2021 has certainly been a memorable year for the peer-to-peer lending space.
Much has happened, with platforms bouncing back from Covid, supporting businesses and passing many milestones while also innovating and keeping an ear to the ground about potential regulatory changes.
Here’s Peer2Peer Finance News’ round-up, month-by-month.
The British Business Bank launched an investigation into Covid loan fraud, Crowd2Fund said it was set to relaunch its secondary market, Invest & Fund celebrated its busiest few months on record and Kuflink passed the £100m lending milestone.
ThinCats revealed it had achieved record lending volumes while Funding Circle, JustUs and Loanpad forecasted profitability. Meanwhile, the UK Crowdfunding Association (UKCFA) slammed proposed new consumer investment regulations.
The House Crowd entered into administration, Octopus Choice permanently closed and the Financial Conduct Authority (FCA) placed restrictions on Buy2Let Cars. MoneyThing’s first administration report was published.
Chancellor Rishi Sunak unveiled the recovery loan scheme (RLS) to help businesses grow amid the pandemic.
London Capital & Finance (LCF) administration costs rose and the High Court ruled against further compensation. Grupeer tool legal action against loan originators and FundingSecure investors won their legal battle over a fee dispute.
P2P platforms hit out at the FCA’s proposals for additional regulations.
Peer2Peer Finance News learned an IFISA working group had been established to address the ISA responsibility gap between the FCA and HMRC.
The House Crowd’s founder and chief executive Frazer Fearnhead refuted accusations that he had misappropriated business funds.
FutureBricks announced its upcoming exit from retail P2P.
LendInvest filed an initial public offering (IPO).
Meanwhile, the FCA wrote to P2P platforms, outlining its concerns about secondary markets.
Funding Circle released bumper first-half results and revealed that co-founder and chief executive Samir Desai was stepping down.
The FCA said it is aiming to halve the number of investors in high-risk products, as part of a three-year strategy to enhance consumer protections.
New EU crowdfunding rules came into force.
The FCA said it expects to publish a policy statement on high-risk investment rules next year.