P2PFA statement on the FCA’s new rules for P2P lending platforms

Commenting on the publication of the FCA’s policy statement published this morning, the P2PFA Chair, Paul Smee, said:Much of what is included in the FCA policy statement published today reflects what is already good practice in the peer to peer lending market and we welcome that. We are pleased that the FCA recognises the significant and positive impact which  peer-to-peer lending has on the economy, as the sector becomes a mature feature of the UK financial services landscape; and we consider that overall they are proposing a proportionate way forward for regulation.

‘The statement is a long and complex document so we will be doing further analysis on its implications for the market.

‘We will be monitoring especially closely the impact of marketing restrictions on how retail investors can participate in this important asset class and will let the FCA know if there is evidence that their rules are proving an unnecessary obstacle’.

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