London Capital and Finance

EachPenny

Holeydel wrote: »

Blimey, what a response from you guys! bravo, you've genuinely made me laugh. I can't go through the names, but there have been some brilliant, factual posts here by members since my first post (which for some reason has been deleted, but is quoted). To those people, thank you for the info and I appreciate the worthwhile response that has given me real info.

And then there's the others - you guys rock. It doesn't matter if it's a MSE forum, a carpentry forum or a forum for Minecraft, forums are all the same when a newbie joins - you always get those certain members with a big old number next to their post count with nothing to contribute except misquotes which they go off down the rabbit hole with. For example...

'Not particularly clued up' does not mean self confessed know nothing - I'm not going to explain the difference either. As for telling me my thoughts should be irrelevant to myself, that's just plain old arrogance from your side.

This one was brilliant as it triggered a number of responses. That bold bit EachPenny, the part creating point of your response, well that just a made up blatant lie on your part. I haven't even said anything remotely close to this. Other stuff quoted has been taken out of context but this one here, I'm chuckling to myself as I write this. Now I'm what, a linguistic scholar, genius even, who made a sensible investment and now kicking back in blissful ignorance, Oh and I'm American, or at least one of me is. You guys need to remove the tin foil hat and get out some (I recommend Oman - great place).

All this cos mocking cos I made a naively optimistic investment and I dared to join MSE's forum and say that so far it's going alright? You do realise I've nether praised / recommended / suggested others should follow my lead? No of course not, cos then you'd have nothing to say to add to your post count. I may be foolish, inexperienced and gullible but it could be much worse, I could have the qualities in my persona that you're displaying in this forum.

And I got to say it again cos my post has detracted from the topic. Thanks again to the members who have given sound, solid info - it's a shame your posts are surround by such daft assumptions, but I have taken something from them, ta'.

Quoted, for posterity.

Apologies, I used double quotes which might imply a direct quotation (in the bold bit), but only to avoid confusion with the apostrophe in "I'm" (see what I did there). I will go back and edit my post to clarify.

We wouldn't want anyone to be misled would we?

dunstonh

All this cos mocking cos I made a naively optimistic investment and I dared to join MSE's forum and say that so far it's going alright?

{text removed by MSE Forum Team} All extremely high risk 100% loss potential unregulated investments all go alright until they go wrong.

Plus, you acknowledge that you dont know what they are doing with your money. So, you really wouldnt know if its alright at or not. Just at this stage they are paying you the yield. As it is unregulated and no accounts posted with continuous use of a loophole that gives grave concern, you wouldnt know if they are using new money from other mugs to pay those withdrawals. If it turns out to be a ponzi scheme, it could be years before it fails. (I am not suggesting it is ponzi scheme as there is no evidence to suggest it is. However, with it being unregulated and no accounts being published, there are sufficient concerns).

cloud_dog

Unfortunately Holeydel, this is where you lose credibility for me:

Holeydel wrote:

For those still searching high street banks for the best isa rates, my post probably comes across as a viable option for making better use of their savings. Either way, i hope some of this helps.

You accept that you do not know how the offering works (in fact I'm sure you responded to a question by saying that you didn't need to know, and that its simplicity was one of its attractions) and yet you are advocating for people who are looking for boring, mundane, well understood, government protected savings accounts to jump in to the unknown high risk world with yourself.

Mmmm...

Holeydel

dunstonh wrote: »

All scams. All dodgy schemes. All extremely high risk 100% loss potential unregulated investments all go alright until they go wrong.

Plus, you acknowledge that you dont know what they are doing with your money. So, you really wouldnt know if its alright at or not. Just at this stage they are paying you the yield. As it is unregulated and no accounts posted with continuous use of a loophole that gives grave concern, you wouldnt know if they are using new money from other mugs to pay those withdrawals. If it turns out to be a ponzi scheme, it could be years before it fails. (I am not suggesting it is ponzi scheme as there is no evidence to suggest it is. However, with it being unregulated and no accounts being published, there are sufficient concerns).

We got off to a rocky start dunstonh but it's comments like this I appreciate. For me it's going alright so far, but it's only the interest payments I've currently. As we've both eluded to, it could very soon be a disaster. I feel some members here have confused my experience with a company to me 'advocating' a system in finance which is seriously flawed. Two very different things.

eskbanker

dunstonh wrote: »

I am not suggesting it is ponzi scheme as there is no evidence to suggest it is.

Sounding very much like some of Ian Hislop's carefully-worded innuendo-laden but lawyer-friendly comments on 'Have I Got News For You' there, the wonders of being leant on by MSE!

Holeydel

cloud_dog wrote: »

Unfortunately Holeydel, this is where you lose credibility for me:

You accept that you do not know how the offering works (in fact I'm sure you responded to a question by saying that you didn't need to know, and that its simplicity was one of its attractions) and yet you are advocating for people who are looking for boring, mundane, well understood, government protected savings accounts to jump in to the unknown high risk world with yourself.

Mmmm...

Let's be honest, I never had any credibility to begin with! But these are the misquotes I've mentioned earlier, I've not advocated anything and I'm not suggesting people join me. If you want me to clarify something I believe is already clear, then people much like myself who have little understanding of finance and are wanting better gains for their savings are attracted by these 5+% numbers offered by the P2P lending companies. this is how I came about to put money into something you guys wouldn't touch with a barge pole. Sure, not a wise move but the success and quick boom of these P2P lending companies suggest there are many naive people out there like myself. The reason I joined this forum is so I can learn about move away from this system and onto something more favourable. And it's working too, as I'm now aware there are 6 main asset classes - but that's all for another thread...

cloud_dog

Holeydel wrote:

But these are the misquotes I've mentioned earlier, I've not advocated anything and I'm not suggesting people join me.

Au contraire slack bladder. Please refer to my previous post with your quote.

Holeydel wrote: »

The reason I joined this forum is so I can learn about move away from this system and onto something more favourable. And it's working too, as I'm now aware there are 6 main asset classes - but that's all for another thread...

Unfortunately for you, you don't come across as wanting to learn, as you put it, simply defend a position (nee product).

Someone who admits to not knowing sufficient details about an investment product would surely want to obtain and understand more information about the product they have invested in, especially when it is an extremely high risk product with no worthwhile guarantees. No?????

masonic

bail-in wrote: »

Last time I looked investors nor savers have any legal right to FSCS compensation. Perhaps you are not referring to 'legal' rights. Unlike a legal contract with your bank or investment company, as a depositor or investor, there is no legally enforceable relationship with the FSCS under UK law common law. It is a promise only, hence the repeated FSCS info reminders with our statements, and can be withdrawn by the sovereign bank at any time as I understand has been the case in some European countries; to the great glee of the ECB.

The regulator is legally obligated to run the scheme as set out in Part XV of the Financial Services and Markets Act 2000. It is a regulatory requirement for Authorised Firms who are carrying out certain regulated activities to maintain membership of the scheme. I don't dispute that Parliament is able to amend or withdraw the scheme by an amendment to the FSMA.

My point was that certain investment activity is excluded from such regulatory protections, such as unregulated bonds, direct equity investments, and P2P investing in general (access to the FOS is permitted in relation to these two).

EachPenny

Holeydel wrote: »

Let's be honest, I never had any credibility to begin with! But these are the misquotes I've mentioned earlier, I've not advocated anything and I'm not suggesting people join me....

In your first post you said:-

For those still searching high street banks for the best isa rates, my post probably comes across as a viable option for making better use of their savings.

As a newbie, you ought to be able to appreciate that your words come across as advocating people join you in this investment. You might not exhort them to do so, but combining words like "viable option" and "better use of" has the same effect as 'suggesting people join [you]'.

Your words are also directed at people using "high street banks" for their "savings" which - as experienced posters on the thread say regularly - are probably not the kind of people for whom this kind of product might be suited.

You might not have intentionally advocated for your investment choice - I'm sure we are all happy to give you the benefit of the doubt - but the way you have gone about things would leave other investment novices thinking that you are suggesting people "join [you]".

bail-in

Reaper and MalthusIan, thankyou for looking into the Austrian Deposit Protection Scheme more thoroughly than I did. Your posts reveal good news for savings depositors in European Banks. However, I am not happy about the Europe and Anglosphere countries' current legal implementation of the BRRD and tool kit bail in rule in relation to savers deposits under these new rules.