|« Zopa to launch a bank||Insight into FCA requirements »|
LendingCrowd receives full FCA authorisation
LendingCrowd has become the peer-to-peer business lending platform to receive full FCA authorisation moving on from interim permission.
Here is the email sent to lenders today:
Hot on the heels of our recent funding partnership with Scottish Investment Bank we are delighted to announce that we have moved from interim to full FCA authorisation from 1st November 2016. We are the first peer-to-peer business lender to move from interim to full authorisation status and the second in the industry to do so.
This means that LendingCrowd has demonstrated that it meets the rigorous statutory requirements of the FCA.
FCA authorisation matters for a number of reasons and indicates that we:
- have been subjected to detailed due diligence
- are committed to treating customers fairly
- have robust operational processes in place.
Full authorisation also paves the way for the launch of our Innovative Finance ISA product offering investors peer-to-peer investment opportunities within a tax-free wrapper.
Our CEO Stuart Lunn commented: “Peer-to-peer investing is growing in popularity every day. We are supportive of industry regulation and we’re extremely pleased that LendingCrowd has reached this milestone. It unquestionably adds credibility and trust in a relatively young marketplace in which our aim is to be a major player. It also means that we can look to launching our ISA product both direct to investors and through investment platforms, several of which we are already engaged with.”