“The UK alternative banking sector is growing with new businesses entering and competing into this field. The FCA, appreciating the huge benefit for the consumer, is lowering the barriers to entry without jeopardising the credibility status. This was also unveiled in PROFILE’s recent event which aimed to bring together industry experts and authorities in exchanging ideas and case studies.
FCA’s regulatory approach published in a paper issued last April recognised the developing Peer-to-Peer lending and crowdfunding trend as an important one, referring to the firms as “investment-based crowdfunding platforms”, “loan-based crowdfunding” and “peer-to-business lending platforms” depending on the type of service provided. It also sets the framework of operations in terms of reporting, CRM operations, security and flexible IT systems.”
read more>>
