When the government first announced plans to launch the Innovative Finance ISA (IFISA) in mid-2015, it marked a turning point for the peer-to-peer finance sector. Once considered to be a fringe element of the financial market, this new ISA status promised to bring P2P platforms into the mainstream. But the regulatory road has been long and […]
RECRUITMENT in the peer-to-peer lending sector is going full steam ahead, with a number of the major platforms looking to substantially increase their headcount to support their business growth. The plans fly in the face of post-Brexit warnings of a hiring freeze in the UK, as businesses navigate economic uncertainty. Funding Circle is on a […]
THE Financial Conduct Authority is investigating fraud in the peer-to-peer lending market and has invited feedback from the public. The regulator, which recently closed a call for input regarding P2P and crowdfunding rules, told Peer-to-Peer Finance News that it is researching the dangers of fraud in the sector. “We have invited feedback from readers and […]
EUROZONE banks are set to restrict business lending for the first time in two-and-a-half years, a new poll has shown, presenting an opportunity for alternative finance providers. The European Central Bank (ECB) survey on Tuesday found that banks in the economic bloc stopped easing credit standards for companies in the three months to September and […]
AMICUS Finance, the bridge lender that peer-to-peer investors can lend to via Crowdstacker, has applied for a banking licence. The property lender said on Tuesday it has submitted its application to the Prudential Regulation and the Financial Conduct Authority and hopes to receive its licence next year. The London-headquartered company has lent out more than […]
LACK of trust in the financial sector will create an opportunity for fintech companies, according to a leading academic. Robert Wardrop, executive director of the Cambridge Centre for Alternative Finance at Cambridge Judge Business School, argues that the increasing digitalisation of the broader economy and the fact that technology is more trusted than finance today […]
Pete Behrens, co-founder and chief commercial officer at RateSetter, explains how P2P lenders can be indirectly tied to the Bank of England base rate… Following seven years without change, on Thursday 9 August 2016 the Bank of England cut its official interest rate (often called the ‘base rate’) from 0.5 per cent to 0.25 per […]
HIGH-STREET banks are failing small firms, the Federation of Small Businesses (FSB) has said. Branch closures mean that less tech-savvy business owners cannot access banking, the industry body has claimed in a new report released on Monday. “Small businesses are keen to embrace the opportunities of the digital economy – 94 per cent of small businesses […]
The peer-to-peer finance industry should brace itself for much more regulation, say Penny Miller, partner – financial services regulation and Louise Tudor-Edwards, associate, at Simmons & Simmons The regulatory landscape for peer-to-peer lending is far from complete, as is evident from the Financial Conduct Authority (FCA)’s recent call for input to the post-implementation review of […]
MONEY&CO, the peer-to-peer lending platform founded by veteran fund manager Nicola Horlick, is planning to launch an insurance product that investors can buy alongside the Innovative Finance ISA (IFISA). Horlick told Peer-to-Peer Finance News that she is still thrashing out the details, but expects it to be done through an investment-linked life policy. “We’re looking […]
ALTEREST, the credit-investment platform, has been selected as one of first four fintech start-ups that will receive free legal advice from City law firm Simmons & Simmons. The company, which provides data and analytics, is seeking to service both the peer-to-peer finance industry and the banks that are providing funding to P2P platforms. Simmons & […]
SMALL businesses are far less worried about being able to access finance than they were last year, a report has found. Finding skilled staff is now the biggest concern for small- and medium- sized enterprises (SMEs) in the UK. Lack of access to finance – one of the major issues voiced by SMEs during the […]
THE HOUSE Crowd is looking to raise £50m over the next 12 months as it targets institutional money for the first time. The property peer-to-peer finance platform has recently secured £1m from an equity fundraising among its 1300-strong investor base, which it will use to galvanise its expansion plans. Part of the proceeds was used […]
LENDING Works has become the first major peer-to-peer lending platform to receive full Financial Conduct Authority (FCA) approval, paving the way for its launch of the new Innovative Finance ISA (IFISA). The consumer P2P lender, which is part of the Peer-to-Peer Finance Association, said on Thursday that it is planning to offer the tax-free wrapper within […]
CHINESE authorities have published details of rules aimed at cleaning up the country’s scandal-struck online finance sector. The documents provide guidelines on how to prevent fraud and illegal fundraising within the sector, which includes peer-to-peer lending, according to Reuters. The goal of the documents – which were published on Thursday by government bodies and financial […]