|« isePankur rebrands as Bondora||Companies break milestones »|
Peer-to-peer lending is now regulated
Peer-to-peer lending in the UK is now a regulated activity by the Financial Conduct Authority (the FCA). The new regulations require P2P companies to adopt specific processes and procedures where another provider can take over servicing the loan arrangement if they fail. There are also minimum capital requirements, but there is no coverage by the Financial Services Compensation Scheme (FSCS).
There have been changes to a significant number of peer-to-peer lending sites today, with some now removing the average lending rate from their homepage. The small print on some sites show they are now covered by the FCA, and over the next month we will be checking all companies with the FCA.
Updated footer on Zopa:
Zopa Limited is incorporated in England & Wales (registration number 05197592), with its registered office at 6th Floor, 90 Fetter Lane, London. EC4A 1EN. Zopa Limited is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 563134.
Updated footer on Funding Circle:
Funding Circle is regulated under an Interim Permission by the Financial Conduct Authority (FCA). Funding Circle intends to become fully authorised by the FCA prior to 1 April 2016. Funding Circle is not covered by the Financial Services Compensation Scheme. Funding Circle Limited (No. 06968588) and its wholly owned subsidiary, Funding Circle Trustee Limited (No. 07239092), are registered in England and both have their registered office at 3 Dorset Rise, London EC4Y 8EN.
Updated footer on LendInvest:
LendInvest Limited ("LendInvest") is regulated under an Interim Permission by the Financial Conduct Authority (FCA). LendInvest intends to become fully authorised by the FCA prior to 1 April 2016. LendInvest is not covered by the Financial Services Compensation Scheme.
Updated footer on FundingKnight:
Risk warning: Potential returns are shown before any provision for bad debts and are not guaranteed. You could lose part or all of your capital.
© Funding Knight Limited 2012-2013. FundingKnight is a trading name of Funding Knight Limited, a company registered in England and Wales (company number 7534003).Funding Knight Limited is authorised and regulated by the Financial Conduct Authority.
Updated footer on rebuildingsociety.com:
rebuildingsociety.com is an electronic system in relation to lending, authorised and regulated by the Financial Conduct Authority.
Peer to Peer Lending via the rebuildingsociety.com electronic system is NOT covered by the Financial Services Compensation Scheme.
Other sites have yet to update their small print.