Peer-to-peer lending sites: MSE guide discussion

masonic

Malthusian wrote: »

Funding Secure enters administration

Administrators' proposals are out today. Some highlights:

• Shortfall found in the Clients account over a year ago, also concerns raised about non-compliance with CASS rules and dealing with client money, apparently FCA kept this quiet and allowed FS to continue trading.
• Assets being held were uninsured and held by various third parties (or not held at all in the case of some assets)
• FS was secretly investing in some of the loans, company and client money mixed up in loanbook
• Lack of clarity over status of assets and who is entitled to benefit from loans
• Former directors seem to be the only ones with clear secured debts
• Fees proposed to be a percentage of realisations, which is refreshing, but it's unclear who will be entitled to receive the rest of the proceeds.

Light touch regulation in action.

soulsaver

Adjusting the Going Rates of Plus and Max

"Dear Edward,

I am writing to let you know that the interest rates on our Plus and Max products are changing.

As of ​2 ​December ​2019, the interest rates will be:
Product Going Rate, current Going Rate, 02/12/2019
Plus 4.0% 3.5%
Max 5.0% 4.0%
There is no change to the interest rate for Access which remains at 3.0%.

Stable interest rates are important so we don’t intend to change them often, but we also need to be responsive to make sure the interest rates continue to support our objective of delivering the most consistent returns and most liquid investment in peer-to-peer.'

Well, that was quick...

Froggitt

In the five year market, there is a gazillion stuck at 5.0%. Are they just tipping much of these new products into the 5 year market?

firestone

Froggitt wrote: »

In the five year market, there is a gazillion stuck at 5.0%. Are they just tipping much of these new products into the 5 year market?

Not sure anybody knows 100% how RS allocate funds but when looking at the market data the totals to lend in the 3 new products are always the same number i.e about 3m in each this morning.But in the 1 and 5 years it seems to be what ever is invested in each,hence the jump in funds with the rate cut in the other accounts of people looking for a better rate(but you can only invest in the old products if you had money in them at the time of the relaunch)

soulsaver

firestone wrote: »

Not sure anybody knows 100% how RS allocate funds but when looking at the market data the totals to lend in the 3 new products are always the same number i.e about 3m in each this morning.But in the 1 and 5 years it seems to be what ever is invested in each,hence the jump in funds with the rate cut in the other accounts of people looking for a better rate(but you can only invest in the old products if you had money in them at the time of the relaunch )

...and you don't withdraw it.

I had money in all 3 markets at the new product launch, but since selling out I can't see them now to reinvest the funds in my holding ac. should I want to.

firestone

soulsaver wrote: »

...and you don't withdraw it.

I had money in all 3 markets at the new product launch, but since selling out I can't see them now to reinvest the funds in my holding ac. should I want to.

Sorry to hear that but thanks for the info as it had not occurred to me

soulsaver

firestone wrote: »

Sorry to hear that but thanks for the info as it had not occurred to me

Not a biggy for me; I had a plan and if I stuck to it I'd have nowt in there... which is why I closed my positions.

May be I should have kept a £10 or so (min?) in each to maintain options?

hasibuandutu

I second Roge above here. That would be great

soulsaver

hasibuandutu wrote: »

I second Roge above here. That would be great

No idea what you're posting about: Have you got a quote from the post you're referencing?

tushkary

Has anyone else lost interest through funds sitting in their holding accounts because Ratesetter made a 'business decision' to no longer send notifications when capital is repaid. I'm referring to the 'old' 1 and 5 year investment options.
I hadn't realised this was so until I received my monthly statement and saw substantial amounts in both my Everyday and ISA holding accounts.
I complained to Ratesetter and was offered a paltry £20 in compensation (my daughter received £50) as a 'final response to my complaint'.
I am considering referring my complaint to the FOS but am not sure what to put in the box that asks "how would you like the business to put things right for you?". Has anybody got a better response other than 'I want them to give me more compensation' ?