Peer-to-peer lending sites: MSE guide discussion

fun4everyone

masonic wrote: »

there are some reasons for concern, such as assets that cannot be located, amongst other issues

Lol I did not know that, here we go again. The Red Car and The Green Car had a race - out of FS's sight?

masonic

fun4everyone wrote: »

Lol I did not know that, here we go again. The Red Car and The Green Car had a race - out of FS's sight?

All appearances are that FS knew nothing about this and only defaulted their loans in response to MT's appointment of administrators. MT has been attempting to locate and secure assets since last Thursday.

fun4everyone

New rules for P2P platforms from the FCA.

https://www.fca.org.uk/news/press-releases/fca-confirms-new-rules-p2p-platforms

Full document here

https://www.fca.org.uk/publication/policy/ps19-14.pdf

masonic

fun4everyone wrote: »

New rules for P2P platforms from the FCA.

"The FCA will continue to closely monitor the P2P market as it develops further."

Yeah, right :rotfl:

drob4

Quick query: I received a couple of hundred £ to my Kuflink account by referring people last year. There’s no mention of this amount in the relevant tax certificate from Kuflink.

This is the first time I’ve received any money that wasn’t already taxed through PAYE. Do I need to just phone up HMRC and inform them of the extra income?

masonic

drob4 wrote: »

Quick query: I received a couple of hundred £ to my Kuflink account by referring people last year. There’s no mention of this amount in the relevant tax certificate from Kuflink.

This is the first time I’ve received any money that wasn’t already taxed through PAYE. Do I need to just phone up HMRC and inform them of the extra income?

Yes, that will suffice. Or write to them if you don't want to be stuck on the phone for a protracted period of time.

Fatbritabroad

fun4everyone wrote: »

New rules for P2P platforms from the FCA.

https://www.fca.org.uk/news/press-releases/fca-confirms-new-rules-p2p-platforms

Full document here

https://www.fca.org.uk/publication/policy/ps19-14.pdf

Hmm very difficult to know how this is going to affect the platforms. Anyone else concerned enough to pull out and see how this plays out? I have 20% of my non pension non household net worth in p2p and don't count as a sophisticated investor as income less than 100k so not sure if I'd be in breach. Be interested to see how this affects the main players particularly ratesetter and assetz. Long term perhaps a good thing but may make for some difficult short term issues

fun4everyone

masonic wrote: »

"The FCA will continue to closely monitor the P2P market as it develops further."

Nardge

Personally I don’t like that they plan to restrict everyday investors to 10% in P2P. It’s not for them to tell people what they can and cannot do with their money. Guidance ok, but many sites already require an introductory ‘exam’. Hopefully such nanny-state antics will be unenforceable.

Scrooge's_younger_brother

If the FCA allowed P2P platforms to have 'skin in the game', the new regulations wouldn't be required. Valuations would be more accurate and late repayments would be more robustly progressed if platforms suffered first loss (and were only reimbursed for costs of recovery once all investors had been repaid in full).