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December 13 2019

P2P bosses bullish about rule changes

Suzie Neuwirth Industry News, News FCA, Financial Conduct Authority, regulation

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.

Read more: More firms withdrawing P2P regulatory applications

Read more: RateSetter: P2P lending approaching ‘watershed moment’

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.

Read more: FCA says it is not shutting out retail P2P investors

Robocash enters Singapore P2P loans market Full steam ahead?

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