|« Wonga move into peer-to-peer lending||Money&Co review »|
Unregulated P2P website shut down
We believe that the Financial Conduct Authority (FCA), acting from information provided by P2P money, has shut down an unregulated peer-to-peer lending website. The company in question had set-up a peer-to-peer lending site without registering with the FCA, which is now a requirement for all crowdfunding providers. The company had also set-up a comparison site, under a different name, showing their lending rate higher than those of their competition, but the comparison was misleading as the rates quoted for their competitors were not correct.
The FCA were unable to confirm what action they had taken, but they pointed out that the firm's website was now offline.
Potential customers should check with the FCA if a crowdfunding company has registered with them. The P2P money website also provides details on each of the peer-to-peer companies operating within the UK.