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· The Financial Conduct Authority (FCA) has published its interim feedback following a call for input to the post-implementation review of the rules for crowdfunding. The key feedback is that the FCA believes that there is evidence of investor detriment and plans to publish a Consultation Paper in Q1 2017 proposing new rules with the primary focus being on the loan based P2P market.
Following a consultation, the City Watchdog has introduced a raft of new rules. from P2P platforms, regulators have been keeping a closer eye on the sector. Christopher Woolard, executive director.
FCA confirms new rules for P2P platforms FCA | June 7, 2019 Following consultation, the Financial Conduct Authority (FCA) is introducing rules designed to prevent harm to investors, without stifling innovation in the peer-to-peer (P2P) sector.
As originally proposed, the FCA is placing a limit on investments in P2P agreements for retail customers new to the sector of 10 per cent of investable assets. This is an important means of ensuring that they do not over-expose themselves to risk.
The FCA is pushing for greater transparency on risks posed to investors and wants more disclosure of the increasingly complex business models that platforms are developing. An £8.7 billion.
FCA to introduce new rules for P2P platforms. On 4 June 2019, the FCA confirmed that it is introducing new rules for peer-to-peer platforms. The new rules are intended to protect consumers without stifling innovation in the sector.
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The Financial Conduct Authority has tightened the rules around peer-to-peer (P2P) lending, including a limit on investments in P2P agreements for retail customers new to the sector. For the UK’s businesses, it’s an intriguing sign of a sector that’s maturing into an alternative to the high street banks.
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· FCA proposes tougher rules for peer-to-peer lending. Britain has one of the biggest peer-to-peer or P2P lending sectors in Europe, including online platforms such as Funding Circle and Ratesetter bringing borrowers and lenders together. Almost £8.7bn has been lent by peer-to-peer lenders in the UK, including £3.3bn this year,
· ”Platforms do not always communicate to investors the true nature and risk of the investment they will be exposed to,” the FCA said. Many P2P platforms were “emphasising the positive nature of investments while failing to balance this out with appropriate explanation of risks” and “creating a sense of scarcity that might encourage investors to act impulsively”.