tigger
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Post by tigger on Jun 29, 2017 22:24:02 GMT
Does anybody know why Lendy, some two years after the process started, still does not have full authorisation from the FCA?
Should we be worried?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 30, 2017 0:07:30 GMT
Does anybody know why Lendy, some two years after the process started, still does not have full authorisation from the FCA? Should we be worried? Actually in the case of Lendy its just over a year as the application slot was spring 2016. Plenty of platforms dont have full permission yet, including RS, AC, Well, who applied earlier than LY. As for the reason why that is difficult to know as there is no consistency in model across authorised platforms so not really possible to pick a specific issue, ie prefunding, pf, account ops, comms, name... that might cause the delay. Worried, no, not until it is clear that the majority of platforms have been authorised and we arent there yet.
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mary
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Post by mary on Jun 30, 2017 8:12:11 GMT
Does anybody know why Lendy, some two years after the process started, still does not have full authorisation from the FCA? Should we be worried? I don't know, but yes I am concerned. Many many platforms have now achieved full FCA. While FCA authorisation is not any guarantee of success, it at least shows that they have met the minimum standards of process and handling of client funds. Hence preferring MT at present for property.
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fasty
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Post by fasty on Jun 30, 2017 23:25:13 GMT
I don't get the impression that they're especially bothered!
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mikes1531
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Post by mikes1531 on Jul 1, 2017 13:15:36 GMT
I don't get the impression that they're especially bothered! Considering the slowness with which loans are funded, particularly further tranches of DFLs, ISTM that they should be bothered. They have to raise a lot of money to fund commitments they've already made to DFL borrowers, so a bit more investor confidence would be very helpful to them -- along with a positive resolution of some/all of their defaulted loans, of course!
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