The gaff - 30th November 2018

[#1]

Always look forward to reading this to catch up on things, thanks to everyone that makes the gaff possible.

[#2]

Once again an interesting read, thank you 

[#3]

Thankyou for a brilliant catch up @willp789  @mitchell98 @kathleen414 @bluemoonbaz @as7861 @brulaw @ijustcantdoit

revilo10.  

Massive welcome to all the new giffgaffers 

@tinawilliams0410 that photo is brilliant 

Interesting post revilo10. it's definetly something to think about,but not sure if i am ready for that yet.

[#4]

thanks for the gaff a great read.

[#5]

Thanks to the team for the gaff. Intresting read on the latest issues and developments.

Cheers.

[#6]

@revilo10 Monzo Bank has endured a certain amount of criticism in the financial sector for encouraging customers to buy Monzo Shares from an overdraft facility, it itself provides.

https://www.google.co.uk/url?sa=i&source=web&cd=&ved=2ahUKEwjUhKLM-v7eAhUjSN8KHdoWA-oQzPwBegQIARAC&u...

The Bank itself has seen recent losses of around £33m. Not always the best advert for a an institution wanting to look after your money, even if  Monzo is part of the FSCS, so your money is supposedly protected up to £85,000, it could however take months or longer to ever be compensated. Particularly as we will be outside the EU Regulating Area after 29 March 2019.

[#7]

@jaymailsays
Thanks for bringing this up, a friend text me about this yesterday, it is a little worrying I do admit. The Times also reported on this during the last week, but Monzo posted this article on their blog clearing things up:
https://monzo.com/blog/2018/11/30/setting-record-straight/

I'm not sponsored or endorsed by Monzo in anyway, I don't invest in them, and I don't have a loan with them or anything (Just an account), and for the features that I require it for, and a lot of other students will require it for, it works perfectly well. Of course there are things to work on, and as a relatively new bank it's got a lot to work on, but I think in it's current state it is suitable for what it is described for. The crowdfunding thing does concern me a bit but it doesn't put me off wanting to use their services, because I know that people interpret things in different ways, and the way things are put together are like that for a reason. Judge as you wish.

[#8]

@revilo10 I heard the Monzo spokesman interviewed yesterday and he was rather defensive, as well he might be.

Under UK law it is illegal to lend prospective shareholders funds to buy shares in your own company. There is good reason for this, it is meant to prevent manipulation of the share price.

The overdraft facility, appears to be a grey area not wholly covered by Regulation. 

It is very likely that this loophole will be closed but not in time for this latest round of crowdfunding into the purchase of unlisted Monzo shares, from borrowings, provided in part by the institution seeking the investment.

Reminiscent of past failed Ponzi type adventures although of course not comparable in any material way to the Monzo Bank share offering. 

[#9]

Hi @mcilwraith
I am pleased that the content does keep you up to date in the past, we do try to get the juiciest (is that even a word, seems like it)

Hi @cloughey
9 years on and giffgaff is still going strong

Hi @tinawilliams0410
It was truly amazing and spot on. @brulaw choose the images. I reckon the competition was fierce.

Hi @formulaone @davidevans0000
The team does do a lot in the background to get all of the content to top-notch quality

[#10]

Thanks for another great edition of the gaff! Love the Froggy photo! Some great ideas in Labs at the moment! 🙂📱😊👍🏽👍🏽