mack
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Post by mack on Aug 10, 2016 16:37:14 GMT
No. What I said was if saving stream is not doing the due diligence that the general public can rely on then they will end up having to market to sophisticated investors. Some p2p platforms already do and do not market directly to the public and the entry level is £100k - £250k and above. Whatever you believe should happen or savingstream should do they are explicit in their terms and conditions 2.5 reads "A lender must form its own opinion regarding the creditworthiness of a borrower and undertake its own research, analysis and assessment of each borrower for each loan and, where appropriate, seek its own independent financial and legal advice." My belief has nothing to do it with it. It is the FCA that will determine what type of investment can be marketed to the general public or to sophisticated investors. As we well know most p2p platforms are not fully authorised yet.... The lender described in the term you quote sounds like a "sophisticated investor" to me. Which basically means you have a lot of money that you are willing to take the responsibility of losing.
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Post by dualinvestor on Aug 10, 2016 16:50:58 GMT
Whatever you believe should happen or savingstream should do they are explicit in their terms and conditions 2.5 reads "A lender must form its own opinion regarding the creditworthiness of a borrower and undertake its own research, analysis and assessment of each borrower for each loan and, where appropriate, seek its own independent financial and legal advice." My belief has nothing to do it with it. It is the FCA that will determine what type of investment can be marketed to the general public or to sophisticated investors. As we well know most p2p platforms are not fully authorised yet.... The lender described in the term you quote sounds like a "sophisticated investor" to me. Which basically means you have a lot of money that you are willing to take the responsibility of losing. You may be correct or you may not be. A quick look at three other P2P platforms reveal a similar term. None of the platforms has anything other than a nominal minimum investment limit (typically £10) Each of the platforms may be comfortable with the term not meaning that they should market to sophisticated investors only or they may be reviiewing it but neither you or I know what the collective mind of the FCA will be on the subject until they make it public.
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Post by GSV3MIaC on Aug 10, 2016 20:34:26 GMT
Filling all loans bottom-up ought to kill the problem of people ending up with more than they expected and then failing to pay. I suspect it will also put off the BHs who will move onto platforms where they face fewer restrictions. Are there any such platforms?? More to the point are there any offering 12% on secured(ish) loans, with the sort of deal flow SS are managing?? MT, for instance, have much stricter restrictions than SS do (and no INPL facility - even BHs like to watch their cashflow).
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locutus
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Post by locutus on Aug 10, 2016 20:45:52 GMT
I suspect it will also put off the BHs who will move onto platforms where they face fewer restrictions. Are there any such platforms?? More to the point are there any offering 12% on secured(ish) loans, with the sort of deal flow SS are managing?? MT, for instance, have much stricter restrictions than SS do (and no INPL facility - even BHs like to watch their cashflow). FS and The Bridge Crowd.
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Steerpike
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Post by Steerpike on Aug 10, 2016 22:00:37 GMT
I suspect it will also put off the BHs who will move onto platforms where they face fewer restrictions. Are there any such platforms?? More to the point are there any offering 12% on secured(ish) loans, with the sort of deal flow SS are managing?? MT, for instance, have much stricter restrictions than SS do (and no INPL facility - even BHs like to watch their cashflow). TC?
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registerme
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Post by registerme on Aug 10, 2016 22:21:47 GMT
Whilst I agree that platforms have a duty of care to lenders, there's a reason why the sector as a whole doesn't have, and won't have, FSCS cover.
Lenders cannot sic all responsibility on platforms and expect the FCA (/ the FSCS) to look after them.
As the sector matures loans will go bad, platforms won't survive, we'll see good borrowers go unfunded, and bad borrowers have money thrown at them. And if the sector is to have any chance of seriously disintermediating the banks it has to continue this way. If it doesn't we'll just return to the status quo via a new route.
The FCA will look at the suitability of products, it will look at how fit for purpose platform processes are, it will examine the fitness of platform directors, it will look at capital requirements and regulatory arbitrage, it will sample loans that have gone wrong and look at the decision making around them, it will look at marketing. Etc.
It won't wipe our bottoms for us.
Frankly I'm amazed we're still considered to be "lenders". We're absolutely not, we're investors in fixed income / credit products.
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locutus
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Post by locutus on Aug 11, 2016 10:27:19 GMT
All gone now.
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Post by jonboy73 on Aug 11, 2016 12:29:01 GMT
and then 45k back on and snapped up mostly in 2 big chunks!
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jmr
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Post by jmr on Aug 19, 2016 9:46:20 GMT
SS update just now.... "We are going to cancel this loan and fully repay investors plus the interest earned. The reason for this is that the borrower\'s existing 2nd charge lender is not happy that the borrower is refinancing and thus eating into the equity again which reduces their available security. This could take a few weeks to resolve but in the meantime, we don\'t want to hold onto the funds unnecessarily and incur the cost. "
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Post by retired2005 on Aug 19, 2016 12:35:14 GMT
Could savingstream give some indication as to when this repayment will occur, to obviate the need to log in several times per day to see whether dosh has appeared in one's account? Thanks..... |
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SteveT
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Post by SteveT on Aug 19, 2016 12:42:33 GMT
Could savingstream give some indication as to when this repayment will occur, to obviate the need to log in several times per day to see whether dosh has appeared in one's account? Thanks..... You should get an email from SS when it is repaid, so no need to keep logging in to check.
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Post by retired2005 on Aug 19, 2016 12:56:03 GMT
Don't get email to my phone (note to self.... etc etc....) so its swings and roundabouts whether I log in to SS or to my email ....!!! ....but thanks for the reply...
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pom
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Post by pom on Aug 19, 2016 13:28:37 GMT
Don't get email to my phone (note to self.... etc etc....) so its swings and roundabouts whether I log in to SS or to my email ....!!! ....but thanks for the reply... Someone's sure to mention it here as well...
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jcb208
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Post by jcb208 on Aug 19, 2016 14:05:05 GMT
Got a fair chunk of money in this loan and once repaid not a lot of decent loans available to invest in,wished I knew this before I sold several 2 days ago.Going to have to look for a new home for it now.Any pointers already using MT,Assetz and ratesetter
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jimbob
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Post by jimbob on Aug 19, 2016 14:08:21 GMT
Got a fair chunk of money in this loan and once repaid not a lot of decent loans available to invest in,wished I knew this before I sold several 2 days ago.Going to have to look for a new home for it now.Any pointers already using MT,Assetz and ratesetter Farms 
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