Thanks for the answer!
Hi @robert I noticed there is a list of questions from Kevin you haven’t answered - would be important to get them clarified from my side - if you could help?
The post quoted from @kthomas
1. If I have understood this correctly, are there are likely to be 10 issuances of £100K to reach the £1 million set aside?
2. Essentially having read the blog post, what you seem to be offering is in effect a hedged emerging markets corporate bond fund. Just marketed differently. Would you agree with that assessment? If you do agree with this, would you not consider this asset class the highest risk bond class?
3. Given this, I think the most important thing for me is the oversight of the trustee controlled account which in effect is the back stop against any capital loss. Are the board of trustees going to be independent of Project Imagine and run at an arms length so that in the (hopefully unlikey) case of Project Imagine going bankrupt the administrators would not have access to this to pay to creditors? I think transparency here is really important.
4. It seems to me that the 5% bond is a “mini-bond” product - i.e. the money that I put in is a loan to you which you then take and lend on wards. Is that correct?
5. I also think you should be much clearer. Although Project Imagine/Dozens is regulated by the FCA, is the bond a regulated product? Reading between the lines, if it is a “mini-bond” I think not.
6. As I’m sure you are aware, regulated bond products have to prepare detailed statements and prospectuses which mini-bonds do not (they are essentially a black box which investors have to take on trust). I think it is very important to show that you are going to provide at least the same level of transparency i.e. will you be detailing exactly what the bond will be investing in?
I do think the thinking behind it is laudable but I fear that a lot of people on here are essentially thinking that this is similar to a 5% savings product with similar risk but I think the risk is much higher. Will I buy any bonds? If I am satisfied regarding the trustee account, probably, because in effect dozens is taking the capital risk and not me. However, once that is taken away I don’t see what the advantage of the dozens bond would be over a regulated emerging markets corporate bond fund although I would be happy to be convinced otherwise.
I’m probably missing it, but have you responded to these questions elsewhere?
If so, it’d be handy if the threads could be merged for ease of reading.
If I recall correctly, they were answered on the Monzo forum (UncleC posted exactly the same thing over there). I’ll try and remember to have a scroll through that thread over there in a bit and grab the quote.
Found one post.
There is more in the thread
@robert this is a valid point - lots of discussion on the bonds between here, Monzo forum and Seedrs among others - at this stage we can compile a detailed FAQ and post on website perhaps or at least star posts in the forums?
Indeed. Trying to pull lots of the threads together now
These questions were posted (and then also shared) in multiple places and I thought they were answered here too - apologies.
Our updated FAQ on all matters, including Trust Bonds, will be available on our website in the very near future
I’d imagine this is why @robert has tried so diligently to get people from there to ask their questions here. For the vast majority of the world who have no interest in Monzo these answers can get lost, far better to keep as much as possible here where all people interested in Dozens will have more chance of seeing them.
But I guess there is also the need to respond to and put right any questions or inaccuracies in other places. Otherwise it might look as thought dozens isn’t bothered.
I guess once an faq is built he can link to this and drive more people to these forums.
I know what you mean, but I feel this is possibly a unique “feature” of the FinTech sphere, and shouldn’t really be the baseline…
If I asked a question on an Audi forum about a Ferrari, I wouldn’t expect to have a Ferrari rep answer it, nor should I get annoyed if the question goes unanswered.
I think the best thing we (as forum dwellers), can do, is to push people here so they can ask their questions.
There are a huge number of people who expect the Monzo forum to replace Google… But for Dozens specifics, this should be the main place the questions are answered (IMO)…
Agree with this, if one looks at the Monzo, Dozens, and former Starling - now Fintech - sites you quickly realise the contributors represent a vanishingly small percentage of the general population and a pretty small percentage of any one of those communities. In very many instances, regardless of community the same individuals are to be seen posting . If the claims in broadsheet newspapers are to believed - 9 out of 10 individuals still rely on cash to settle their day to day bills, then this makes us “digital bankers’” distinctly atypical. Asking questions here is the biggest plus for this sites existance.
To stretch the analogy to destruction, Audi and Ferrari use a LOT of the same parts from the same suppliers in the massive automotive supply chain.
So asking about a fuel pump for your Ferrari in the much bigger Audi forum might not be such a bad idea. You may even get a better response. Think LISAs.
Of course, for very specific details about your Huracan, there will be nowhere but Ferrari CS.
Across the spectrum of help you might need, you have a big forum talking about lots of things, a more specialist forum for confirmation and key info, plus specialist help from dedicated CS. Sort of what we’ve got here
True for now, but with the obvious effort involved in keeping this forum up to date, spreading themselves thinly across other forums will likely increase confusion ie, they won’t be able to keep all avenues in sync.
Yep, the sooner there’s a solid, current information source on this forum to direct others to, the better.
Spot on @Demmedelusive. This issue has proved it. If I have a question about Dozens, where do I think to come; to Dozens, or some other company who have a forum? Of course there may well be valuable info elsewhere, but the first thought for most will always be the company themselves so this must be the primary source, even if some of the info is replicated elsewhere too. The fact that as far as you knew the questions hadn’t been answered was I’d imagine because you expected the answer here.
There is. His name’s @robert.
Yeah, that’s right. Of course we’re all used to flicking between forums - almost a career for some. But there’s a whole bunch of folk out there interested in learning a bit more about dozens who won’t have an inkling about the other sites.
As Tony Hancock (pretty much) said in “Twelve Angry Men” - “I’ve got you - it’s them I’m after !”