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 electronic mail to LandlordInvest staff on 30 October, seen by Different Credit score Investor, the Monetary Conduct Authority (FCA) additionally had a number of queries regarding co-founder and chief govt Filip Karadaghi.
The Metropolis watchdog requested for affirmation that Karadaghi now not has entry to the agency and shopper cash financial institution accounts.
It additionally requested how LandlordInvest plans to get better a £17,000 director’s mortgage used for investments in Karadaghi’s identify, and for copies of 4 RBS checking account statements to this point, displaying 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 verify when Joe Vallender, co-founder and chief expertise officer, will grow to be interim chief govt.
It has requested for this data 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 electronic mail, asking us to not settle for any additional enterprise,” Karadaghi mentioned in a publish on LinkedIn immediately.
“They didn’t ship the e-mail to me instantly, however to my coworkers solely, regardless of that I maintain varied 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 mentioned that he has not heard something from the FCA in relation to the director’s mortgage or the decision for a administration change.
He mentioned he’ll “proceed sharing as this progresses as we have now nothing to cover.”
The FCA mentioned 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 underneath 5 minutes