TISA launches P2P Forum
TISA, the financial services membership association, has launched a P2P Forum to provide a focal point to enable those involved in the peer to peer lending sector to develop policy recommendations for regulators and legislators, address operational challenges and determine best practice.
Initially the P2P Forum will concentrate on four key areas:
1. Building an effective dialogue with the FCA, HMRC and HM Treasury
2. Developing standardised terminology, operational technology, data governance principles and best practice
3. Enhancing accessibility to the sector by improving the understanding of intermediaries, discretionary managers, consumers and related parties including PI insurers
4. Identifying unintended regulatory and technical blockages – for example in relation to the inclusion of P2P within SIPPs – and proposing solutions.
Jake Wombwell-Povey, CEO of Goji Holdings Limited is to chair the Forum. Gill Cardy, Insight Consultant at Defaqto and Guy Tolhurst, Managing Director, Intelligent Partnership will be the deputy chairs.
The impetus to create a forum follows a P2P seminar held by TISA in April to coincide with the introduction of the Innovative Finance ISA – which enables loans made through peer to peer platforms to be held within the ISA wrapper. TISA subsequently held an open meeting with the peer to peer community at the end of July to determine whether there was sufficient support for a Forum and, if so, what key areas it should seek to address.
Jeffrey Mushens, Technical Director at TISA said:
“The appetite for TISA to create this Forum for the P2P community was clearly demonstrated at the open meeting and we are pleased to be able to respond. Peer to peer is a growing sector and the Innovative Finance ISA will help increase its popularity. Identifying best practice and standardising procedures will enable P2P providers to better showcase the sector to intermediaries and discretionary managers. It will also help to facilitate a more effective dialogue with the FCA and the Treasury.
“It’s important to stress that the Forum will not be a trade body for the sector. These exist already and the approach of the Forum will be to work collaboratively with other industry organisations, as TISA does in other sectors. It will also be for the Forum participants to determine the agenda, with TISA providing support services and a cross-industry perspective from our other members.”
Peer to peer lending in the UK has become increasingly popular amongst investors over the last ten years and is now eligible for inclusion within ISAs and Pensions. Advising on peer to peer investments is also now considered regulated advice for retail investment advisers.
Ends…
For further information, please contact:
Alistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.com
Sara Neidle – Telephone: 020 7680 6550 / Email Sara.Neidle@newgatecomms.com
Jessica Hodson Walker- Telephone: 020 7680 6538/EmailJessica.HodsonWalker@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. The focus of our recommendations and actions is improved outcomes for consumers and UK plc with this approach leading to a stronger UK financial services industry.
TISA’s growing membership comprises over 150 firms involved in the supply and distribution of savings and investment products and services. These members represent many different sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for the public. Effective policy and regulation and the creation of efficient industry infrastructure continues to be the major focus for our members. TISA is unique in that it represents the entire financial services industry, incorporating cross-sector policy, industry and technical expertise. Whilst we maintain a solid partnership with government, the regulators and wider industry, we remain independent and develop neutral views and opinions. This impartiality is reflected in our ability to drive development projects which improve industry performance and consumer outcomes, putting us in the unique position of being able to constantly challenge the status quo to bring about material improvement.