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Post by savingstream on May 13, 2014 19:28:53 GMT
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188 
Likes: 540
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Post by j on May 13, 2014 20:06:46 GMT
Thanks for the info. I see on top of the current 2 live loans, there are 2 in the pipeline, one at advanced stage & the other at stage 2. Any plans to ramp numbers up in near future (obviously not to the detriment of quality or asset-backing)? Thanks
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Post by marek63 on May 16, 2014 21:36:32 GMT
Could you please give us an update on your run down and compliance processes.
many thanks
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Post by savingstream on May 19, 2014 8:55:35 GMT
We comply fully with all the FCA specified regulations (including capital requirements) and we have recently passed a compliance review by Barclays, our banking provider. We do not feel it necessary to publish our compliance procedures publicly. (No other P2P network makes this information publicly available).
With regards to our run down procedures (again something that no other P2P network publishes). We have insurance in place that will cover the cost of a third party to conduct the orderly administration of contracts in the event the platform ceases to operate.
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Post by mrclondon on May 19, 2014 13:05:05 GMT
Intuitively the run-down of SS's (or FS's) loan book with a limited number of loans, all with security, all with a maximum of 6 months to maturity, all with a single bullet payment on maturity of capital+interest+fees is several orders of magnitude simpler than that of FC (for example) with thousands of amortizing loans, mainly unsecured, repaying monthly over upto five years.
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Post by marek63 on May 19, 2014 14:07:35 GMT
Good response - just want to hear that there is a plan and some external review happening
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