Saturday, 27 June 2015
Self ceritfication Crowdcube style - 2008 all over again.
There have been a couple of recent articles questioning the basis for Crowdcube's model - at last. Both sort of ended up rubbing up against Luke Lang - he's so cuddly.
One of the claims made by Crowdcube is that 'investors' are not simply members of the public, they have to join the site and to do this they have go through a series of FCA approved Q&As. We thought we'd test this so asked a 9 year old to join. All he needed was an email address and user name and password. He self certified that he was conscious by ticking one box and hey presto he had joined. It took him 2 minutes - half of that spent eating a banana.
So how is it that the FCA and Crowdcube and these journalists are happy with this clause at the very top of the Crowdcube Disclaimer section -
''This investment opportunity is not an offer to the public and is only available to registered members of Crowdcube.com who have qualified and categorised themselves as able to invest.''
Qualified? Catergorised themselves? Not members of the public?? We remember 2008 and the joy brought about by self certified mortgages. Who are they kidding?