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Peer2Peer Finance News | August 18, 2019

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Lendy administrator reveals creditors committee members

August 12, 2019 |

TWO founders of the Lendy Action Group (LAG) have been named on the creditors committee for the collapsed peer-to-peer property lending platform.

Lendy’s administrator, RSM, has appointed five people to the committee to help it oversee its work, including Bruce … Read More

Peer Funding closure due to lack of funding, not industry

August 9, 2019 |

PEER Funding’s compliance head has said that the peer-to-peer lending platform’s imminent closure should not reflect on the viability of the wider P2P industry.

In a call with Peer2Peer Finance News, Peer Funding’s risk and compliance director Roger Smith said … Read More

Auditors under scrutiny after investment firm failures

August 6, 2019 |

THE FINANCIAL Conduct Authority and the Treasury Select Committee have been urged to investigate the role of auditors as concerns grow about accounts being signed off for companies that are nearing collapse.

The UK Crowdfunding Association (UKCFA), which represents a … Read More

FCA explains reasoning behind Lendy authorisation

July 31, 2019 |

THE FINANCIAL Conduct Authority (FCA) has revealed more details behind its decision to authorise defunct peer-to-peer platform Lendy just 10 months before its collapse.

Responding to parliamentary questions from former City minster Lord Myners, the FCA’s chief executive Andrew Bailey … Read More

Lendy creditors to vote on administrator’s £1m fee proposal

July 29, 2019 |

LENDY’S creditors will vote on whether to approve administrators’ fees of up to £1.025m at a meeting on Wednesday.

Administrator RSM has proposed a fee cap of £1.025m plus VAT for the first 12 months of the investigation. This figure was … Read More

ArchOver chief calls for more investor education on risks

July 29, 2019 |

ARCHOVER chief executive Angus Dent has urged peer-to-peer lending platforms to do more to educate investors about risks in the wake of the Lendy and Neil Woodford scandals.

The boss and founder of the P2P business lender said that some … Read More

Lendy investors must wait until October to withdraw funds

July 26, 2019 |

LENDY investors will need to wait until October at the earliest to recoup any of their funds, the administrator of the collapsed peer-to-peer lender has said.

RSM said that before it can release any money to investors – which includes … Read More

Ex-City minister seeks answers on Collateral collapse

July 26, 2019 |

THE GOVERNMENT and the Financial Conduct Authority’s (FCA) role in the regulation of collapsed peer-to-peer lender Collateral has been put under parliamentary scrutiny.

Former City minister Lord Myners – who has already urged the government to help set up independent … Read More

Lord Myners heaps further pressure on FCA over Lendy failings

July 24, 2019 |

FORMER City minister Lord Myners is keeping the pressure on the Financial Conduct Authority over its decision to authorise now-collapsed peer-to-peer lending platform Lendy.

A series of written parliamentary questions show Lord Myners is seeking answers on whether better regulation … Read More

New concerns emerge about FCA regulation of Lendy

July 22, 2019 |

LENDY investors have backed calls for an independent probe into the regulation of the peer-to-peer property lending platform prior to its collapse.

The latest administrator’s report on Lendy showed that the Financial Conduct Authority (FCA) had given full authorisation to … Read More