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Peer2Peer Finance News | August 23, 2019

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P2PGI gains full Financial Conduct Authority approval

P2PGI gains full Financial Conduct Authority approval
  • On November 7, 2016

P2P GLOBAL Investments (P2PGI) has received full authorisation from the Financial Conduct Authority (FCA).

The London-listed investment trust said that it gained permission from the City watchdog on 28 October for its credit-related regulatory activities.

The company previously had interim permission from the FCA.

“This authorisation enables the company to continue to invest in consumer loans in the UK and it is now required to meet certain requirements, including in relation to approved persons, reporting and complaints procedures,” said the company in a stock exchange announcement on Monday afternoon.

The company’s shares were trading 1.6 per cent higher at 803.5p at 16.43 GMT.

A spokesperson from P2PGI told Peer-to-Peer Finance News that the authorisation was “a huge formality” as the fund was already complying with FCA guidelines under the umbrella of its investment manager MW Eaglewood. He added that he believed this is the first time that a UK peer-to-peer lending-focused investment trust had received full authorisation.

P2PGI said last month that it is diversifying its investments in order to increase its net asset value (NAV), which fell even further away from the fund’s target last month.

Read more: MW Eaglewood to launch $300m P2P private equity fund