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Peer2Peer Finance News | November 16, 2018

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FCA director calls for culture change among consumer lenders

November 2, 2018 |

CONSUMER lenders must create a healthy culture for both employees and borrowers, a director at the City watchdog has said.

Speaking at Consumer Credit Trade Association Conference in Nottingham, Jonathan Davidson (pictured), director of supervision – retail and authorisations at … Read More

Payday lenders could use Open Banking to allay watchdog’s concerns

November 2, 2018 |

OPEN Banking could help assuage the regulator’s concerns about short-term lenders’ credit assessments, a peer-to-peer finance executive has claimed.

Amer Bhatti, chief compliance officer of P2P payday lender Welendus, thinks that the new data-sharing initiative could help address the issues … Read More

Crypto-P2P platforms face tighter anti-money laundering rules

October 30, 2018 |

CRYPTO-BACKED peer-to-peer lending platforms could face more stringent anti-money laundering (AML) regulations, as the government mulls transferring compliance oversight to the City watchdog.

The government’s cryptoassets taskforce, which consists of the Treasury, the Financial Conduct Authority (FCA) and the Bank … Read More

P2P sector queries data used to justify tabled investor restrictions

October 29, 2018 |

PEER-TO-PEER lending industry stakeholders have criticised the interpretation of data used by the City watchdog to justify proposed investor marketing restrictions.

The industry gathered at a Peer-to-Peer Finance Association (P2PFA) event held in London last Wednesday, to discuss the Financial Conduct … Read More

Investors and platforms uneasy over Lendy loanbook

October 23, 2018 |

LENDY investors have been thrown into disarray amid a legal dispute with a borrower and high levels of arrears on the platform.

One of the peer-to-peer property lender’s borrowers is threatening to sue both the platform and its investors for … Read More

FCA sounds redress warning over high cost credit

October 15, 2018 |

BOSSES at payday lenders have been warned to assess their lending activity amid concerns from the City watchdog about rising complaints.

The Financial Conduct Authority has written a “Dear CEO” letter to platforms providing high-cost short-term credit – which includes some … Read More

P2P marketing clampdown ‘may restrict IFISA takeup’

August 31, 2018 |

THE FINANCIAL Conduct Authority’s regulatory clampdown on the peer-to-peer sector risks restricting growth of the Innovative Finance ISA (IFISA), according to Assetz Capital’s chief executive.

Stuart Law, who heads up the business P2P lender, warned that the strong take-up of … Read More

Initial Collateral administrator now facing its own closure

August 31, 2018 |

THE INSOLVENCY firm initially appointed to manage the wind-down of peer-to-peer platform Collateral has fallen into administration itself.

Refresh Recovery – which was appointed as administrator for Collateral in February before being replaced by BDO following an intervention by the Financial Conduct … Read More

No P2P applications to FCA rejected but most are withdrawn, data reveals

August 30, 2018 |

NOT A single application by a peer-to-peer lender for FCA authorisation was rejected outright since the regulator took over responsibility for the sector in 2014, but more than 80 per cent of applications were withdrawn.

The data was revealed in … Read More

Nearly 80 per cent of workers survive on credit between pay days

August 29, 2018 |

THE VAST majority of workers are using credit to tide them over between pay days, according to new research from payment app maker Hastee Pay.

It found that 78 per cent of workers are relying on payday loans, credit cards … Read More