London, 24th October 2013
Commenting on the FCA’s consultation on Peer-to-Peer Lending and CrowdFunding, Christine Farnish, Chair of the Peer-to-Peer Financial Association (P2PFA) said:
‘We welcome today’s consultation by the FCA on the new regulatory regime for peer to peer lending and crowd funding.
“Peer-to-peer lenders have been pressing for regulation for some time and believe it is important that all firms entering this important new market behave responsibly, treat their customers fairly and manage their risks.
“It is good to see that the FCA recognises the important differences between peer-to-peer lending, which provides term loans to consumers and small businesses, and equity type investing via crowd funding platforms. These activities are like apples and pears and present very different risks to consumers whose money is being handed over. They need different regimes.’
“The P2PFA will be responding fully to the consultation and will continue to engage openly with the FCA as the new regime is developed”.
London, 17th December 2012
The Peer-to-Peer Finance Association (P2PFA), the trade body representing leading UK peer-to-peer finance businesses, has today appointed Christine Farnish as its Chair. It is the first independent appointment by the P2PFA, with Farnish taking over from Zopa founder and CEO Giles Andrews.
Farnish was the Financial Services Authority’s first Consumer Director, and is currently Chair of Consumer Focus. She brings significant experience of regulation and financial services, having held senior roles at Barclays and the National Association of Pension Funds and served on the boards of the Office of Fair Trading and the Advertising Standards Authority.
“I am delighted to be joining the P2PFA at what is an exciting time for the sector. Consumers deserve a better deal in financial services and peer-to-peer lending has an important role to play in offering more choice and improving competition. The recent Government announcement that peer-to-peer lenders will be regulated by the new Financial Conduct Authority is good news, and I look forward to working with the FCA to ensure that regulation is proportionate and risk based.”
Notes To Editors:
Christine Farnish is currently the Chair of Consumer Focus a Civil Service Commissioner, and a Non-Executive Director of both Aggregate Industries and ABTA. She was previously Managing Director, Public Policy at Barclays for five years to 2011; Chief Executive of the National Association of Pension Funds (NAPF) (2002-2006); and Director Consumer Affairs at the Financial Services Authority (1998 – 2002). She has also held executive roles at OFTEL, Cambridge City Council, the London Research Centre, the London Borough of Lewisham, and the Countryside Commission, and has previously been on the Boards of the ASA, ING Direct, and the Papworth Hospital.