|
|
SIPPs
Nov 20, 2016 16:11:24 GMT
Post by askrigg on Nov 20, 2016 16:11:24 GMT
I've e-mailed to ask Greyfriars what item 4 means. But agree with you Stevio that we're potentially into complaint territory if the answers come out wrong and Greyfriars don't want to help. Believe treating customers fairly is an FCA requirement. After all, we investors are supposed to understand P2P isn't necessarily liquid & you have to be ready to hang in there till term. So SIPP provider had a duty to understand that before offering the product. I'm certainly not signing the new fee schedule till we get full clarity (though I don't actually see how the new fee schedule reflects the letter at all).
|
|
Balder
Member of DD Central
Posts: 646 
Likes: 622
|
SIPPs
Nov 20, 2016 17:59:22 GMT
Post by Balder on Nov 20, 2016 17:59:22 GMT
I've e-mailed to ask Greyfriars what item 4 means. But agree with you Stevio that we're potentially into complaint territory if the answers come out wrong and Greyfriars don't want to help. Believe treating customers fairly is an FCA requirement. After all, we investors are supposed to understand P2P isn't necessarily liquid & you have to be ready to hang in there till term. So SIPP provider had a duty to understand that before offering the product. I'm certainly not signing the new fee schedule till we get full clarity (though I don't actually see how the new fee schedule reflects the letter at all). Agree 100%. I e-mailed on Friday as well as the letter appeared to contradict itself. The least I am looking for is to get all the money onto my platforms (SS and Ablrate) split as I want by end December and then be free to leave all money there including re-investing matured loans and interest.
|
|
|
|
SIPPs
Nov 21, 2016 19:36:50 GMT
Post by askrigg on Nov 21, 2016 19:36:50 GMT
I've e-mailed to ask Greyfriars what item 4 means. But agree with you Stevio that we're potentially into complaint territory if the answers come out wrong and Greyfriars don't want to help. Believe treating customers fairly is an FCA requirement. After all, we investors are supposed to understand P2P isn't necessarily liquid & you have to be ready to hang in there till term. So SIPP provider had a duty to understand that before offering the product. I'm certainly not signing the new fee schedule till we get full clarity (though I don't actually see how the new fee schedule reflects the letter at all). Agree 100%. I e-mailed on Friday as well as the letter appeared to contradict itself. The least I am looking for is to get all the money onto my platforms (SS and Ablrate) split as I want by end December and then be free to leave all money there including re-investing matured loans and interest. I heard back from Greyfriars today. I assume anyone who contacted them will hear from them as well, so will leave them to tell it their way. But in general, good news. It's not a horrorshow, at least from my perspective.
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
SIPPs
Nov 22, 2016 6:52:47 GMT
Post by stevio on Nov 22, 2016 6:52:47 GMT
Agree 100%. I e-mailed on Friday as well as the letter appeared to contradict itself. The least I am looking for is to get all the money onto my platforms (SS and Ablrate) split as I want by end December and then be free to leave all money there including re-investing matured loans and interest. I heard back from Greyfriars today. I assume anyone who contacted them will hear from them as well, so will leave them to tell it their way. But in general, good news. It's not a horrorshow, at least from my perspective. I tried calling but the person who sent the letter wasn't available and hasn't called me back yet - could elaborate please as there is only a finite time to make other arrangements
|
|
Balder
Member of DD Central
Posts: 646
Likes: 622
|
SIPPs
Nov 25, 2016 12:04:54 GMT
Post by Balder on Nov 25, 2016 12:04:54 GMT
As the issue for GAM is about non-standard assets and capital adequacy problems essentially they no longer offer any non-standard assets which for example includes Dolphin Trust.
|
|
nick
Member of DD Central
Posts: 1,056
Likes: 825
|
SIPPs
Nov 28, 2016 13:00:46 GMT
Post by nick on Nov 28, 2016 13:00:46 GMT
I've e-mailed to ask Greyfriars what item 4 means. But agree with you Stevio that we're potentially into complaint territory if the answers come out wrong and Greyfriars don't want to help. Believe treating customers fairly is an FCA requirement. After all, we investors are supposed to understand P2P isn't necessarily liquid & you have to be ready to hang in there till term. So SIPP provider had a duty to understand that before offering the product. I'm certainly not signing the new fee schedule till we get full clarity (though I don't actually see how the new fee schedule reflects the letter at all). I just spoke to Greyfriars and they acknowledged that item 4 in the letter was badly worded and that it had been intended to convey that the number of transaction to (and not within) each P2P account will be restricted to 4, ie no restrictions in respect of loans/transactions within any P2P account held, but cash transfers into/out of P2P accounts will be restricted to 4 per year per account.
|
|
TitoPuente
Member of DD Central
Posts: 624
Likes: 655
|
SIPPs
Jan 29, 2017 16:25:00 GMT
Post by TitoPuente on Jan 29, 2017 16:25:00 GMT
If I understand correctly, the only SIPP option with a reasonable diversity of P2P lending platforms is/was Evolution/GF but it is now closed for new customers. Is this correct?
No other SIPP provider include SS, MT and ABL?
|
|
nick
Member of DD Central
Posts: 1,056
Likes: 825
|
Post by nick on Jan 31, 2017 8:34:02 GMT
If I understand correctly, the only SIPP option with a reasonable diversity of P2P lending platforms is/was Evolution/GF but it is now closed for new customers. Is this correct? No other SIPP provider include SS, MT and ABL? That's correct - I have an Evolution SIPP administrated by Greyfrairs which will no longer accept further contributions. I tried looking for an alternative a before Christmas without success. The problem seems to be that the FCA have raised concern about operators accepting investments from non-advised clients. I have spoke to Brian Bennis at SIPPclub who were the original promoters of the Evolution SIPP but they have yet to find any alternative SIPP operator or alternative arrangements. If you have your own company you can still go down the Small self-administrated pension scheme (SSAS) route which Greyfrairs still operate, otherwise I'm not aware of any SIPP operator that covers P2P investments. If you do manage to find someone, please report back.
|
|
vmail
Open image in a new tab.
Posts: 457
Likes: 217
|
SIPPs
Jan 31, 2017 11:05:54 GMT
Post by vmail on Jan 31, 2017 11:05:54 GMT
If I understand correctly, the only SIPP option with a reasonable diversity of P2P lending platforms is/was Evolution/GF but it is now closed for new customers. Is this correct? No other SIPP provider include SS, MT and ABL? That's correct - I have an Evolution SIPP administrated by Greyfrairs which will no longer accept further contributions. I tried looking for an alternative a before Christmas without success. The problem seems to be that the FCA have raised concern about operators accepting investments from non-advised clients. I have spoke to Brian Bennis at SIPPclub who were the original promoters of the Evolution SIPP but they have yet to find any alternative SIPP operator or alternative arrangements. If you have your own company you can still go down the Small self-administrated pension scheme (SSAS) route which Greyfrairs still operate, otherwise I'm not aware of any SIPP operator that covers P2P investments. If you do manage to find someone, please report back. How did find it? To me it looked like a scam, no clear way of knowing what rate you are getting and you have to pay a fee. And there was also the monthly spam email.
|
|
nick
Member of DD Central
Posts: 1,056
Likes: 825
|
SIPPs
Jan 31, 2017 14:11:14 GMT
Post by nick on Jan 31, 2017 14:11:14 GMT
That's correct - I have an Evolution SIPP administrated by Greyfrairs which will no longer accept further contributions. I tried looking for an alternative a before Christmas without success. The problem seems to be that the FCA have raised concern about operators accepting investments from non-advised clients. I have spoke to Brian Bennis at SIPPclub who were the original promoters of the Evolution SIPP but they have yet to find any alternative SIPP operator or alternative arrangements. If you have your own company you can still go down the Small self-administrated pension scheme (SSAS) route which Greyfrairs still operate, otherwise I'm not aware of any SIPP operator that covers P2P investments. If you do manage to find someone, please report back. How did find it? To me it looked like a scam, no clear way of knowing what rate you are getting and you have to pay a fee. And there was also the monthly spam email. I signed up through SIPPclub a couple of years ago after being referred by a colleague. I think SIPPclub is a one man band (I did a background search which checked out), but Greyfrairs is the administrator and is FCA regulated so that provided the real comfort and a degree of protection under FSCS in respect of funds held by the administrator (although all bank and p2p accounts are in your name so there is minimal client money issues). A big attraction was the fixed annual fee of c£1,200 for administrating the SIPP and all investments under it so only really worth it for £100k+ investment.
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
SIPPs
Jan 31, 2017 14:15:39 GMT
Post by stevio on Jan 31, 2017 14:15:39 GMT
If I understand correctly, the only SIPP option with a reasonable diversity of P2P lending platforms is/was Evolution/GF but it is now closed for new customers. Is this correct? No other SIPP provider include SS, MT and ABL? That's correct - I have an Evolution SIPP administrated by Greyfrairs which will no longer accept further contributions. I tried looking for an alternative a before Christmas without success. The problem seems to be that the FCA have raised concern about operators accepting investments from non-advised clients. I have spoke to Brian Bennis at SIPPclub who were the original promoters of the Evolution SIPP but they have yet to find any alternative SIPP operator or alternative arrangements. If you have your own company you can still go down the Small self-administrated pension scheme (SSAS) route which Greyfrairs still operate, otherwise I'm not aware of any SIPP operator that covers P2P investments. If you do manage to find someone, please report back. Thanks Nick Are their still restrictions for investing in P2P with a Greyfriars SSAS? Do you happen to know their fees for a SSAS? Thanks
|
|
nick
Member of DD Central
Posts: 1,056
Likes: 825
|
SIPPs
Jan 31, 2017 15:10:57 GMT
Post by nick on Jan 31, 2017 15:10:57 GMT
That's correct - I have an Evolution SIPP administrated by Greyfrairs which will no longer accept further contributions. I tried looking for an alternative a before Christmas without success. The problem seems to be that the FCA have raised concern about operators accepting investments from non-advised clients. I have spoke to Brian Bennis at SIPPclub who were the original promoters of the Evolution SIPP but they have yet to find any alternative SIPP operator or alternative arrangements. If you have your own company you can still go down the Small self-administrated pension scheme (SSAS) route which Greyfrairs still operate, otherwise I'm not aware of any SIPP operator that covers P2P investments. If you do manage to find someone, please report back. Thanks Nick Are their still restrictions for investing in P2P with a Greyfriars SSAS? Do you happen to know their fees for a SSAS? Thanks I don't think that Greyfrairs SSAS's (or SSASs in general) were impacted and can operate as before. SIPPclub suggested this to me as a way forward but as I don't operate a company it wasn't really an option for me. I don't know the exact cost, but I recall it was similar to the cost of the SIPP when I first looked at it and signed up for the SIPP a couple of years ago (ie circa fixed fee of £1,200 pa).
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
SIPPs
Feb 1, 2017 6:45:09 GMT
Post by stevio on Feb 1, 2017 6:45:09 GMT
How did find it? To me it looked like a scam, no clear way of knowing what rate you are getting and you have to pay a fee. And there was also the monthly spam email. I signed up through SIPPclub a couple of years ago after being referred by a colleague. I think SIPPclub is a one man band (I did a background search which checked out), but Greyfrairs is the administrator and is FCA regulated so that provided the real comfort and a degree of protection under FSCS in respect of funds held by the administrator (although all bank and p2p accounts are in your name so there is minimal client money issues). A big attraction was the fixed annual fee of c£1,200 for administrating the SIPP and all investments under it so only really worth it for £100k+ investment. Does anyone know the benefits of FCA regulations and the downside of not being an FCA regulated product? The pension scheme I am looking at is regulated by The Pensions Regulator and HM Revenue and Customs and registered with the Information Commissioner
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Feb 1, 2017 11:58:51 GMT
Treating customers fairly is an FCA requirement and the FCA is more likely to care about it. Check that the FOS is available.
A SSAS is the business route, at least one firm - Rowanmoor - offers a single person SSAS product where the individual and their business make the investment decisions and the firm takes care of the compliance. Unfortunately that firm in its marketing claims that all legal investments are permitted then later goes on to give lists of permitted and not permitted investments that are legal. P2P isn't in either list.
|
|
