Mortgage News

FCA introduces new rules for P2P platforms

The Financial Conduct Authority (FCA) is set to introduce tough new rules which will force advisers. with multiple layers.

On 4th June 2019 the Financial Conduct Authority (the "FCA") published final rules for peer-to-peer (or P2P) lending platforms. The new rules are the result of the FCA’s consultation that.

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On timings: "To give p2p platforms time to make any necessary adjustments we propose a commencement period. We propose that these new rules should come into force six months from publication of the final rules and Policy Statement." The FCA will introduce minimum standards of disclosure.

The UK has led a revolution in lending, with a crowdfunding. platform Crowdcube in 2011, and ceased trading two years later. Supporters of the new rules say the FCA has given the UK a distinct.

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The P2P lending industry is now worth 10bn so, naturally, it should be. lending works already complies with many of the new rules being. 2014 and has worked closely with the FCA in formulating these new regulations.

The new rules and guidance will come into force on December 9, 2019, with the exception of applying MCOB to P2P platforms that offer home finance products, which comes into force today (June 4, 2019).

The Financial Conduct Authority (FCA) has confirmed new rules. based platforms to have plans in place so that loan repayments continue to be collected even if the online platform gets into.

FCA confirms new rules for P2P platforms By Simon Lovegrove (UK) , Matthew Gregory (UK) and Joe Bamford (UK) on June 5, 2019 Posted in Retail, United Kingdom On 4 June 2019, the FCA published Policy Statement 19/14: Loan-based (‘peer-to-peer’) and investment-based crowdfunding platforms: Feedback to CP18/20 and final rules (PS19/14).

As originally proposed, the FCA is placing a limit on investments in P2P agreements for retail customers new to the sector at 10% of investable assets. This is an important means of ensuring that they do not over-expose themselves to risk.

The most eye-catching measure is that retail investors should put no more than 10 per cent of their funds into these platform.