The UK’s Financial Conduct Authority approved new rules for the p2p lending market that many think will weed out weaker lenders and those who have yet to reach scale; “People have had their chance to grow their business to a decent scale. That chance has gone now,” said Stuart Law, Chief Executive of Assetz Capital, to the FT; the new rules limit the amount investors can put into p2p lending and have added an appropriateness test; “We think what is going to emerge is a much stronger industry where there is less doubt; fewer players but probably stronger players with a bright future,” said Rhydian Lewis, Chief Executive of RateSetter, to the FT. Source.
