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Peer2Peer Finance News | September 18, 2019

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Lendy investors launch action group to ensure ‘fair representation’

Lendy investors launch action group to ensure ‘fair representation’
Marc Shoffman

DISGRUNTLED Lendy investors have set up an action group to ensure they are treated fairly by administrators of the collapsed peer-to-peer lending platform.

The property P2P lender went into administration at the end of May after months of speculation about its future.

Hundreds of investors have joined the Lendy Action Group (LAG) which aims to act as a point of coordination, work collectively to recover funds, be a voice to the administrators, regulators and press and to consider further opportunities such as legal action.

“The focus of the LAG will be to ensure that investors are treated fairly in the administration and ancillary regulatory processes” Bruce Hattersley, one of the LAG’s founders, said.

“We want to give investors affected by the collapse of Lendy a collective voice and ensure their views and concerns are heard throughout the entire process.”

RSM has been appointed as administrator and has written to investors to say their accounts remain open but funds cannot be withdrawn due to the ongoing restriction on payments from the Financial Conduct Authority (FCA).

The FCA has been keeping a close eye on Lendy’s activities in recent months, and confirmed in April that it had placed restrictions on the platform.

Just last month, a number of senior staff departures led to speculation that the company could be breaking up.

In early May, Lendy’s co-founder Liam Brooke and former chief operating officer Robert Kelly launched a new company which offers cash advances to employees.