The UK’s peer-to-peer lending (P2P) industry is now firmly regulated by the Financial Conduct Authority (FCA). FCA regulation of P2P lending is a game-changer for the sector and is essential to maintain the credibility and reputation of the industry.
Richdale’s experienced compliance officers are working increasingly with P2P lenders as the sector inches towards becoming a mainstream financial service. We work with P2P lending clients to achieve and maintain FCA compliance, giving lenders and their borrowers confidence in how funds are managed at all times.
The FCA’s regulatory framework is designed to tackle a host of issues for P2P lending customers and the providers themselves:
- Improved protection for consumers;
- Encourage healthy competition in the P2P lending sector;
- Enable controlled expansion of the P2P lending sector;
- Guarantee that P2P platforms offer transparent information and have appropriate procedures for dealing with client funds;
- Guarantee that P2P platforms offer appropriate support to clients in financial difficulty and those with complaints;
- Guarantee that P2P platforms are on a sound financial footing themselves, with contingency plans outlined in the event of lender failure.
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FCA compliance support for loan-based crowdfunders
At Richdale Consultants, we provide bespoke guidance for P2P firms looking to achieve FCA compliance or keep up with their obligations with the Regulator. Whether it’s periodic auditing, processes and procedures, employee training or ongoing consultancy services, our compliance professionals are at the forefront of this dynamic industry to help breathe more confidence into P2P platforms as a credible lending service.
It’s vital in any new and fast-moving industry that you keep ahead of the curve. In terms of the regulatory environment, having clearly defined processes and procedures in place can cement P2P lending as a highly attractive product alongside other alternative investment opportunities.