One of our most active sectors is peer-to-peer or ‘P2P’ lending. Thistle is able to provide a comprehensive and experienced P2P regulatory support which has seen a 100% success rate in supporting a number of P2P lenders in gaining their FCA authorisation in the UK.
We are also able to assist firms in remaining up to date with their regulatory obligations by offering a number of compliance services including auditing, training, advisory services, amongst others – services which we provide to a material share of the UK P2P lending market.
P2P lending is an alternative method of lending by which borrowers and lenders are connected via an electronic system which acts as an intermediary. It provides borrowers with finance which they may otherwise have struggled to obtain from traditional lending sources.
P2P lending gained traction following the introduction of the Innovative Finance ISA (IFISA) which was introduced on 6th April 2016. Many P2P lenders are now taking full advantage of the IFISA, offering lenders on their platform competitive rates in an attractive tax wrapper.
The FCA continues to publish guidance on P2P lending so it is important for firms to stay abreast of any new guidance, particularly in an industry as dynamic as this.
We are always excited to hear from and work with new firms.
Visit our Fintech page for more information on our services within this sector.