adrianc
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Post by adrianc on Sept 8, 2016 13:27:39 GMT
FCA Please can all platforms be fully authorised immediately in the spirit of UK law of innocent until proven guilty. Please remember we are dealing with web-based businesses here i.e. very clearly in the public eye and therefore very accountable to its customers. We are not dealing with secretive back street operations that can last very long or reach any scale doing anything too naughty. Any new platform gets vigorous attention on this forum and picked apart, reviewed and challenged. Because, of course, there's never yet been so much as a single plausible-looking web-based business that have ever taken money from people then disappeared just before the house of cards collapsed...
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locutus
Member of DD Central
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Post by locutus on Sept 8, 2016 13:27:50 GMT
FCA Please can all platforms be fully authorised immediately in the spirit of UK law of innocent until proven guilty. Please remember we are dealing with web-based businesses here i.e. very clearly in the public eye and therefore very accountable to its customers. We are not dealing with secretive back street operations that can last very long or reach any scale doing anything too naughty. Any new platform gets vigorous attention on this forum and picked apart, reviewed and challenged.  This level of naivety is simply staggering. If every new platform receives FCA authorisation by default, what purpose does it serve?
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Post by Deleted on Sept 8, 2016 13:33:36 GMT
To follow that logic, the FCA should stop regulating banks too, because they have websites  |
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Post by lb on Sept 8, 2016 13:57:04 GMT
RS/FC/Z to name 3 did not have any permissions when they started (other than CCL maybe)
My point is that FCA are not able to review applications currently as they do not have the manpower. So platforms should be allowed to operate until such time as FCA is able to review its application. Clearly if platforms are non compliant with regulations then they are breaking the law regardless if they have permissions or not.
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Post by lb on Sept 8, 2016 14:00:03 GMT
FCA Please can all platforms be fully authorised immediately in the spirit of UK law of innocent until proven guilty. Please remember we are dealing with web-based businesses here i.e. very clearly in the public eye and therefore very accountable to its customers. We are not dealing with secretive back street operations that can last very long or reach any scale doing anything too naughty. Any new platform gets vigorous attention on this forum and picked apart, reviewed and challenged. Because, of course, there's never yet been so much as a single plausible-looking web-based business that have ever taken money from people then disappeared just before the house of cards collapsed... because, of course, this can only happen to non fca regulated businesses 
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Post by lb on Sept 8, 2016 14:01:02 GMT
FCA Please can all platforms be fully authorised immediately in the spirit of UK law of innocent until proven guilty. Please remember we are dealing with web-based businesses here i.e. very clearly in the public eye and therefore very accountable to its customers. We are not dealing with secretive back street operations that can last very long or reach any scale doing anything too naughty. Any new platform gets vigorous attention on this forum and picked apart, reviewed and challenged. This level of naivety is simply staggering. If every new platform receives FCA authorisation by default, what purpose does it serve? interim period only by default, take some time to think before writing
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 8, 2016 14:06:26 GMT
RS/FC/Z to name 3 did not have any permissions when they started (other than CCL maybe) My point is that FCA are not able to review applications currently as they do not have the manpower. So platforms should be allowed to operate until such time as FCA is able to review its application. Clearly if platforms are non compliant with regulations then they are breaking the law regardless if they have permissions or not. Isnt that exactly what is happening? Platforms are operating with various different types of interim permissions while the FCA establishes the operating regime, determines how the multiple models fit, and reviews the applications for full permissions. Allowing platforms to offer a mainstream, government promoted savings product like an ISA is different kettle of fish to operating in a niche market outside the mainstream financial norm.
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Post by lb on Sept 8, 2016 14:11:49 GMT
RS/FC/Z to name 3 did not have any permissions when they started (other than CCL maybe) My point is that FCA are not able to review applications currently as they do not have the manpower. So platforms should be allowed to operate until such time as FCA is able to review its application. Clearly if platforms are non compliant with regulations then they are breaking the law regardless if they have permissions or not. Platforms are operating with various different types of interim permissions while the FCA establishes the operating regime, determines how the multiple models fit, and reviews the applications for full permissions. Allowing platforms to offer a mainstream, government promoted savings product like an ISA is different kettle of fish to operating in a niche market outside the mainstream financial norm. Not quite. Interim permissions are only if a platform applied for it 2 years ago. If you want to start a platform today you don't get interim permission. You go to the back of a queue, must wait 18 months + and spend several hundred K before the FCA even glances in your direction. So dont expect many new platforms, if any, that arent already operating under interim. Maybe that is what everybody wants, judging by the comments.
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locutus
Member of DD Central
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Post by locutus on Sept 8, 2016 14:15:05 GMT
This level of naivety is simply staggering. If every new platform receives FCA authorisation by default, what purpose does it serve? interim period only by default, take some time to think before writing I remember you from the Brexit thread trying to persuade everyone that referendums aren't democratic. Logic can be tough...
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Post by dualinvestor on Sept 8, 2016 14:19:11 GMT
Because, of course, there's never yet been so much as a single plausible-looking web-based business that have ever taken money from people then disappeared just before the house of cards collapsed... because, of course, this can only happen to non fca regulated businesses Well there's my mate Dave down the pub who will give 25% interest just invest through the web site his 9 year old nephew built him, give him a licence. As I said earlierr no-one has the faintest idea whether the FCA has a reason for witholding these authorisations and plaintive comments like give them all one are very unlikely to impress.
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Post by lb on Sept 8, 2016 14:40:12 GMT
because, of course, this can only happen to non fca regulated businesses Well there's my mate Dave down the pub who will give 25% interest just invest through the web site his 9 year old nephew built him, give him a licence. As I said earlierr no-one has the faintest idea whether the FCA has a reason for witholding these authorisations and plaintive comments like give them all one are very unlikely to impress. maybe you dont but others certainly do anyway, I can see my original post was not very clear and easy to misconstrue so I have amended it all I was trying to say is that all platforms that have submitted an application should be afforded the same level playing field as others with interim permission and allowed to operate whilst their application is in limbo - timing of which is wholly down to the FCA
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Post by dualinvestor on Sept 8, 2016 14:49:58 GMT
Well there's my mate Dave down the pub who will give 25% interest just invest through the web site his 9 year old nephew built him, give him a licence. As I said earlierr no-one has the faintest idea whether the FCA has a reason for witholding these authorisations and plaintive comments like give them all one are very unlikely to impress.
anyway, I can see my original post was not very clear and easy to misconstrue so I have amended it all I was trying to say is that all platforms that have submitted an application should be afforded the same level playing field as others with interim permission and allowed to operate whilst their application is in limbo - timing of which is wholly down to the FCA Who would these people be? Compliance personel from the FCA, because they are the only people who know the definitive reason. The platforms have a vested interest in saying it is volume of work and cannot know with absolute certainty that there is not any other reason, neither can anyone else for that matter.
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Post by lb on Sept 8, 2016 14:55:20 GMT
maybe you dont but others certainly do
anyway, I can see my original post was not very clear and easy to misconstrue so I have amended it all I was trying to say is that all platforms that have submitted an application should be afforded the same level playing field as others with interim permission and allowed to operate whilst their application is in limbo - timing of which is wholly down to the FCA Compliance personel from the FCA, because they are the only people who know the definitive reason. The platforms have a vested interest in saying it is volume of work and cannot know with absolute certainty that there is not any other reason, neither can anyone else for that matter. The lawyers and advisory firms that meet and speak with the FCA regularly regarding platforms' applications - the issues are not a secret otherwise how would they get resolved! it is not a guessing game
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,333
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Post by ilmoro on Sept 8, 2016 14:56:12 GMT
Isnt that exactly what is happening? Platforms are operating with various different types of interim permissions while the FCA establishes the operating regime, determines how the multiple models fit, and reviews the applications for full permissions. Allowing platforms to offer a mainstream, government promoted savings product like an ISA is different kettle of fish to operating in a niche market outside the mainstream financial norm. Not quite. Interim permissions are only if a platform applied for it 2 years ago. If you want to start a platform today you don't get interim permission. You go to the back of a queue, must wait 18 months + and spend several hundred K before the FCA even glances in your direction. So dont expect many new platforms, if any, that arent already operating under interim. Maybe that is what everybody wants, judging by the comments. Thats not what you said. You said 'Please can all platforms be fully authorised immediately in the spirit of UK law of innocent until proven guilty' not can you authorise new platforms immediately And 'So platforms should be allowed to operate until such time as FCA is able to review its application.' Again no reference to new platforms being allowed to operate, so may point is correct. Here's a new platform fully authorised last month from scratch peerfunding.co.uk/I assume you also think that Atom, Mozo & Tandem have/are wasting their money getting authorisation/banking licences and should have just been allowed to open a bank. What we want is peer to peer lending properly regulated and operating as part of the mainstream financial system and not plagued by scandal and embarassment. If that takes some time so be it, its annoying when interest rates on ISA are so low but ... (NB Not saying FCA will necessarily achieve this but more likely if they take their time) Edit: I see you have amended your original post whilst I was typing
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Post by dualinvestor on Sept 8, 2016 15:00:26 GMT
Who would these people be? Compliance personel from the FCA, because they are the only people who know the definitive reason. The platforms have a vested interest in saying it is volume of work and cannot know with absolute certainty that there is not any other reason, neither can anyone else for that matter. The lawyers and advisory firms that meet and speak with the FCA regularly regarding platforms' applications - the issues are not a secret otherwise how would they get resolved! it is not a guessing game Really? And you have experience of this? Because that is not how it works if they are minded not to grant authorisation.
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