r1200gs
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Post by r1200gs on Jul 26, 2017 7:54:35 GMT
Perhaps the Lendy representative would like to tell us all why Lendy only wait for clients to withdraw money before hitting them with a big red 'computer says no' box asking for KYC details??? You are clearly aware of which clients are required to provide you with these details so why are you not requesting these immediately? I presume you think your investors are happy to have large sums of cash frozen until you decide it fit to deal with emails?? Perhaps they think that making people jump through KYC rules before they start using the platform would reduce investment. They are not the only ones that do this. Incidentally, I still haven't completed my registration with MT for that very reason.
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Post by p2plender on Jul 26, 2017 9:26:51 GMT
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SteveT
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Post by SteveT on Jul 26, 2017 10:00:12 GMT
They are effectively freezing investor's funds leaving them stranded. But only until you send the identity confirmation document(s) requested, I presume (other than for someone that can't confirm they meet the FCA's anti-money laundering KYC rules, which is sort of the point). I agree it makes sense to pre-check any as yet unvalidated accounts, but it's a matter of a couple of days surely?
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mh
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Post by mh on Jul 26, 2017 17:32:56 GMT
I sent my ID documents to them several months ago but, after reading this thread, I thought it prudent to ask whether what I had sent them was sufficient to make withdrawals in future. They said I had to re-send the same stuff I'd ALREADY sent them before.
They are terribly badly organized.
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NSFW
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Post by NSFW on Jul 26, 2017 21:56:41 GMT
Slightly off topic and not in the least directed specifically at Lendy, but I am absolutely convinced that all this KYC stuff, that is required by the regulators, has contributed enormously to the incidence of identity theft. The vast amount of verified personal information that has to be supplied to any and all financial service providers that one conducts business with cannot possibly be held totally secure in all cases. This is my concern. Another platform has done all the know your customer checks. I've invested and now I want to withdraw some money they want me to send a copy of a bank statement with my name on it to prove the account is mine. Never had this anywhere else and they won't tell me directly why it's needed other than 'we take our anti money laundering obligations very seriously' Is this normal/reasonable? At least lendy are not taking it to this extra level. Any bank letter will do. Make a minor change to your overdraft and use the letter confirming that or remove part of the account/sort code etc from the letter or photo/PDF if they let you email it.
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Post by p2plender on Jul 27, 2017 5:44:39 GMT
To be fair they have dealt with the KYC on one of the accounts I run fairly promptly, though still does not excuse the fact that they should send out requests for details to clients immediately rather than when one attempts a withdrawal.
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michaelc
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Post by michaelc on Jul 28, 2017 18:03:56 GMT
It is thoroughly unreasonable! The KYC checks should be applied when you become a customer and possibly periodically after that.
Applying them at the point of withdrawal causes needless anxiety for customers and as can be seen by a few threads here, creates bad publicity for them.
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GeorgeT
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Post by GeorgeT on Jul 28, 2017 19:04:37 GMT
This does sound most unsatisfactory for those affected.
Interestingly, I was not asked to submit any ID / documentation when I joined SS (admittedly over 3 years ago so perhaps things have been tightened up since then) and I have subsequently made very many withdrawals and never been asked to submit ID at the withdrawal stage either. My most recent withdrawal request was paid into my bank only today.
In case it makes a difference, I only run one personal a/c (no company a/c) and I live in the UK and use a UK bank account. So maybe it is because my circumstances are very straightforward and it depends on all sorts of factors.
However that doesn't excuse them for not completing all the necessary checks when people sign up so that they then have unfettered use of all the platform's facilities. Or if they can't do that they should at least make it clear to people that they won't be able to withdraw their money without passing a further checkpoint in the future.
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Post by martin44 on Jul 28, 2017 19:33:01 GMT
It is thoroughly unreasonable! The KYC checks should be applied when you become a customer and possibly periodically after that. Applying them at the point of withdrawal causes needless anxiety for customers and as can be seen by a few threads here, creates bad publicity for them. agreed. i had to google KYC... i now know its (know your customer) .. however, i still agree. 
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NSFW
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Post by NSFW on Jul 28, 2017 20:40:38 GMT
This does sound most unsatisfactory for those affected. Interestingly, I was not asked to submit any ID / documentation when I joined SS (admittedly over 3 years ago so perhaps things have been tightened up since then) and I have subsequently made very many withdrawals and never been asked to submit ID at the withdrawal stage either. My most recent withdrawal request was paid into my bank only today. In case it makes a difference, I only run one personal a/c (no company a/c) and I live in the UK and use a UK bank account. So maybe it is because my circumstances are very straightforward and it depends on all sorts of factors. However that doesn't excuse them for not completing all the necessary checks when people sign up so that they then have unfettered use of all the platform's facilities. Or if they can't do that they should at least make it clear to people that they won't be able to withdraw their money without passing a further checkpoint in the future. It could be due to you passing the automated ID check they do in the background. FC failed me with their credit reference check but couldn't say why. Could've been because I don't have utility bills or whatever. If something they look for in your credit report is missing or inconsistent they revert to the manual KYC checks.
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edward
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Post by edward on Jul 28, 2017 22:17:15 GMT
My circumstances are basically the same as Georget, although I would guess use the withdrawal facility less often. I was none the less targeted recently when making a modest withdrawal. Maybe subsequent checks are random, and I was just unlucky. Agree it does annoy to have withdrawal delayed, and to have to jump through extra hoops compared to how you were approved in the first place.
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registerme
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Post by registerme on Jul 28, 2017 23:11:58 GMT
One thing worth remembering is that KYC / AML requirements change. So it's entirely possible that you signed up to a site under earlier regime A, and then subsequently the rules (laws) changed and you were operating under regime B. Then allow for some lag for a platform (/ bank / IFA / broker / whatever) to catch up and you might find that your circumstances have changed independently of changes in the requirements.
Cue frustration all around.
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7d7
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Post by 7d7 on Jul 29, 2017 11:52:10 GMT
All the more reason why the decision to apply KYC/AMC checks on withdrawals is outrageous. It is bewildering that deposits or further investments remain unrestricted, which is what I am familiar with. Is there a regulation that encourages platforms to hold funds belonging to investors who fail such checks? If so, how long?
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Post by extremis on Jul 29, 2017 16:37:13 GMT
One thing worth remembering is that KYC / AML requirements change. So it's entirely possible that you signed up to a site under earlier regime A, and then subsequently the rules (laws) changed and you were operating under regime B. I think this is a very serious issue and Lendy is not the only p2p platform affected. What if someone has passed all the KYC / AML requirements, has deposited some funds and after some time the rules change and he / she is unable to provide the additional required documents (for whatever reason)? Would he / she loose any funds deposited then? I am afraid if KYC / AML rules keep getting stricter all the time sooner or later someone will loose his money invested.
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registerme
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Post by registerme on Jul 29, 2017 16:51:02 GMT
I don't think it's likely that it will ever be impossible to withdraw funds (if for no other reason than because that would go against a lot of other regulation), but I can see it getting more awkward, and therefore frustrating, for unusual cases.
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