Mark Turner, Managing Director in Duff & Phelps’ Compliance and Regulatory Consulting practice, spoke to P2P Finance News about the Financial Conduct Authority’s (FCA) focus on scrutinizing the peer-to-peer (P2P) lending sector following the collapse of a UK-based P2P firm.

“If you are a P2P lender moving from appointed representative to full authorization or new to the market or existing, we are seeing increased scrutiny,” Mark said. “The FCA doesn’t want to stifle innovation but it has a duty to ensure customers understand what they are investing in. With the new regulations set out in the June policy statement, there is a higher bar that needs to be achieved in terms of ongoing compliance. There may be some unintended consequences as it could deter new entrants but a tougher stance is broadly positive.”

Read the full article here.

 
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