Innovate Finance is currently searching for a head of platform lending to manage the newly-launched 36H Group.
The new peer-to-peer lending trade body launched last month after the Peer-to-Peer Finance Association (P2PFA) disbanded and its initial members are Funding Circle, Zopa, RateSetter, Lending Works and CrowdProperty.
Charlotte Croswell, chief executive of Innovate Finance, is chairing the new group, which sits as a sub-group within the fintech trade body.
She told Peer2Peer Finance News that there is a challenge finding “unicorn hires” for a non-profit organisation that requires specialist experience but said that the position would not necessarily need to be filled by someone who has worked in the P2P sector. Regulatory or policy experience would also be attractive in potential candidates, she added.
According to the job specification, the successful candidate will be responsible for planning and executing quarterly working group meetings, developing a platform lending policy programme, account managing group members, and advocating on behalf of members. He or she will work directly with government, regulators and external stakeholders to help create the best possible ecosystem in the UK for platform and P2P lending.
It is a part-time role, taking up 2.5 days per week.
The 36H Group is named after Article 36H of the Financial Services and Markets Act 2000, which is the legal basis for retail investment via lending platforms.
Unlike the P2PFA, which included members that were not regulated under 36H, the new group is open to “anyone who pays and qualifies [under the regulations]”, Croswell said.
Croswell said that interest in joining the group had been good so far, through a mixture of outbound marketing and inbound requests. There would be scope to reassess the fees in future, she added, depending on how many members there were to split the costs. She underlined the importance of inclusivity and did not rule out the possibility of a tiered fee structure.
The P2PFA – and the UK Crowdfunding Association – both admit supporting members, such as professional services firms that work with the sector.
Will the 36H Group offer a similar membership to associate firms? Croswell said that they were “thinking about it” and would assess it on a “case by case basis” depending on their relevance to the sector.
There is set to be a roundtable focused on platform lending at this year’s UK Fintech Week, which takes place in April.
UK Fintech Week’s flagship event is the Innovate Finance Global Summit on 20-21 April 2020 at London’s Guildhall. Make sure to pick up your copy of Peer2Peer Finance News while you’re there!