Post by kayfundingknight on Oct 24, 2016 10:36:46 GMT
Thank you for your patience, we are restoring our secondary market. There are just one or two business loans where issues still exist, however, we are now entering the final stages of testing and checking to enable us to restore full trading on all product types; Business, Renewable Energy and Property Bridging.
Kay I am afraid that this simply is not true. I still have loans that are not in the categories mentioned that I cannot sell like shimself. The situation at FK has gone way past critical. The problems on the SM have gone on for MONTHS. You have no new loans. I get the distinct impression that you have been left manning the barricades whilst everybody else has run away. Has FK been in touch with the FCA and advised them of the problems? If not, why not? I think that, if you check the FCA rulebook, you are probably breaking it big time. Your systems are patently not fit for purpose. Neither are your programming staff if they need months to sort out a problem. The damage already done to your reputation is possibly terminal and really begs the question as to why GLI wanted to buy the company after it went into administration. Perhaps you could advise as to (a) How many people are currently in the FK offices? (b) How many are working on the 'software' problems? (c) How many are engaged upon sourcing new loans? (d) When EXACTLY will the site be fully functional? (e) When exactly will new loans be available? I think that a failure to answer any of these questions in a satisfactory manner will force me to consider making a formal complaint to the FCA. What compensation are you intending to pay to lenders who have been unable to sell loan parts? Not answering this on this forum and trying to avoid stating publicly what is going on may be good PR but, FK is behaving like a fishmonger who has no fish and cannot distinguish crab from mackerel. You may well have instructions from your bosses and I salute your swift & polite responses to individuals. Something a lot more is needed.
Post by kayfundingknight on Nov 1, 2016 14:22:01 GMT
Thank you for your post - please accept my apologies for your inconvenience and for your lack of confidence in FundingKnight.
I cannot respond on the Forum about your personal account but there are only two loans on your account that cannot be traded one as a payment is late but expected and the other, we will release for trading in November when another payment has been made by the borrower and we can be sure monies will apply correctly. (I will email you personally on the exact details).
I would advise that we are in regular contact with the FCA and are keeping them fully informed of the problems we have experienced on the platform.
I would also reassure you that I still am being fully supported by a team of both FundingKnight IT staff and also the GLIF Group IT team. For the who’s who in the Management Team, please see our website.
We are now in the final stages of testing and checking - if all goes well our secondary market will be fully functioning very soon. We have made considerable progress, but, unfortunately, this is currently behind the scenes progress. I do, however, appreciate that this has been a frustrating time for our investors. You may recall that we have FundingKnight staff investing in every loan we put to auction - we have shared your pain and will be pleased when we can fully restore the secondary market and have 100% of loan payment schedules correct.
We also have a growing pipeline but as you know we will not sacrifice quantity for quality, we still continue to reject approximately 90% of applications received. Unlike some platforms when a loan goes to auction, all the legal documentation and paperwork is completed in advance and this can cause delays - waiting for borrowers to supply all the necessary information for us to assess the risks. I acknowledge that our deal flow has been much more lumpy this year than we would have anticipated or wanted.
On both fronts, this is not the level of service we want our investors to expect - but we are now coming back to full speed with our problems behind us.
Please as ever, contact me direct if you have any specific queries about your account.
... You may recall that we have FundingKnight staff investing in every loan we put to auction - we have shared your pain and will be pleased when we can fully restore the secondary market and have 100% of loan payment schedules correct. ...
I don't recall that. Skin in game is always extremely attractive. Please remind me.
Interests declared: I have shares in Assetz, Syndicate Room, The Housecrowd. They are as nothing compared to my investments on and reliance on the good health of many other platforms here.
It took me a little while to find that statement on the website. Got there in the end. It is just below this:
Earn an average return of %* by investing directly in hand-picked British businesses.
*This is the average net interest rate (after estimated defaults and before tax) of all new loans listed on our platform in the three month period ended on , 2016, assuming that an equal amount had been invested in each loan.