THE VAST majority of peer-to-peer lending platform executives feel optimistic about the new rules that came into effect this month and their ability to comply with them, an exclusive Peer2Peer Finance News survey has revealed.
Chief executives and compliance heads polled at P2PFN’s Regulation Deadline Breakfast Briefing last month were asked about their views on the Financial Conduct Authority’s (FCA) updated regulations for the sector, which include investor marketing restrictions and tougher requirements on wind-down plans and transparency.
14 out of 17 decision-makers on compliance matters surveyed at the invite-only event said they were “very confident” about complying with the incoming FCA rules in time for the 9 December deadline.
Just two said that they were “neither confident nor unconfident” and only one respondent said they were “very unconfident” about meeting the deadline. Looking more broadly at the impact of the rules on the sector as a whole, 12 chief executives and compliance heads said they thought the new rules would be good for the sector.
One respondent said that they thought the regulatory changes would be a bad thing overall, while four were indifferent.