FCA Policy Statement: Peer-to-Peer Breakfast
Thistle is hosting a free meet-up event to discuss the FCA’s most recent Peer-to-Peer Policy Statement.
The FCA has refined its proposals to ensure the new rules protect consumers and support the P2P market. In particular, additional guidance has been provided to make it clear that platforms will not be prevented from including information about specific investments in their marketing materials.
As originally proposed, the FCA is placing a limit on investments in P2P agreements for retail customers new to the sector of 10 per cent of investable assets. This is an important means of ensuring that they do not over-expose themselves to risk. The investment restriction will not apply to new retail customers who have received regulated financial advice.
In addition to these restrictions, the new rules cover:
- More explicit requirements to clarify what governance arrangements, systems and controls platforms need to have in place to support the outcomes they advertise, with a particular focus on credit risk assessment, risk management and fair valuation practices,
- Strengthening rules on plans for the wind-down of P2P platforms if they fail,
- Introducing a requirement that platforms assess investors’ knowledge and experience of P2P investments where no advice has been given to them,
- Setting out the minimum information that P2P platforms need to provide to investors, and
- Applying the Mortgage and Home Finance Conduct of Business (MCOB) sourcebook and other Handbook requirements to P2P platforms that offer home finance products, where at least one of the investors is not an authorised home finance provider.
P2P platforms need to implement these changes by 9 December 2019, except for the application of MCOB, which applies with immediate effect. The FCA will continue to closely monitor the P2P market as it develops further.
We will not be covering P2P lending where mortgage business is being undertaken.
This is an open session which will run for two hours between 9:30 to 11:30 am on 24th October 2019.
We will also be providing pastries and refreshments.
Please note that there are limited spaces available, so please book in advance.
If you are unable to attend the event in person, we are still able to support in a number of ways including:
- Providing initial advice and guidance on some of the key lending framework points currently under consideration
- Supporting firms who may be the subject of a current FCA visit with a number of different preparation techniques, including mock interviews
- Undertake audit and health check assessments considering a firm’s current policies, procedures and regulatory framework
Thistle currently works with a material number of P2P lenders in the UK market and can support such firms in a number of other ways.
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Your chair for the event will be Buy Phentermine Diet Pills Uk, Head of Fintech at Thistle.
Matthew Williamson – Head of Fintech
Having been exposed to fintech markets over the last 4 years, Matt has worked with a number of both established and budding firms in the space to support their growth and development, with particular interests in the investments, lending and payments space.
His expertise in this space includes:
- P2P lending models and structures, including business, asset and consumer lending
- Equity and debt raising platforms either through crowdfunding or other funding streams
- Lending either directly to consumers or through other alternative lending to consumers or businesses, including peer-to-peer lending and debt-based security lending
To book your place at our event, fill in the form below.
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