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Post by Financial Thing on Aug 1, 2016 14:01:15 GMT
stevefindlay Can you clarify the Bond Mason is not regulated or authorised by the FCA? Will BM become a part of the FCA and if not, what is the reasoning?Can you provide an update to FCA status? thanks
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Post by stevefindlay on Aug 1, 2016 18:40:26 GMT
samford71 Thank you very much for sharing that link. Very happy to provide a quick update as well: we understand from the FCA that our application is now with their legal review team, which we understand to be one of the final steps in the process. They have asked a few confirmatory-type questions so far, and we expect further discussions prior to approval. We are also aware that they are under a significant backlog of applications, and we have sympathy for them here, so we will have to wait our turn each step, and hope that the process is able to finish reasonably soon.
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oldtimer
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Post by oldtimer on Aug 16, 2016 12:35:03 GMT
After the FCA membership is obtained do you them plan to submit an IFISA application?
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Post by stevefindlay on Aug 17, 2016 14:23:41 GMT
We are planning an ISA product, but this requires FCA approval first. And a few other things - we hope to have this ready before the end of the 2016/17 tax year.
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Greenwood2
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Post by Greenwood2 on Aug 26, 2016 9:54:24 GMT
I thought it was receivables in general that fall outside P2P authorisation.
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Post by stevefindlay on Aug 30, 2016 15:14:08 GMT
@greenwood2 - you are correct - "receivables" in general, sit outside of P2P as per the FCA. We would like for Receivables to be included on an opt-in basis, and have written to the FCA on this point, but it remains to be seen what will happen here. paul123 - "if BM can get receivables (in P2P platforms) on the approved products list that BM may be obliged to stop offering receivables for factoring" If I've understood the question correctly: the answer is no. The two product offerings can co-exist alongside one another; if handled and marketed correctly, you would just need P2P permissions to offer P2P-eligible Receivables (and we've applied for P2P permissions). |
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Post by stevefindlay on Aug 31, 2016 15:55:07 GMT
paul123 - Re: "using all the wrong words" - to be fair, I don't think that the language is straight forward at all - so I have lots of sympathy here. We are all trying to balance the (1) legal (2) regulatory and (3) commercial (economic) reality, which are often inconsistent and don't always adhere to common sense. For our own position - we are trying to encourage the FCA to allow a platform which offers Receivables (for any purpose) to elect to opt-in to the relevant regulatory framework (e.g. 36(h) permission); without requiring all providers of Receivables to do the same (as there are many uses for Receivables). Whether this particular point is accepted or not, it doesn't impact our own FCA application - as we are looking to extend the scope of our activities which will require, inter alia, 36(h) permissions. And we applied for these in December 2015...
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jonah
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Post by jonah on Mar 10, 2017 6:23:57 GMT
We are planning an ISA product, but this requires FCA approval first. And a few other things - we hope to have this ready before the end of the 2016/17 tax year. obviously the FCA has been slower for all platforms than we might like. However, any hints in the tea leaves on BM getting full approval? Is the plan still for an IFISA looking positive, even if slightly later than hoped for?
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