ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168 
Likes: 4,859
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Post by ozboy on Jul 8, 2017 16:33:18 GMT
Am I the only Investor who wonders WHAT the FCA actually DO, insofar as allegedly "protecting" Investors interests?
Lying Less than truthful Valuation Reports, Funds paid out to Borrowers without any proof whatsoever of works completed, lying less than truthful Overviews/Loan Descriptions, and more, errrrr, "transgressions". All of which there is ample proof upon which The FCA could ACT.
But they don't, so I suggest the "C" is superfluous and that they change their name to The FA, to more accurately describe what they really do.
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Post by dan1 on Jul 8, 2017 16:51:19 GMT
Am I the only Investor who wonders WHAT the FCA actually DO, insofar as allegedly "protecting" Investors interests? Lying Less than truthful Valuation Reports, Funds paid out to Borrowers without any proof whatsoever of works completed, lying less than truthful Overviews/Loan Descriptions, and more, errrrr, "transgressions". All of which there is ample proof upon which The FCA could ACT. But they don't, so I suggest the "C" is superfluous and that they change their name to The FA, to more accurately describe what they really do. I don't know that much about the FCA (as will be evidenced by this post!) but I assume they regulate most, if not all, financial services firms in the UK. Given the total assets under management in the UK must be in the trillions and P2P is £10 billion (according to the Friday email from Lending Works) then I expect a proportionate level of regulation - i.e. probably the job of intern! A little harsh but you get my point.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Jul 8, 2017 17:44:56 GMT
Probably dan1, but no excuse really, and not good enough really either?
Some P2Ps we know are completely Out Of Control - outright lies are told, and The FCA know it, but do nothing. At least as far as Investors can see.
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Post by easteregg on Jul 9, 2017 9:31:56 GMT
Probably dan1, but no excuse really, and not good enough really either? Some P2Ps we know are completely Out Of Control - outright lies are told, and The FCA know it, but do nothing. At least as far as Investors can see. I would suggest you raise a formal complaint with the P2P platform first. If you are not happy with their response you can then raise this with the FCA as they would want to hear from both parties, and they can then review the evidence provided. Having raised complaints with non-P2P companies before, the regulator or ombudsman would want you to exhaust the complaints procedure first.
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