UK peer-to-peer lending platform LandlordInvest has been informed by the regulator to stop onboarding of recent enterprise and to instate an interim chief govt.
In an e mail to LandlordInvest staff on 30 October, seen by Different Credit score Investor, the Monetary Conduct Authority (FCA) additionally had a number of queries referring to co-founder and chief govt Filip Karadaghi.
The Metropolis watchdog requested for affirmation that Karadaghi not has entry to the agency and consumer cash financial institution accounts.
It additionally requested how LandlordInvest plans to recuperate a £17,000 director’s mortgage used for investments in Karadaghi’s title, and for copies of 4 RBS checking account statements to this point, exhibiting the final week of transactions.
Learn extra: LandlordInvest moots wind-down
The FCA additionally requested the LandlordInvest staff whether or not Karadaghi has transferred any cash since its group met with the agency on 22 October.
Moreover, it requested LandlordInvest to substantiate when Joe Vallender, co-founder and chief expertise officer, will turn into interim chief govt.
It has requested for this info by 11am on 31 October 2024.
Learn extra: LandlordInvest reveals greater than 50pc of B and C rated loans have been paid on time
“I’ve now had official affirmation that the FCA is forcing us to wind-down LandlordInvest; they despatched an e mail, asking us to not settle for any additional enterprise,” Karadaghi stated in a publish on LinkedIn right now.
“They didn’t ship the e-mail to me straight, however to my coworkers solely, regardless of that I maintain numerous regulatory roles and am the chief govt.
“I’ll digest these newest developments and supply additional replace(s) as acceptable.”
In emailed responses to Different Credit score Investor, Karadaghi stated that he has not heard something from the FCA in relation to the director’s mortgage or the decision for a administration change.
He stated he’ll “proceed sharing as this progresses as we’ve nothing to cover.”
The FCA stated it’s unable to touch upon particular person instances, past what’s on its Monetary Providers Register.
Learn extra: Over half of LandlordInvest loans funded in beneath 5 minutes
