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MoneyThing obtain full FCA authorisation
MoneyThing have announced that they have obtained full authorisation from the Financial Conduct Authority. They have confirmed that there will be no further pre-funding of loans. MoneyThing will also be offering an Innovative Finance ISA after they receive approval from HRMC, and this will be in the 2017/18 tax year.
MoneyThing were voted the Best Platform of 2016 by readers on the P2P Independent Forum.
Here is their full press release:
We are delighted to announce that today we have been fully authorised by the Financial Conduct Authority (FCA).
This is a significant milestone for our business and the result of just over 18 months’ work that involved the scrutiny of every aspect of our business.
Many platforms in the P2P industry are working hard to gain their full permissions and we are one of the first few platforms to be granted full authorisation, ahead of some of the largest P2P companies.
This will help to give our lenders and borrowers confidence that we meet high standards in the way we operate, based on the regulations set by the FCA.
We have had some extraordinary assistance along this journey from our compliance consultants and our legal advisors who have helped us to navigate the complex regulatory landscape. We would like to thank them and the MoneyThing team who have all contributed to our authorisation.
There will be a few changes as a result of our authorisation. Significantly, we are no longer able to pre-fund loans and we will be introducing new lender terms for new loans.
A full update on the changes and how they will affect lenders will be provided shortly.
Now we are authorised we can look towards launching an IFISA offering to lenders. This will be subject to HMRC approval and we will release further information in the coming months.
Ed Pearce, Managing Director, said “Gaining our full permissions to operate is a real achievement for MoneyThing and it is the result of a lot of hard work over a long time. Full authorisation will build credibility with our lenders, borrowers and partners which can only help to support our growth plans. It’s onwards and upwards for MoneyThing!”