, I believe that somewhere down the line Lendy will brought to task. I appreciate that many have little faith in the FCA but to justify their existence they have to catch, punish and publicise miscreants. By feeding them with the facts about Lendy we are making their job a little easier - providing them with the low hanging fruit.
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p2pmark
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Post by p2pmark on Jul 20, 2018 17:14:53 GMT
I think you're right NSFW, but if they get enough Complaints I would think they have to act? Otherwise they're left with their panties down as being incompetent. Heaven forbid. Agree ozboy One issue is the actual loss on investments and we have to look to the Ombudsman if we wish to complain. The other issue is the failure ( continued failure) of Lendy to adhere to the Principals which the FCA stipulate. These Principals are not optional, they are compulsory. It is now on record that the FCA are aware of these failures and I have a reply email from the FCA which, by it's very existence, shows that the FCA have been made aware. If enough people contact the FCA to voice similar concerns, and they are made aware that the press are also involved and aware of the FCA being notified, I believe that somewhere down the line Lendy will brought to task. I appreciate that many have little faith in the FCA but to justify their existence they have to catch, punish and publicise miscreants. By feeding them with the facts about Lendy we are making their job a little easier - providing them with the low hanging fruit. I think you'll find it much more effective to go through the ombudsman. It's not the FCA's job to investigate individual complaints. If the ombudsman finds numerous failures then the FCA may get involved, but I don't think they'll take notice of individual complaints (however numerous) - you'll need to go through the correct process. No doubt this analogy is poor for lots of reasons, but it feels a bit like people are telling the courts rather than the police when they've been the victim of a crime.
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nsinvestor
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Post by nsinvestor on Jul 20, 2018 17:15:17 GMT
Given Lendy track record in extending loans, did anyone really think the Vote would close on time  |
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invester
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Post by invester on Jul 20, 2018 18:01:51 GMT
Sets a very poor precedent to extend the vote time. What's next, amending text in the choices after people have voted?
I'm guessing this can only mean option 2 is in the lead.
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rocky1
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Post by rocky1 on Jul 20, 2018 18:20:59 GMT
nothing in the update as to why lendy feel the need to extend a vote.spotted it at the end of vote live.getting a bit like their TP antics when they see something they dont like.
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Jeepers
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Post by Jeepers on Jul 20, 2018 18:27:43 GMT
Hang fire and have a little faith.
We've made it quite clear that offer isn't workable so now Lendy can revert back to the borrower to firmly negotiate knowing they have our backing.
Putting pressure on Lendy only weakens their hand as the borrower will use to his advantage.
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NSFW
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Post by NSFW on Jul 20, 2018 20:59:47 GMT
Sets a very poor precedent to extend the vote time. What's next, amending text in the choices after people have voted? I'm guessing this can only mean option 2 is in the lead. Or not many people even voted. Wouldn't surprise me.
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empirica
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Post by empirica on Jul 20, 2018 21:56:04 GMT
Sets a very poor precedent to extend the vote time. What's next, amending text in the choices after people have voted? I'm guessing this can only mean option 2 is in the lead. Or not many people even voted. Wouldn't surprise me. I was thinking along similar lines _ ie: for many, P2P is a weekend activity, so makes sense for the vote to be open over the weekend to allow for greater participation. Then tag on a few more days so that the weekenders' can't criticise Lendy for not having a weekend support function to answer any support tickets they raise. (Not that such tickets appear to have generated meaningful replies so far, but ' the vote is yet young'  )
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NSFW
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Post by NSFW on Jul 20, 2018 22:13:21 GMT
Or not many people even voted. Wouldn't surprise me. I was thinking along similar lines _ ie: for many, P2P is a weekend activity, so makes sense for the vote to be open over the weekend to allow for greater participation. Then tag on a few more days so that the weekenders' can't criticise Lendy for not having a weekend support function to answer any support tickets they raise. (Not that such tickets appear to have generated meaningful replies so far, but ' the vote is yet young' ) A friend of mine thought we were covered against losses just cos Lendy is now fully FCA authorised. Shows you how naive some people are. Guess he was thinking of the everyday banking protection. Maybe that's why some don't bother voting - apathy and thinking Lendy will do what's best.
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Post by Duane Dibley on Jul 21, 2018 19:55:43 GMT
Given Lendy track record in extending loans, did anyone really think the Vote would close on time I expect we'll get an update soon telling us how well the counting of the votes is progressing, that we should expect further news of important developments on the vote sometime next week and how confident Lendy are that the final result will be published by the end of next month at the very latest.
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bernard
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Post by bernard on Jul 23, 2018 9:12:44 GMT
I would just like to echo other investors on here that option (2) is the only feasible way for me. To allow the incumbent developer to renegotiate down would be a terrible precedent for other borrowers. The correct action is to enforce. Of course this may lead to some losses. But the original developer has to lose his skin in the game.
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TheDriver
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Post by TheDriver on Jul 23, 2018 12:05:44 GMT
bernard; That's understandable, although I think a bit harsh. If the developer is genuine I wouldn't want them to loose their incentive to refi/ complete to recover the situation, but if that means a reduction in expected return would need convincing that the lenders who funded it in good faith weren't being fleeced for additional profit, not just accept Lendy scaremongering in order to clear their slop-chit!
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