In an interview with P2P Finance News, Christine Farnish talks about their relationship with the Financial Conduct Authority, the recent departures of LendInvest and RateSetter from the group and updates to membership criteria; Farnish teased that there will be major changes to the way the P2PFA operates coming in November. Source
The UK peer to peer lending trade body, the P2P Finance Association, has released detailed loan book data of its...
The Peer-to-Peer Finance Association (P2PFA) is a trade body representing three quarters of the P2P lending market in the UK; RateSetter has breached rules set by the P2PFA; according to RateSetter, "No customer has experienced any loss from our actions but we recognize that our actions breached the principles of the Association."; recently the company has been in the news with regards to their wholesale lending business that it has been winding down. Source
P2P lenders have been debating the definition of default as many investors seek standardization; Peer-to-Peer Finance Association (P2PFA) members define a default when a loan is 45 days overdue and begin recovery collection at 120 days; non-P2PFA platforms have varying standards that fit with their business models, ranging from two consecutive months to 180 days to three missed payments; in the banking industry banks do not have a standard definition, focusing more on delinquent payment collections than actually labeling a loan in default. Source
The P2PFA provides quarterly data on its eight member firms; as of the third quarter it seems to have simplified its reporting to provide only industry and platform origination totals; Kadhim Shubber of FT Alphaville is curious as to why the P2PFA has chosen the new disclosure format which no longer appears to include granular details such as principal outstanding, capital repaid, number of lenders and number of borrowers; he has petitioned the P2PFA for more disclosure and greater transparency, questioning the lack of consistency and transparency in its quarterly data reporting. Source
The long awaited new rules for P2P lending in the UK are now here; the Financial Conduct Authority (FCA) announced...
The long awaited changes to P2P lending regulations in the UK are finally here. Today, the Financial Conduct Authority (FCA)...
Back in 2011 I covered the news of the very first industry trade association to launch globally. The P2P Finance...
The UK Peer to Peer Finance Association (P2PFA) was established in 2011 and founding members included Funding Circle, Zopa and...
Christine Farnish, the chair of the P2PFA for the past five years, is stepping down and is being replace by Paul Smee. Source
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