POLL - Quality of updates that SS provide

I'm a little concerned that the letter of that means that they could meet it by not providing any loan updates.

But on second thoughts, while they have a SM they have to provide fair, clear and not misleading descriptions of the loan as it stands.

Agreed, unfortunately the needs of lenders purchasing p2p/p2b loans on secondary markets appears to have not been addressed by the FCA as yet, and I'm not aware of any specific guidance regarding the provision of information during the life of a loan.  FCA COBS 14.3.7A details the information a p2p platform has to provide.

This will need to be addressed by the FCA, as there is a wide disparity in the reporting during a loan life, from AC's generally good/very good, to TC's now generally acceptable (but NOT to SM purchasers only to existing loan holders) to the varying degrees of poor of many platforms.

Personally I don't think no communication on loans available for SM purchase will stand up to FCA scrutiny medium term, and any platform that goes down this road is inviting increased scrutiny of their business model.
 

SS along with most of the better known platforms have not yet received full authorisation from the FCA. The requirements of the interim permission regime that they currently operate under are rudimentary, and do not encompass the scope of the FCA rules I've referred to in my posts in this thread.

Formal complaints will have to wait until the platform is fully authorised, although I did bring this subject to the attention of the FCA in my submission to their call for information a few months back, along with the comment that they will likely be deluged with complaints in due course.

I sarcastically voted Outstanding     You missed off the option "a joke" CD.

Oh how things have changed since the days when PBL005 took weeks to fill.

cooling_dude you could have added another option along the lines of " do you think savingstream give a monkeys to any of the above "

Ever since I started investing in SS I have moaned about the quality of the updates but I lived with it because I assumed that when they were big enough to take on staff things would improve. However the usefulness of the updates has got steadily worse and I am now more or less convinced that the info provided is deliberately misleading rather than carelessness and for that reason I have stopped adding new loans to my portfolio. If our concerns are not addressed soon I will sell out and move my small amount of money to better run and more honest platforms assuming of course that I am not swamped by the large number of SS investors who decide to do the same.