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Peer-to-peer lenders to be regulated

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Peer-to-peer lenders such as Zopa, RateSetter and Funding Circle will be regulated by the new Financial Conduct Authority.

 

Peer-to-peer (P2P) lenders such as Zopa, RateSetter, Funding Circle, and Yes-Secure will be regulated by the new Financial Conduct Authority (FCA), it has been revealed. P2P lenders are already monitored by the Office of Fair Trading but responsibility for regulation will pass to the FCA in April 2014. P2P lenders match savers looking for a more competitive rate of return on their deposits with those needing to borrow, often at significantly more competitive rates than a high-street bank.

 

However, deposits to P2P lenders’ sites are not covered by the Financial Services Compensation Scheme (FSCS), which protects savers from the failure of financial services firms. There are not any plans to bring P2P lenders under the scope of that now that they are going to be regulated, so lenders will still be taking a risk by not having the protection they need on their deposits. The largest P2P lender in the UK is Zopa, which was launched in 2005 and offers P2P lenders one of the lowest default rates, by offering lenders the option to choose the type of borrower they want to lend money to and the length of the loan.

 

Link: http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/9730112/Peer-to-peer-lenders-to-be-regulated.html


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