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_765888433
September 2 2020

Mintos unveils plans for appropriateness tests

Marc Shoffman Global News, Industry News, News, Top 3 appropriateness tests, Mintos, regulation

Mintos is planning to introduce appropriateness and suitability tests for investors on its peer-to-peer lending marketplace.

The Latvia-based platform has applied for an investment firm licence in the country and as part of this will introduce tests to assess whether a chosen investment is suitable and appropriate for the investor’s knowledge, experience, financial situation and objectives.

There will be an appropriateness test used for manual and auto investments to evaluate the investor’s knowledge and experience.

If they fail, investors will be able to invest with a warning.

Read more: Mintos reaches €5bn of funded loans

Investors using the Mintos Strategies auto-invest product will need to complete a suitability test that evaluates their financial situation and investment objectives, as well as their knowledge and experience. If the test is failed, some of the investing strategies might not be available.

Mintos also said that being regulated would provide investors with protection of up to €20,000 (£17,700) if the platform collapsed and it will be boosting its anti-money laundering and know your customer processes.

Meanwhile, the platform has changed the point at which lending companies must start paying interest on pending payments to investors.

Previously, originators had to start paying interest on pending payments if they hadn’t been sent to investors after eight days but this has been changed to 11 days to allow for delays in bank transfers.

Read more: Mintos hails record breaking year

Plenti unveils details of AUS$55m IPO Platforms warned on borrower eligibility criteria for government-backed loans

Related Posts

Lee Birkett

Industry News, News, Property, Top 3

eMoneyHub expects to have reached profitability

Jamie Jolly, MD, SoMo

Industry News, News, Top 3

SoMo gets a Jolly managing director

Deal. business man shaking hands with effect global network link connection and graph chart of stock market graphic diagram, digital technology, internet communication, teamwork, partnership concept

Industry News, News, Property, Top 3

Blend Network expects more partnerships

Popular posts:

  • Everything we know about the CBILS successor scheme (so far)
  • Investors ready to put more money into P2P lending
  • RateSetter outlines benefits of debt consolidation loans
  • LendInvest bond value lost £5.8m during pandemic
  • Peering into the crystal ball: Industry predictions for 2021
  • British Pearl nears completion of portfolio sale
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