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Go toRecent FCA publications, PS19/14: Loan-based (‘peer-to-peer’) and investment-based crowdfunding platforms, feedback to CP18/20 and final rules, outlined the regulators’ concerns that firms needed to strengthen their governance arrangements, systems and controls platforms, and have information in place to support the outcomes they advertise.
To promote P2P in becoming mainstream, the FCA are more likely to support changes to their rules if TISA can help firms show that consumers are being provided with necessary information about a platform’s services and charges helping them make informed decisions, with clear and accurate information about the investment risk and the suitability of an investment.
Benefits to consumers
WIDER CHOICE OF ALTERNATIVE INVESTMENTS MADE AVAILABLE FOR CONSUMERS
BETTER UNDERSTANDING OF RISKS ASSOCIATED WITH THE PRODUCT
A MORE INFORMED DECISION ON THE SUITABILITY OF THE PRODUCT FOR THE APPROPRIATE TYPE OF INVESTOR
LESS CONSUMER DETRIMENT
ONLY SOLD TO ‘QUALIFYING CONSUMERS’
Benefits to industry
DEVELOPING INDUSTRY IMPLEMENTATION AND GOOD PRACTICE APPROACHES THAT HELP FIRMS IDENTIFY WHAT THEY NEED TO ADDRESS, THIS SHOULD REASSURE THE FCA THAT THE INDUSTRY IS HELPING ITSELF AND PROVIDING A ‘CENTRAL POINT OF CALL’ WHEN ISSUES ARISE
CONSISTENT APPROACH BY INDUSTRY RAISES STANDARDS, IMPROVES COMPLIANCE, AND IMPROVES OUTCOMES FOR CUSTOMERS
Benefits to UK economy
MARKET CONFIDENCE IN THE FINANCIAL SERVICES ALTERNATIVE INVESTMENTS MARKET (P2P)
WIDER AND DIVERSE CHOICE OF INVESTMENTS FOR CONSUMERS
PROVISION OF INNOVATIVE FINANCE ISA MARKET DATA ON MARKET SIZE AND OPPORTUNITIES HELPS GET HMT SUPPORT FOR TACKLING REGULATORY BARRIERS
The P2P & Debt Based Securities Working Group will work cohesively across the whole P2P industry to consider issues regarding standards and regulations.
Jeffrey Mushens, Technical Policy Director leads on this work at TISA
CMS Cameron McKenna Nabarro Olswang LLP
Folk2Folk
Funding Circle
Goji
Intelligent Partnership
Investment Funds Direct Ltd (IFDL)
Model Office
MoretoSIPPS
Personal Investment Management & Financial Advice Association (PIMFA)
RateSetter
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Go toIf you are a TISA member, and would like to get involved with the P2P & Debt Based Securities work, please get in touch
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