Dear CEO: Loan-based peer-to-peer (P2P) crowdfunding platforms: wind-down arrangements
Industry News | 07/03/19
The Financial Conduct Authority (FCA) wrote to CEOs of loan-based Peer-to-Peer (P2P) crowdfunding platforms regarding the wind-down arrangements at their firm. This follows from a review conducted by the FCA in CP18/20 ‘Loan-based (‘peer-to-peer’) and investment-based crowdfunding platforms: Feedback on our post-implementation review and proposed changes to the regulatory framework’ where the FCA found that some platform arrangements were inadequate.
The FCA will ask certain firms to respond to them and provide details of their revised wind-down plans.