SIPP firm making late loan repayments, implications?

jamesd

It appears that a SIPP provider may be making late payments on a P2B loan. This strikes me as something that is not likely to be much appreciated by the FCA given my expectation that they want a lack of signs of financial stress. Just how serious would late payments on a loan by a SIPP provider be, from the FCA's point of view?

SippTechie

Happy to comment if you're able to clarify a little further.


I'd have thought the involvement that a SIPP provider would have with this type of lending, or rather the involvement that the SIPPs they administer would have, would be as the lender. On that basis, it isn't clear why the SIPP provider (or its SIPPs) would be making the loan repayments, I'd expect the SIPPs to be receiving the loan repayments.


Are you talking about a situation where a SIPP provider has been funded by this type of lending?

jamesd

As I understand it, the borrower is the SIPP provider, not one of its customers.

To learn more than that I'd need to create an account at a lending platform and that would probably include a non-disclosure agreement.

I assume that if it's the customer there's not a major issue. It's the platform itself being late case that causes me to wonder.