The Peer-to-Peer Finance Association today launched a new category of membership, welcoming eight inaugural associate members who provide important professional and ancillary services that help support the growing peer-to-peer lending sector.
Anticipating the launch of its associate membership, the P2PFA’s independent Chair, Christine Farnish, observed: ‘the P2PFA has, from its inception, been the authoritative voice of self-regulation in the UK peer-to-peer lending space, promoting high standards of business practice, making the case for robust transparency and an effective regulatory regime, as well as being a source of information and education about this exciting part of the alternative finance sector. The decision to admit associate members demonstrates the continued ambition of the P2PFA to broaden its ambit to include major players who, whilst not having an involvement in direct lending, are important to the continued growth and success of peer-to-peer lending in the United Kingdom.
The P2PFA’s Director, Robert Pettigrew, added: ‘drawn from an impressive array of professional and business services, software development, data analysis and related consultancies, the eight inaugural associate members of the P2PFA demonstrate the breadth of interest in the growing success which peer-to-peer lending constitutes in the United Kingdom. I look forward to working closely with the P2PFA’s inaugural associate members to ensure that the contribution of the P2PFA continues to reflect the perspective not only of our member platforms, but the wider community of investors, borrowers as well as the related supply chain’.
Notes to Editors
- The Peer-to-Peer Finance Association (P2PFA) was established in 2011 as a representative and self-regulatory body for debt-based peer-to-peer lending. The P2PFA seeks to inform and educate, promote high standards of business conduct, and work with policy-makers and regulators to ensure an effective regulatory regime. P2PFA members are required to meet robust standards for the transparent, fair and orderly operation of peer-to-peer lending, and the nine member platforms comprise more than eighty per cent of the total UK peer-to-peer lending market. The member platforms are: Folk2Folk, Funding Circle, Landbay, Lending Works, LendInvest, Market Invoice, RateSetter, Thin Cats and Zopa.
2. Details of the eight inaugural Associate Members of the P2PFA are (in alphabetical order):
- Alterest: Alterest empowers participants in the non-bank lending markets with a world-class loan intelligence infrastructure that enables: seamless exchange of lending data in a secure and timely manner, and flexible analysis of performance and risk of any loan pool or exposure. Alterest’s solution combines the power of modern data analytics platforms with the convenience of proprietary data pipelines that take care of real-time loan data aggregation, standardisation and management (Alterest website: alterest.co).
- Altus Consulting: Altus Consulting is a specialist provider of consultancy services to the financial services sector. They help clients achieve operational excellence and improved returns via a combination of proven industry models, technology expertise and market insight. They have significant experience helping clients to select the right technology and business partners to achieve their business goals. They are privileged to work with more than eighty household and specialist names from across the financial services industry. Altus believes P2P is a major disruptor to the traditional investment market and will affect all channels of distribution as well as the established investment firms and product providers. Unless providers and distributors embrace the market they risk losing significant volumes of funds under management, or even worse, their customers (Altus website: altus.co.uk/consulting/).
- Equifax: Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organisations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. The company organises, assimilates and analyses data on more than 820 million consumers and more than 91 million businesses worldwide, and its database includes employee data contributed from more than 7,100 employers (Equifax website: equifax.com).
- Fox Williams LLP: Fox Williams is a City law firm with one of the leading FinTech practices in the UK, acting for over fifteen P2P lending platforms, as well as VC firms on their FinTech investments into CrowdCube, Prodigy Finance, GoCardless, Nutmeg and Revolut. Their differentiator is that they combine the expertise of several partners to deliver joined up and cost-effective solutions to both established players and start-ups in the sector. FinTech and Alternative Finance Partner, Jonathan Segal, provides deep product knowledge gained in-house, combined with the expertise of ex-regulators Peter Wright and Chris Finney, and the technology experience of Nigel Miller. Fox Williams’ Alternative Finance offering is award-winning, securing the AltFi Legal Adviser of the Year Award 2016 for legal and regulatory work in the Alternative Finance Industry. They are heavily integrated into the FinTech community, holding regular events including a quarterly lunch meeting for FinTech general counsels. (Fox Williams website: foxwilliams.com/fintech.html).
- Grant Thornton UK LLP: Grant Thornton UK LLP has chosen to set its reputation alongside a bold purpose: by unlocking the potential for growth in people clients and communities to shape a vibrant economy where businesses and people flourish. This purpose has been embedded through three areas where Grant Thornton UK LLP believe they can make the most impact: building trust and integrity in markets; unlocking sustainable growth in dynamic organisations; and creating environments where businesses and people flourish. Grant Thornton UK LLP is part of a network of over forty-thousand people in 130 countries. In the UK they are led by 185 partners and more than 4,500 people under the UK’s first shared enterprise model (Grant Thornton UK LLP website: grantthornton.co.uk).
- Orca Money: Orca is driving the mainstream adoption of peer-to-peer lending by providing research, analysis and tools to empower investors. The Orca platform allows financial advisers and retail investors to perform in-depth due diligence on peer-to-peer investments, aiding the decision-making process. Independent data analytics is at the core of the Orca proposition, allowing self-directed investors and advisers to make risk-adjusted investment decisions or recommendations (Orca website: orcamoney.com).
- Simmons & Simmons: Simmons & Simmons’ international FinTech team comprises a range of multi-disciplinary lawyers from across their European, Middle Eastern and Asian offices. Their longstanding focus on the financial institutions, asset management & investment funds and TMT sectors means they have market leading experience at the confluence of those sectors. By using and combining their expertise within these specialist legal practice areas, they are perfectly placed to advise companies in the FinTech sphere, from start-ups to some of the industry’s biggest players (Simmons & Simmons website: simmons-simmons.com/en/services-and-sectors/fintech).
- TLT LLP: TLT supports large corporates, public institutions and high-growth businesses on their strategic and day-to-day legal needs. Able to advise across the three UK legal jurisdictions of England & Wales, Northern Ireland and Scotland, the firm has offices in Bristol, London, Manchester, Glasgow, Edinburgh and Belfast, as well as a specialist ship finance team in Piraeus, Greece. With significant experience advising organisations in the energy & renewables, financial services, housing, leisure, public sector, retail & consumer goods and TMT sectors, the firm has a strong track record of consistent growth driven by client need. TLT has more than 100 partners and employs around a thousand people. (TLT website: tltsolicitors.com).
Robert Pettigrew (Director: Peer-to-Peer Finance Association):
e-mail – email@example.com; telephone: 07771-547462