merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Aug 7, 2017 9:32:50 GMT
In the Sunday Times Business Section yesterday there were two articles indicating that the FCA were about to take a closer look at both P2P and Crowdfunding. It looks like they have at last woken up to the many complaints that they seem to have received over many of the issues raised on here. In particular lack of due diligence; in general lack of sufficient information particularly evaluation of risk; masking the true performance of loans and a whole lot more.
The article went on to say: "It is understood to be ready to demand that platforms such as Funding Circle and Ratesetter provide more detailed information on the past performance of loans.
In my view having the drains up on P2P and Crowdfunding is long overdue. However carrying out a review is one thing getting the FCA to act may well be another!!
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
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Post by ozboy on Aug 7, 2017 9:43:36 GMT
In the Sunday Times Business Section yesterday there were two articles indicating that the FCA were about to take a closer look at both P2P and Crowdfunding. It looks like they have at last woken up to the many complaints that they seem to have received over many of the issues raised on here. In particular lack of due diligence; in general lack of sufficient information particularly evaluation of risk; masking the true performance of loans and a whole lot more. The article went on to say: "It is understood to be ready to demand that platforms such as Funding Circle and Ratesetter provide more detailed information on the past performance of loans. In my view having the drains up on P2P and Crowdfunding is long overdue. However carrying out a review is one thing getting the FCA to act may well be another!!Yep. And at least something re deliberate & downright Misleading VRs and LTVs might happen.
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agent69
Member of DD Central
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Post by agent69 on Aug 7, 2017 18:27:00 GMT
From the business section of today's BBC web site
An FCA crackdown on peer-to-peer lending is looming later this year.
The regulator has concerns about the oversight of these firms, which enable people to lend to each other via online platforms at varying interest rates.
Firms in the sector have grown rapidly since the financial crisis but don't operate as transparently as traditonal banks.
Following the financial crisis the "FCA is keen on clamping down on all forms of shadow banking and peer-to-peer lending is goign to be next" says Schroders' Jessica Ground.
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Post by nickdavies on Aug 7, 2017 18:36:47 GMT
Can't find that, could you post the link?
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Post by mrclondon on Aug 7, 2017 19:21:59 GMT
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daveb4
Member of DD Central
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Post by daveb4 on Aug 7, 2017 19:51:51 GMT
Not surprised, personally I think it is needed to move p2p forward. The trouble is do they understand it well enough and hopefully they do not cause mayhem.
As drummed into me whilst working for a bank their catch phrase is 'stop irresponsible lending'
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fp
Posts: 1,008
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Post by fp on Aug 7, 2017 19:54:58 GMT
Subject touched on today, only a few topics down the page.... HERE |
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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 Aug 7, 2017 20:14:13 GMT
From the business section of today's BBC web site An FCA crackdown on peer-to-peer lending is looming later this year.
The regulator has concerns about the oversight of these firms, which enable people to lend to each other via online platforms at varying interest rates.
Firms in the sector have grown rapidly since the financial crisis but don't operate as transparently as traditonal banks.
Following the financial crisis the "FCA is keen on clamping down on all forms of shadow banking and peer-to-peer lending is goign to be next" says Schroders' Jessica Ground. Understatement of The Century!!!
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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
Posts: 11,330
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Post by ilmoro on Aug 7, 2017 20:18:00 GMT
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jj
Member of DD Central
Jolly Jammy
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Post by jj on Aug 7, 2017 21:08:05 GMT
Well, I for one would like FCA to crack down on the dubious valuations loans are get across the P2P platforms.
I've come across many many occasions of blatant attempts to boost LTV.
When I sold my House to a lawyers son - lo and behold - the house was valued by a surveyor the same price we had agreed on prior. To the penny.
I just think that surveyors put in the price they are told to.
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adrianc
Member of DD Central
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Post by adrianc on Aug 7, 2017 22:04:06 GMT
Well, I for one would like FCA to crack down on the dubious valuations loans are get across the P2P platforms. I've come across many many occasions of blatant attempts to boost LTV. When I sold my House to a lawyers son - lo and behold - the house was valued by a surveyor the same price we had agreed on prior. To the penny. I just think that surveyors put in the price they are told to. Different situation there, though. When your buyer's getting the house surveyed, the surveyor is looking for reasons why it might not be worth the sale price. If they can't find any, then they're agreeing that it is indeed worth the price the buyer and seller have already agreed. When you're getting a valuation on a property for lending purposes, there are no buyer or seller. No price has been agreed.
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registerme
Member of DD Central
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Post by registerme on Aug 8, 2017 0:10:04 GMT
Just a note to say that I merged another, identically themed, thread into this one. I simply took the "earliest" (by post date) and merged the "newest" in.
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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
Posts: 11,330
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Post by ilmoro on Aug 8, 2017 6:52:27 GMT
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ton27
Member of DD Central
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Post by ton27 on Aug 8, 2017 10:01:12 GMT
Whilst accepting the above points, I am sceptical that the FCA will do anything worthwhile.
Their involvement in the past has usually resulted in poorer customer service and increased costs - in my view an organisation totally unfit for purpose.
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