p2p survey

I received this from two other platforms by email.   The link seems to identify you as an FC investor, which some people may not be happy with if they choose to reveal their identity for a follow up phone call.

Edit - cross posted with greatmarko

Maybe I'm just averse to filling in these sort of surveys but it did not come across as being very well structured.

You had to choose only one platform - but what about if there were two or more that had had an equal amount of your funds in 2016?

You then had to say whether your main activity in lending on your chosen platform was business lending or property lending. Again what about if it was both in equal measure?

And why does it have to be either one or the other if your focus is on asset based lending to business (where the asset can often be property)? 

So, on to the survey itself, this is the AC version:

"1. Please select the main peer-to-peer (P2P) lending platform you use. Your main platform is the platform you have lent through the most in 2016. Chosen from: AssetzCapital, The House Crowd, Landbay, LendInvest, Proplend, Folk2Folk, Funding Circle, FundingKnight, Lending Crowd, Relendex, Saving Stream, ThinCats, Wellesley & Co, I have lent funds through another P2P lending platform (please specify)"

Amusing. I've lent more than £150k via P2P in 2016 and none of it has gone to any of the 13 platforms they listed. To some extent they seem to be looking at where P2P was instead of where it's going.

"2. In addition to the platform that you selected above, do you use or have you previously used, other types of alternative finance platforms?
No, I only use one platform.
Yes, I have used another P2P business lending platform.
Yes, I have used another P2P consumer lending platform.
Yes, I have used another P2P property lending platform.
Yes, I have used another equity crowdfunding platform.
Yes, I have used another equity real estate crowdfunding model.
If you would like to identify the platforms you have used, please do so here:"

"3. Of the two options, which best describes your main lending activity on the P2P lending platform you selected above?

P2P business lending - Where individuals or institutional investors provide a secured or unsecured loan to a business borrower; most are SMEs.

P2P property lending -Where individuals or institutional investors provide a loan secured against a property; most are property developers."

That question seems appropriate only to business lending, though these days that includes both Zopa and RateSetter.

4. When did you begin lending on a P2P business lending platform?
During the last three months
During the last year
During 2015
During 2014
During 2013
Prior to 2013

Earliest I did was Zopa back when it was lending to small businesses as personal loans. This one might catch out a lot of Zopa lenders.

"5. Before investing through a P2P business lending platform, had you previously been involved in any of the following activities? Tick all that apply:

Having a bank account or building society acount
Having a cash savings account
Using a cash or investment ISA
Making decisions on consumer lending
Making decisions on corporate lending
Seed equity / Venture capital or other investment in unlisted companies (including as a Business Angel)
Wealth management or activities of a Family Office
Directorship of a company with an annual turnover of at least £1m
Investment / asset management
Providing financial advice"

Might be nice to fix the spelling mistake of account in the first choice sometime.

"6. When you think of the funds you are putting through the P2P business lending platform, do you describe them to yourself as any of the following?
Completely like this Mostly like this A little like this Not at all like this choices for each of:
Free cash/disposable income - funds left over from my current income after expenses.
Money I would use for charitable or social giving
Money from my pension pot that I’ve reinvested for better returns
Money I would use for gambling / betting for fun
Instant-access cash, similar to money in a bank account
Speculative, high-risk investment
Money towards retirement savings
Money towards savings on a property deposit
Money as an alternative to fixed income investing"

Will be interesting whether they have the opinion that P2P is high risk when I'm for example using it to lower particularly sequence of returns risk for retirement income planning vs equities and bonds.

"7. How much do you estimate you have lent in total through P2P business lending platforms?
£10
£11 - £50
£51 - £100
£101 – £500
£501 – £1,000
£1,001 - £5,000
£5,001 - £20,000
£20,001 - £50,000
£50,001 - £100,000
£100,001-£250,000
£250,000-£500,000
£500,000 - £1m
Over £1m"

Hopefully they intend that to mean over all time rather than currently invested.

"8. How many loans do you estimate you have participated in since you began lending?
1
2-3
4-5
6-10
11-50
51-100
100- 150
151-200
201+
I do not know"

200+ as the highest choice? I expect only relative beginners to have so few, particularly those who have done consumer lending or used Zopa or RateSetter.

"9. How important are the following factors when making decisions about lending through a P2P business lending platform instead of investing your money elsewhere?
Very important important Neutral Unimportant Very unimportant for each of these:
Make a financial return
Available interest rates
Diversify my investment portfolio
Ease of lending process
Availability to a secondary market
Variety of loans available
Lend to local businesses/enterprises
Lend to industries I know/care about
Support the SME Sector
Do social or environmental good
Control where my money goes and for how long
Feel my money is making a difference
Support an alternative to big banks
Curiosity
Take a punt"

"10. Thinking of the P2P business lending platform you use, how much time do you typically spend picking potential investments on the platform?
No time – I expect my funds to be allocated automatically
Up to twenty minutes per week
Between twenty minutes and an hour
Between one and two hours per week
More than two hours but less than a full working day per week
Between a full working day and two working days per week
More than two working days per week
Don’t know"

Hmm, platform singular, maybe they might expect this to relate to only the most significant one identified in the first question.

"11. The following two questions refer to the speed associated with deploying and retrieving funds used on a P2P business lending platform. Please provide an accurate estimate for each:
Once you have decided to fund a loan(s), how quickly do you expect your funds to be deployed in funding the loan(s)?
Assuming you would like to access your funds currently held on the platform (e.g. exit an existing loan contract), how quickly do you expect to retrieve your money (excluding fees)?"

"12. When choosing between lending opportunities on a P2P business lending platform, how important are the following factors in influencing your lending decision?
Very Important Important Neutral Unimportant Very Unimportant
Interest rate offered
Risk rating/credit score
Number of lending opportunities listed on platform
Loan term/maturity
Loan purpose
Loan security and/or guarantee
Availability of a provision fund
Loan repayment information
Profile and nature of business
Location of business
Tax relief (e.g. ISA/SIPPS)
Comments/responses in Q&A/forum"

"13. Do you currently utilise a tax-wrapper and/or investment scheme when lending on a P2P business lending platform?
Currently utilising Not using but expect to Not using and do not expect to I am unfamiliar with this wrapper or scheme
Innovative Finance ISA
Stocks & Shares ISA
Personal Saving Allowance
Bonds
SIPPS"


"14. How much do you expect to lend in the coming 12 months?
Lend more Lend about the same Lend less
In terms of total amount of money I expect to lend without a tax-scheme or tax-wrapper
In terms of total amount of money I expect to lend with a tax-scheme or tax-wrapper"

"15. How do you use an automatic bidding tool (e.g. automated function) when lending on a P2P business lending platform. Tick all that apply.
I use an automatic bidding tool for all of my lending
On the same platform, I use an automatic bidding tool for some of my lending, but I also select some of my own loans
I use an automatic bidding tool on some platforms but not on others
I do not use an automatic bidding tool
Don't know
Approximately what % of your lending do you estimate is funded through an automatic bidding tool"

"16. If your investments are linked to a provision fund or similar, are you aware of the following?
My platform does not offer a provision fund, so this is not applicable to me.
My investments had losses which the provision fund covered in full.
My investments had losses which the provision fund covered in part.
My investments had losses which the provision fund did not cover at all.
I am not aware of the provision fund being used for my investments, nor of any losses covered by it.
I do not use a provision fund offered by my platform, so this is not applicable to me.
I do not know what a provision fund is."

Platform singular again. Don't they know that diversification to reduce platform risk is very important?

"17. When choosing a P2P business lending platform, how important are the following factors in influencing your decision to use the platform?
Very Important Important Neutral Unimportant Very Unimportant
Advice from an independent financial adviser
Rating on an online intermediary (e.g. MoneySuperMarket)
Comparing returns available on the platform to those available from traditional providers
Review or consult with current lenders
Review or consult with current borrowers
Platform FAQs
Review how platforms operate (e.g. standard contracts used for lenders and borrowers)
Review policy in case of platform failure or shutdown
Rely on word of mouth
Rely on media/news coverage"

"18. Given that your capital is at risk, to what extent do you agree with the following actions for avoiding or reducing risk?
Strongly Agree Agree Neutral Disagree Strongly disagree
Only invest money I can definitely afford to lose
Perform my own due diligence
Rely upon due diligence performed by other lenders (eg. questions asked on the platform)
Rely upon the due diligence by the platform
Rely upon due diligence by a third party (e.g. rating agency, auditor)
Seek independent financial advice
Ability to liquidate position (e.g. using a secondary market)
Diversify within the platform (e.g. lending across a number of loans)
Diversify outside the platform (e.g. maintain a diversified portfolio including other asset classes)
Invest in loans that fall within a provision fund
Invest through platforms which have robust recovery process for loans that default
Mechanisms in place for recoveries from guarantors or non-property collateral
Mechanisms in place for recoveries on property or real estate assets
Rely on platform to offer loans fairly between institutional and retail lenders
Access the Financial Ombudsman Service
Regulatory interventions (e.g. by the FCA or government)
Leave it to chance or luck"

"19. When thinking of other types of investments you might put your money in, how might this compare to your current P2P business lending activity in terms of risk?
UK government bonds
Funds in a bank account with a high street bank or building society
Funds in a bank account with an internet-only bank
A fixed income investment (e.g. listed bond)
Managed funds like a mutual fund or money market
UK equities (listed shares only)
UK Buy-to-Let property
Foreign exchange (assume a widely traded sterling pair e.g. GBP/USD)
Commodities (e.g. Oil or Copper)
Bitcoin or other cryptocurrency"

I wonder what they will make of a view that gilts are more risky than my P2P at the moment due to the interest rate related risk to capital? I'm using P2P in part to avoid that risk. yet traditionally and by convention gilts are regarded as the safety benchmark.

"20. To what extent do you agree with each of the following statements.
Strongly Agree Agree Neutral Disagree Strongly Disagree
In the event of platform failure, I am confident that I will recover my investment
I am made aware of any bad performance or problems with my existing portfolio
The information presented to me on the platform is clear and transparent
The platform does sufficient due diligence to meet my expectations
The platform I use is more trustworthy than my bank"

"21. Where do you live?
East of England
Scotland
Yorkshire and The Humber
East Midlands
Northern Ireland
Wales
North West
South West
London
South East
North East of England
West Midlands
Other (please specify)"

"22. Gender
Male
Female
Other"

Someone has clearly been paying attention.

"23. What is your annual income in pounds sterling?
Less than £15,000
£15,001 - £25,000
£25,001 - £35,000
£35,001 - £50,000
£50,001 - £100,000
£100,001 - £150,000
Over £150,000"

"24. Are you a:
Retail investor who self-certifies that you will not invest more than 10% of your net investable portfolio.
Retail investor who has received investment advice or utilises an investment management service.
Professional investor with previous experience of early stage/venture capital investment.
High-net-worth individual with an annual income to the value of £100,000 or more.
A certified sophisticated investor
A self-certified sophisticated investor
None of these
I am not sure/rather not say."

"25. What is your highest level of education?
GCSE or equivalent
A-Level or equivalent
Apprenticeship
Diploma
Undergraduate degree (Bachelor)
Postgraduate degree (Master)
PhD"

"26. What age are you?
Under 18
18-24 years old
25-34 years old
35-44 years old
45-54 years old
55-64 years old
Over 65"

"27. If you wish to leave additional comments, please do so in the space provided below."

"28. The information you have provided in this survey is anonymous.
The University of Cambridge is also looking to conduct a short qualitative interview (20-30mins) with survey participants. If you are interested in participating in a one-on-one interview over the phone at your convenience, please provide us with your email address and name so that we may get in touch with you.
Please note, your contact details will remain private and will not be passed on to any third parties."

Thanks. FWIW I sent them an email in feedback suggesting that, don't know whether it was the cause or not.

The "generic" one has this as the first question:

"1. Please select the main crowd or peer-to-peer (P2P) investment platform you use. Your main platform is the platform you have invested through the most in 2016.
Downing Crowd
Abundance
UK Bond Network
I have invested funds through another crowd or P2P investment platform (please specify)"

Some small differences in other early questions, didn't work through it all.