This petition was submitted during the 2017–2019 Conservative government
Petition Urge the FCA to reconsider its proposed marketing restrictions for P2P lenders
The recent proposed changes contained within the Financial Conduct Authority (FCA)'s consultation on peer-to-peer lenders proposes that obstacles be placed in the way of investor involvement, unless investors can prove they are sophisticated, a HNW, a professional or under professional advisement.
Peer-to-peer lending was always meant to embody the idea that the old financial order was fundamentally not fit for purpose and needed renewal. For example if banks didn’t pass on interest rate rises to savers, online lenders would. And they have.
The FCA should rethink its approach and trust the investor to make the right decision about what they do with their investments. Better regulation of peer to peer lending is required but narrowing down choice isn’t the right way to go.
This petition is closed This petition ran for 6 months