Withdrew funds from ISA after P2P investment went sour

Beyond_Reason

Well it's now been a couple of weeks since I posted. I also raised the matter with Funding Circle and I haven't had any feedback from them - just an automated reply - so maybe I should raise the matter with the Financial Ombudsman.

eskbanker

Beyond_Reason wrote: »

Well it's now been a couple of weeks since I posted. I also raised the matter with Funding Circle and I haven't had any feedback from them - just an automated reply - so maybe I should raise the matter with the Financial Ombudsman.

Your prerogative to go to FOS but generally they won't consider cases until you've had a final response from the institution concerned, or after eight weeks if you haven't received an adequate response by then, which is reflected in FC's complaints policy:

If we have been unable to resolve your complaint within 8 weeks or have not sent you a final response within 8 weeks, or you are unhappy with the outcome of your complaint, you can ask the Financial Ombudsman Service (“FOS”) to carry out an independent review.

The FOS case backlog is many months, so it's not a particularly effective means of expediting anything if that's what you're hoping for....

Beyond_Reason

eskbanker wrote: »

The FOS case backlog is many months, so it's not a particularly effective means of expediting anything if that's what you're hoping for....

That's fair enough, and as I've now got all my original funds out and some of the interest, there is an element of 'why bother', but I think it's the principal of the matter. Hopefully investors are now starting to wise-up on P2P lending, and realise how poorly managed and regulated these schemes are.

Beyond_Reason

FC finally made the ISA transfer (despite saying they couldn't in the first instance), so there's now been some resolution to the matter. Oh well, Happy New Year! :beer: