FCA urged to ban P2P lending access accounts

Industry News | 01/09/20

Peer-to-peer lenders that offer easy-access accounts have come under fire, with one industry figure calling for the Financial Conduct Authority (FCA) to ban these products due to their misleading representation of liquidity.

Industry consultant Theresa Burton, who previously held the chief executive role at now-closed P2P lender Trillion Fund, said platforms offering so-called access accounts – that advertise immediate or same day redemptions – are distorting the true non-liquid nature of the investment.

Source: p2pfinance