RATESETTER latest

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  • stehouk
    stehouk Posts: 412 Forumite
    First Anniversary First Post
    I have 3 accounts (different members of family to take advantage of the £100 bonus per account) ive done ok i am selling out one but will probs re-invest it as rates are rising now as ppl sell.
  • Zanderman
    Zanderman Posts: 4,682 Forumite
    First Anniversary Name Dropper Photogenic First Post
    This has been discussed a little on the P2P board here http://forums.moneysavingexpert.com/showthread.php?t=4313323&page=54#topofpage

    Start at post 1069. My own comment is post 1075 http://forums.moneysavingexpert.com/showthread.php?t=4313323&page=54#1075 where I query why people are worried, as the announcement seems fairly reassuring rather than alarming. Particularly if you're holding out for the £100 bonus.
  • aldershot
    aldershot Posts: 197 Forumite
    First Anniversary First Post
    Why would Ratesetter withdraw from the P2PFA (unless they were being less than transparent)?

    https://www.ratesetter.com/blog/article/withdrawing-from-the-p2p-finance-association
  • verybigchris
    verybigchris Posts: 630 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    aldershot wrote: »
    Why would Ratesetter withdraw from the P2PFA (unless they were being less than transparent)?

    https://www.ratesetter.com/blog/article/withdrawing-from-the-p2p-finance-association

    Interesting that they've waited until the day after the window closed on their fee-free sell-out offer before announcing this. Presumably a fair few people are already running for the hills and they didn't want to trigger a stampede.
  • The_Hornet
    The_Hornet Posts: 81 Forumite
    First Post First Anniversary Combo Breaker
    I've invested with Ratesetter quite happily for some years and have found it an investment vehicle with good interest rates and offering quick and easy withdrawals whenever I needed some money. I accept there is risk involved but at an acceptable level.

    Up to now.

    I decided this morning that after reading about the withdrawal from P2PFA I wanted out so I went into my account to arrange a sellout as I have done before. Unfortunately after 4 attempts my money was still not available. I had the usual emails telling me my money was now available but nothing had actually processed.

    I have just got off the phone to Ratesetter where I was told "it seems there's a technical problem" and I was the third person to report it. Unfortunately all the technical support team are away for the weekend (!) and nothing can be done until Monday.

    Now I am worried. Does it sound feasible that a multimillion pound company that trades 24/7 doesn't have round the clock technical cover? Not to me it doesn't. It also seems more than a coincidence that this "technical problem" has occurred just after their earlier announcement. Or maybe it's just me being paranoid!
  • jennyjj
    jennyjj Posts: 346 Forumite
    Name Dropper First Anniversary First Post
    edited 21 August 2017 at 3:51PM
    The_Hornet wrote: »
    I've invested with Ratesetter...

    Up to now.

    ...Unfortunately after 4 attempts my money was still not available.
    ...I have just got off the phone to Ratesetter where I was told "it seems there's a technical problem" and I was the third person to report it. Unfortunately all the technical support team are away for the weekend (!) and nothing can be done until Monday.
    ...Or maybe it's just me being paranoid!

    A very similar experience. I have control of 2 RS accounts with £50k between them. Having been unnerved by recent 'shenanigans' I thought I'd test out the sell-out option and withdraw some of my funds.

    Sell Out FAILED ABYSMALLY.

    . . .I then went on to make multiple requests for sell out for various amounts. Almost at random, some worked: Some said I was transferring £0

    NO FINANCIAL INSTITUTION should be tolerated if they cannot process normal withdrawal transactions on demand. 4% is not sufficient encouragement for me to ever trust them again!
  • barginfinder
    barginfinder Posts: 330 Forumite
    I've got 1.2K with RS - maybe I should withdraw too, its not gonna break me, but I'd prefer not to lose the cash :)
    I need a better signature
  • elephantrosie
    elephantrosie Posts: 467 Forumite
    i just got a small amount of money into RS 5 year loa, matched few days ago.

    could i withdraw without penalty?
    Another night of thankfulness.
  • aroominyork
    aroominyork Posts: 2,821 Forumite
    Name Dropper First Post First Anniversary
    The withdrawal from P2PFA is very opaque. Their announcement yesterday says "Following our announcement last month, which can be found in the notices section of the member area, we have decided to withdraw from the P2PFA. Membership requires adherence to the P2P Finance Association Operating Principles including transparency. No customer has experienced any loss from our actions but we recognise that our actions breached the principles of the Association."

    The 'announcement' was about the three companies it has taken onto its books. What does that have to do with contravening P2PFA operating principles of not being transparent? The lack of clarity in the explanation is at best clumsy, but more likely is concerning.
  • Deneb
    Deneb Posts: 420 Forumite
    First Anniversary First Post
    aroominyork wrote: »
    The 'announcement' was about the three companies it has taken onto its books. What does that have to do with contravening P2PFA operating principles of not being transparent? The lack of clarity in the explanation is at best clumsy, but more likely is concerning.

    http://www.p2pfinancenews.co.uk/2017/08/18/ratesetter-withdraws-from-p2pfa/

    RATESETTER has said that it is leaving the Peer-to-Peer Finance Association (P2PFA) after breaching the trade body’s rules.

    “Membership requires adherence to the P2PFA Operating Principles including transparency,” said the ‘big three’ peer-to-peer lender in a blog post on its website on Friday. “No customer has experienced any loss from our actions but we recognise that our actions breached the principles of the Association.”

    RateSetter was one of the founding members of the P2PFA.

    RateSetter’s transparency came under the spotlight last month, after it told investors that it had made     “interventions” on some of its former wholesale lending partners. The firm had been winding down that segment of its business since last December. Then in February of this year, the Financial Conduct Authority (FCA) confirmed that it was unhappy with the practice.

    Detailing the interventions, RateSetter said it purchased the operating subsidiaries of the Vehicle Trading Group in May after the company went into administration because it had taken on too much debt.

    The company revealed last month that it had taken ownership of Adpod, an advertising company that borrowed £12m from Vehicle Trading Group in 2015 but got into financial difficulty and still owes £8.5m. The company said it would absorb any losses as opposed to using the provision fund.

    RateSetter had not disclosed the Adpod transaction at the time.

    “We understand the reasons why RateSetter has withdrawn from the P2PFA membership and respect their decision,” said Robert Pettigrew, director at the P2PFA.

    RateSetter is the last of the ‘big three’ platforms to receive     full authorisation from the FCA. It is thought that RateSetter has notified the regulator of its decision to leave the trade body.
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