ozboy
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Post by ozboy on Mar 7, 2021 11:27:00 GMT
Give us all a break = Leave us to wallow in our crowd think. I’ll happily oblige. You should join an Outlaw Motorcycle Gang Deees, they often call themselves "The One Percenters."  You are either being deliberately obtuse, for some unfathomable reason, or you genuinely fail to grasp the valid FCA failure points many on here are trying to make (as indeed are the Financial Journalists). I don't believe that you don't believe the FCA is not at fault in many areas, you're playing some weird game. We have had your misguided Flag Waving Cheerleaders on here before and they always end up with egg on their faces. Please continue making a mammary of yourself, it's highly entertaining. 
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ozboy
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Post by ozboy on Mar 7, 2021 10:36:01 GMT
"I’ve never assumed the FCA would protect me from losses or platform failures. Those risks I have to assume responsibility for myself. What I do expect of the FCA is that they don’t let any director associated with a heinous platform failure or serious failure of regulation to work in a senior position in financial services again."Give us all a break Deees. You make interesting postings, but you are missing the FCA point by a country mile. 1/ Most on here are experienced Investors and don't assume the FCA will protect us from platform failures/losses, we are informed and know the risks. We do (did!), however, assume that the FCA is/was doing the Basic Day Job and performing the Basic Due Diligence they loftily order Others to do and tell Consumers they are doing. Except they're not, we are all aware of the FCA litany of failures. 2/ Most on here assume the risks responsibility, based on the above expectations from the FCA and what it is supposed to be doing and tells Consumers it is doing, except, again, it's not. 3/ You seem to have omitted Prosecuting and Jailing a proven crooked P2P Director? (I would also add in Borrowers and "Professional Valuers" myself.) You seem to think allowing them back into Financial Services but in a lower position is OK? I am sure you don't mean that. It is patently obvious that the FCA is a failed organisation, arrogant, grossly incompetent and not fit for purpose.
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ozboy
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Post by ozboy on Mar 6, 2021 22:38:21 GMT
"........... so I assume you have done okay from your wise P2P investments."I wish shw , quite the contrary. By the time I realised several years ago that FS and MT were a crock, it was virtually impossible to leave swiftly and I was locked into their zombie loans. I did however manage to flee Lendy entirely unscathed thanks to a very liquid secondary market at the time - people were even hungrily buying virtually defaulted Loans which were well overdue/unpaid! Generally speaking, liquidity is appalling in P2P and virtually nonexistent - a Major negative for me. COLL is an entirely different and unique kettle of fish, represents a new and alltime low, and I have probably lost a LOT and the most there. Again I saw it coming and was elegantly withdrawing and would have been out within 6 months, except The Grossly Incompetent FCA woke up with a startle from their deep slumber and kneejerkingly & destroyingly intervened - care and protection of Consumers being the last thing on their mind....... "You can trust the Register!" I don't think anyone on here has any time for the FCA, they are simply not to be trusted. With very good reason, any firm proudly displaying "FCA Authorised & Regulated" needs to be treble checked. And then treble checked again, because "FCA Approval" is meaningless.. Personally, and do your own research, this is not a recommendation, etc, etc, I want to lead a life now as free of chicanery, lying, dishonesty, crooks, thieves and "Professional Valuations" as best I can, so am/have moved into Managed Funds & Trackers with the Max in Premium Bonds for some fun. Fundsmith and Vanguard to name but two, and these are not recommendations.
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ozboy
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Post by ozboy on Mar 6, 2021 14:53:30 GMT
I have the full £50K holding and February was £0, which reduced my running one year average down to 1.05% return pa.
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ozboy
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Post by ozboy on Mar 6, 2021 14:48:59 GMT
Although I thought I knew the risks with P2P given the headline rates versus general market conditions about 6 years ago the grating issue for me is the asset valuation by a professional,who I always thought had to have liability insurance that could be used when mistakes were made = how wrong I was,insurance is worthless.So even low LTV % is unsafe especially when a borrower defaults because the admin fees to recover any monies cost a damn sight more than the loan interest you were offered in the first place.You may get 50p in the £ back of your hard earned cash if are lucky and more importantly have to wait many months if not years to get anything from the administrators. The second grating issue is the out and out lies used to get you to invest more cash as the borrower's project is making good progress and needs a further tranche of cash to complete.Rightly or wrongly,and even when the platform says they have visited the project to evidence progress,it turns out to be lies.Often the members of this forum end up visiting the project and tell the truth - unfortunately this is too late to get your cash back out of the loan. So my learning,with substantial losses,is either stay clear of P2P,it is generally poisonous,or if you do invest,spread your cash across loans and have the P2P investment as your highest risk in your portfolio. Be prepared to lose all your cash in the majority of loans. Or,if like me,you have other CGT gains you can write these losses off against to save you some tax. A Rolex watch or classic car might just be a better punt or be brave and pick some company stocks for a longer investment return. As many have said "if it's too good to be true,it normally is". Also beware I suspect some forum users could be linked to P2P platforms so don't believe everything you read !! However the P2P Independent Forum is probably the only place you can share your honest opinion,so I support its purpose. Only place an single investor can share or even vent their frustration or anger. I feel better already - lol. Unless I misunderstand your posting shw, you started P2P investing around 6 years ago? In which case, IF you were a member of this forum at the time, it seems that you didn't read LENDY PBL157/PBL158 - R*****a & C****t, H****** Court Rd DEFAULT? Where the questions about the Great Valuations ConScam kicked off. Or perhaps you were one of the vast majority whose unfathomable position at the time was "Inaccurate/Over Valuations? Not to worry, not important, not a problem, that's just the way it is, accept it." !!! If not, read PBL157/158 now and weep. I led an entire team of horses to water, and only two or three took a drink.
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ozboy
Member of DD Central
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Post by ozboy on Mar 4, 2021 18:12:07 GMT
Even if the valuers are proven to have been grossly negligent, nothing will happen. As we've witnessed time and again on other P2P platforms where valuers valuations have ended up being absurdly overly-optimistic and lenders lose their shirt, they are never held to account.
The UK: anything goes and, as long as you wear a suit and tie and come from the right background, you can get away with anything. Correct.
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ozboy
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Post by ozboy on Mar 3, 2021 16:12:02 GMT
"Forbearance"/"waiting" has a limit, and that's around 90 days. MAX. You are right on the money shirehorse, in P2P especially "waiting" rarely works to Lender's benefit. Those who always prefer "extending" have clearly never been in or run their own business. |
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ozboy
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Post by ozboy on Mar 2, 2021 21:04:27 GMT
What does this even mean? The Electoral Commission identified 17 local authority areas at particular risk of electoral fraud as far back as 2014 and widespread abuse of postal voting was seen as a significant factor. Democratic Audit have also written reports on the subject. This is a well known and highly suspected Electoral Abuse in parts of West London, in particular....... One Borough has arguably the most hated and despised Leader in Local Politics, however they keep getting back in. Either they're as popular as the Voting would seem to indicate, or, ...............
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,165
Likes: 4,857
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Post by ozboy on Feb 24, 2021 13:15:48 GMT
<snip> Thing is, they'll only be replaced by yet another Totally Useless & Garbage Financial Consumer "Protector". And that musn't be allowed to happen. Folding the FCA will only see all their faults & issues - proven and yet-to-be-proven - buried along with them and consigned to history. Far better, imo, to get all the FCA's failings out in the open for all to see and take appropriate action. Sometimes daylight is the best disinfectant. Unfortunately, the FCA has a well documented and deeply ingrained "culture". So, unless you sack all of them, which means disbanding, you'll never achieve any really positive change? Thinking on it a bit more, we have a REAL problem, when these New Bodies are setup, they simply re-hire the old crowd anyway!
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ozboy
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Post by ozboy on Feb 24, 2021 12:42:28 GMT
The email was From, and Replies are to....... @fca.org.uk
AFAIK whatever you might put in front of the "@" the email will be sent to and end up at the FCA?
IF, this is a scam, it's a monumentally elaborate & well planned one, and will definitely be the end of the FCA, they wouldn't survive this latest public display of their ongoing gross incompetence.
Thing is, they'll only be replaced by yet another Totally Useless & Garbage Financial Consumer "Protector".
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ozboy
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Post by ozboy on Feb 23, 2021 12:50:29 GMT
The problem dave4, is that no matter how "good" a platform is, they quickly change their colours when the going gets tough. Then, it's always "Platform First", funnily enough, with Lenders coming very last, and nursing massive losses, whilst the Platform waltzes off being rewarded with £££££££s for gross incompetence/fraud/lying/cheating/you name it. Until the idiot FCA understands P2P and decides to robustly clean it up, for it's an almighty cesspit, you have to be VERY brave to continue lending. Just my humble opinions of course. |
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ozboy
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Post by ozboy on Feb 22, 2021 17:28:27 GMT
A learned piece on the FCA, and who are we to argue?!!! RUTH SUNDERLAND: FCA is not fit for purpose - so-called watchdog has a culture of delay, avoidance and slavish adherence to its arid rule book The Financial Conduct Authority has a lamentable record of letting down consumers and small firms The so-called watchdog has repeatedly betrayed customers, investors and taxpayers The pitiful response to the Neil Woodford affair ought to hammer home the point that this organisation is not fit for purpose By RUTH SUNDERLAND FOR THE DAILY MAIL PUBLISHED: 21:50, 21 February 2021 | UPDATED: 21:52, 21 February 2021 www.thisismoney.co.uk/money/comment/article-9284293/RUTH-SUNDERLAND-FCA-not-fit-purpose.html |
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ozboy
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Post by ozboy on Feb 16, 2021 18:53:12 GMT
My only remaining Loan with HNW (under IFISA) paid back recently p2pfan and I have *withdrawn the lot, and I won't be returning to HNW. I have not lost any money whatsoever with HNW, and you do usually get replies and/or can speak direct with Ben. Wish I could say that about MT, FS & Collateral. I saw all three clearly failing many, many months/years in advance but P2P is relatively VERY illiquid. This point alone is a massive Red Flag to me. I thank you. [ *NOTE - Withdrawn, not Transferred, that incurs a whacking £75 Fee! ] |
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ozboy
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Post by ozboy on Feb 16, 2021 18:44:36 GMT
And Sancus are "Authorised & Regulated by the FCA".
So that's alright then. |
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ozboy
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Likes: 4,857
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Post by ozboy on Feb 12, 2021 14:49:05 GMT
I would think that Covid is a bit more than a handy "smokescreen" adrianc? |
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