The Financial Conduct Authority (FCA) has requested that P2P lenders not lend to each other through industry network lending; the request comes as the regulator continues to increase its oversight and understanding of the industry; in the FCA's report it says that the industry network lending could be in violation of rules that require deposits for such transactions. Source
The Financial Conduct Authority (FCA) is planning to raise salaries for around 800 of its lowest-paid staff but scrap bonuses from next year, amid tensions at the regulator over pay. The City regulator on Tuesday said its lowest paid employees will receive average salary increases of £5,500, including performance-related pay. Staff who meet their performance
The Financial Conduct Authority (FCA) has been urged to rethink how it categorises peer-to-peer lending, amid concerns that it is unfairly labelling the asset as high risk. The prospect of new regulations in the P2P lending sector such as tougher marketing rules and investor restrictions was discussed at the P2P Leaders Forum, a virtual event...
The Financial Conduct Authority (FCA) removed 12 UK crypto firms from its registration list, leaving only five companies with a temporary registration status.
The FCA removed 12 UK crypto firms from its registration list, leaving only five companies with a temporary registration status.
The City regulator is working on leveraging data to create new tools that will allow it to detect consumer harm and intervene more quickly, amid its growing scrutiny of high-risk investments. Speaking at the CDO Exchange for Financial Services, Jessica Rusu, chief data, information and intelligence officer at the Financial Conduct Authority (FCA), said that...
In their recently completed review, the Financial Conduct Authority (FCA) was particularly worried about some platforms using customer money to buy loans from rival platforms; FCA CEO Andrew Bailey explained that platforms don't have enough loans to present so in turn they use investor money to buy up loans from a rival platform; this is worrisome as investors are not being told the correct risks; Mr. Bailey did not disclose any platforms by name and said the issue was not widespread but worth keeping an eye on. Source
Fellow Finance is a Finnish P2P lender; the new offering will allow businesses to turn trade receivables into cash; invoices will be placed on the marketplace for investors; the loans will be offered in addition to traditional business loans; Jouni Hintikka, CEO of Fellow Finance, stated: "Financing a trade receivable is one of the easiest and most reasonable ways for companies to acquire working capital. By financing an invoice, a firm immediately receives its money, which accelerates money circulation and supports the growth of the business. The invoice finance service by Fellow Finance is technologically a forerunner compared to traditional services and operators in Europe." Source
A study by KPMG found that women-led fintechs are buttressed with a longer cash runway than is typical across the...
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