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FCA Includes P2P Platforms in Credit Assessment Rules
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FCA Includes P2P Platforms in Credit Assessment Rules

FCA Includes P2P Platforms in Credit Assessment Rules

Fintech Nexus Staff·
EuropeNews RoundupOnline Lending
·Aug. 1, 2017·1 min read

The Financial Conduct Authority (FCA) is proposing that they include P2P platforms in the review of the high cost credit industry; the city watchdog said in a release that there is currently a gap in the regulations for P2P; according to the watchdog this means creditworthiness requirements will be enacted when there is a “significant increase in the amount of credit or the credit limit under a P2P agreement”; the FCA explained further changes could come after this initial review period ends on October 31; John Coley, financial services risk director at PwC, explained to Peer2Peer Finance News, “The FCA has published proposals that potentially have a significant impact on firms operating in the consumer credit sector, these include proposed changes for assessing creditworthiness, feedback on its rules limiting so-called payday-loans, and insights into its continuing work into the motor vehicle finance sector.” Source

  • Fintech Nexus Staff
    Fintech Nexus Staff

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