Simple Crowdfunding co-founder Atuksha Poonwassie has said the peer-to-peer property lending platform is planning to launch new loans soon, having paused new lending since November.
Poonwassie (pictured) said the platform asked the Financial Conduct Authority (FCA) to put a temporary restriction on its permissions at the end of last year while it reviewed its business.
A note on its website said it has “temporarily suspended listing new loans on the platform whilst we make some organisational changes.”
The FCA restriction said Simple Crowdfunding was closed to new business for retail customers but could carry on with credit broking.
Poonwassie said the platform was close to resuming new P2P loans.
“We asked the FCA for the restriction in November so we could take stock,” she told Peer2Peer Finance News.
“Everyone took a knock because of Covid-19.
“It made sense to use the opportunity to pause and review our product range.
“This felt like the right thing to do rather than just ploughing through.”
Investors have still been able to continue backing equity opportunities on the platform and open an Innovative Finance ISA.
Poonwassie said P2P lending would start again soon.
“There is a need for it,” she said.
“Having good P2P lending opportunities is key for borrowers and lenders.”