Peer-to-peer lending sites: MSE guide discussion

keyboardworrier

AdrianC wrote: »

Read the second of today's updates...

Good news for those involved.

AdrianC

keyboardworrier wrote: »

Good news for those involved.

Well, anything much more than a quick glance at the original update would have revealed the reality - an injunction against the imposition of the receiver. No more, no less. But panicking seems to be order of the day lately.

masonic

jamesd wrote: »

I think that it's now better to wait to see how the FCA responds to the first wave of complaints so that later complaints can learn from those responses. There is a twelve month deadline, though.

One concern I have is that the first complaints might not have made enough mention of the FCAs negligent design of the interim permissions database:

I've had a response to my complaint, an excerpt of which is below:

"I am deferring our investigation of your complaint. This is because your complaint is connected with some form of continuing action by the FCA.
The regulatory status of Collateral, and the events which led to the register entry for the IP in question appearing to show Collateral as an authorised firm, are matters which are subject to an FCA Enforcement investigation.
We are generally only able to begin investigating a complaint after any ongoing action is finished. Once that action is finished, we will write to inform you of the next steps with regards to your complaint.
The Complaints Team will continue to liaise with the relevant team internally and we will seek to keep you informed of significant developments. I’ve set out further information below about deferred complaints under the Scheme."

fun4everyone

fun4everyone wrote: »

I have also made my complaint about the FCA.

Response letter received, complaint deferred until ongoing action is finished.

fun4everyone

Consumers exposed to rogue firms by flawed register, admits City watchdog

https://www.telegraph.co.uk/money/consumer-affairs/consumers-exposed-rogue-firms-flawed-register-admits-city-watchdog/

masonic

fun4everyone wrote: »

https://www.telegraph.co.uk/money/consumer-affairs/consumers-exposed-rogue-firms-flawed-register-admits-city-watchdog/

Does the part of the article beneath the paywall have anything of particular relevance? Last I heard the overhauled register was still totally reliant on firms updating their own data.

fun4everyone

masonic wrote: »

Does the part of the article beneath the paywall have anything of particular relevance? Last I heard the overhauled register was still totally reliant on firms updating their own data.

You can register and read for free (limited amount of articles)

- The TSC questioned the FCA about this today

Mr Bailey admitted to Nicky Morgan, chair of the committee, that the register had previously been "neglected" by the organisation, leading to a string of issues.

Mr Bailey said that once the register was revamped it would be crucial that it was clear what a firm was and was not authorised to offer, and that the FCA kept this information up to date.

jamesd

itwasntme001 wrote: »

Does everyone need to do this? Or is this merely just a vote so that if the majority agree, then it will apply to everyone even those who did not vote?

Not sure but from the wording, investors representing a sufficient proportion.

fun4everyone

https://parliamentlive.tv/event/index/3a271490-6b19-4277-811e-4c7df311936e?in=11:19:53

Posted on p2p forum. Treasury Select Committee grilling the FCA. Hit Unmute.

Ash_Pole

I tried to pull everything out of Funding Circle (3.5% loss after 6 months, though strangely my IFISA is doing ok and I'm leaving that in).

Everything sold within a couple of days, but there's about £300 left in and I can't seem to sell it. It's showing on the summary as invested but on the 'sell' tab the amount showing as available for sale is only £3. Why is this?