FUNDINGSECURE investors are yet to receive any communication from appointed administrators CG Recovery, more than a week after the peer-to-peer lending platform’s collapse.
Peer2Peer Finance News understands that investors on the pawnbroking P2P platform have not yet been contacted by the Manchester-based insolvency practitioners and are keen for information such as the likelihood of recouping their investments; the timeline for the platform’s wind-up; and the reasons for the platform’s failure.
One investor told Peer2Peer Finance News that he didn’t even know that the platform had gone into administration until he happened to read about it in a news article.
This raises questions around whether or not all of FundingSecure’s investors are been made aware of its closure and the status of any funds held by the platform.
On Wednesday 23 October, the Financial Conduct Authority (FCA) said that appointed administrator CG Recovery would be contacting all investors “in due course”.
When it went into administration, FundingSecure’s current loanbook stood at £80m. This was spread across 486 loans which were funded by approximately 3,500 investors.
In a note placed on the FundingSecure website, the administrators asked creditors to contact the administration team via the dedicated email address firstname.lastname@example.org.
CG Recovery has been approached for comment.
Read more: FundingSecure: The industry responds…