ZOPA has said it will help existing investors work out where they fit in with the Financial Conduct Authority’s (FCA) marketing restrictions being introduced next month.
From 9 December, P2P lending platforms will only be able to market their products to sophisticated and high-net worth investors or those who pledge not to invest more than 10 per cent of their assets in P2P.
Zopa’s current investors are able to get help from the platform, which will review their use to determine if they qualify as a certified sophisticated investor.
“For our current investors, we’re able to review how you’ve used Zopa to decide if your experience means you should qualify as what the FCA refers to as a certified sophisticated investor,” Zopa said.
“If this is the case, there will be no restrictions placed on how much you can invest in P2P.”
Certified sophisticated investors must have added new funds into Zopa at least twice in the past two years or have had reinvesting turned on and their first investment in Zopa was at least one year ago.
Alternatively, investors will be able to self-certify as sophisticated subject to certain requirements.
A Zopa investor will be defined as high net worth if they earn more than £100,000 per year, or hold net assets of at least £250,000.
Those with less experience in P2P may fall into the ‘restricted investor’ category and can’t invest more than 10 per cent of their net assets in P2P.
Zopa said those who are defined as restricted but are already investing more than 10 per cent do not have to sell any existing loans but will have to wait before investing new money.
“It could also be worth chatting to an independent financial adviser for guidance on your restricted investor status,” Zopa said.
“We don’t offer financial advice, but we can answer questions about your Zopa investment.
“In 12 months, we’ll check in to see if your situation has changed. After this you’ll be in a better position to decide whether the FCA’s definition of you as a ‘restricted investor’ is the right one.”
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