Following the resignation of Renaud Laplanche as CEO of Lending Club in San Francisco, the Peer-to-Peer Finance Association issued the following statement:
‘Peer-to-Peer Finance Association (P2PFA) platforms adopt the highest standards in terms of control and transparency, and the United Kingdom was the first country to impose regulation specifically designed for peer-to-peer lending business models, requiring Financial Conduct Authority (FCA) authorisation in order to operate. P2PFA platforms publish their full loan books and provide clear information on all fees and charges to both investors and borrowers, demonstrating a level of transparency unrivalled elsewhere in the financial services market. Platforms are well aware of the importance of prudent growth and a good capital mix.
‘The P2PFA requires robust adherence to its operating principles to instill confidence that the keener prices and better customer service which have driven growth in peer-to-peer lending in the UK is based on high levels of business conduct that supplement the requirements of the FCA as the regulator of the sector.’
Robert Pettigrew (Policy Director, Peer-to-Peer Finance Association)
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