Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_112905853
November 6 2019

RateSetter begins roll-out of investor self-certification

Emily Perryman Industry News, News Financial Conduct Authority, peer-to-peer, Ratesetter

RATESETTER has begun asking its customers to confirm their investor status ahead of the Financial Conduct Authority’s (FCA) new marketing and disclosure rules that come into effect on 9 December.

The peer-to-peer lender has sent an email to investors, stating that next time they sign in to their RateSetter account, they may be asked to confirm their investment profile with a choice of one of four investor types.

The investment options are: self-certified sophisticated investor (i.e. an experienced P2P investor); certified sophisticated investor (i.e. on the basis of a certificate signed by an FCA-authorised person or company); restricted investor (i.e. never invested in P2P before, or have invested just once); and high net worth investor (i.e. income of £100,000+ or net assets of £250,000+).

Peer2Peer Finance News understands that RateSetter is rolling out the self-certification process progressively to its customer base over the coming weeks.

The new FCA rules require platforms to introduce an appropriateness test and marketing restrictions for investors.

Under the regulations, platforms will be restricted to marketing to those who are certified or self-certify as sophisticated investors, those who are certified as high-net-worth investors, people receiving regulated investment advice, or those who certify that they will not invest more than 10 per cent of their net investible portfolio in P2P agreements.

Read more: Most P2P investors back new FCA rules, finds Growth Street

Platforms must carry out an appropriateness assessment which considers a client’s knowledge and experience of the P2P investment before the platform can accept a subsequent instruction to invest. It is up to platforms to decide how this test will look, but the regulator has provided guidance on the information that can be provided and what needs to be assessed.

Read more: Industry grapples with compliance as FCA rule changes loom

Fox Williams targets P2P with fintech team expansion Three non-executive directors join FCA board

Related Posts

Businessman separates the wooden puzzle with a picture of money. The concept of financial management and distribution of funds. Saving and investing. Property division. Legal services.

Industry News, News, Property, Top 3

50pc of the Octopus Choice portfolio has already been realised

Andrew Bailey

Industry News, News, Top 3

BoE’s independent directors back Bailey over LCF collapse

Rhydian_Lewis5122_RateSetterLogo

Industry News, News, Top 3

RateSetter confident of growing Metro Bank’s unsecured lending

Popular posts:

  • Funding Circle strikes another CBILS securitisation
  • How the government distorted the P2P market
  • RateSetter to stop investment withdrawals from 26 March
  • FCA puts the brakes on Buy2Let Cars
  • Assetz promises a return to manual lending within months
  • How to invest in an IFISA with £100 or less
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by