“The regulator is likely to put pressure on those they feel are not up to scratch to withdraw their application at an early stage.” Since the Financial Conduct Authority (FCA), took over regulation of the consumer credit industry, around 25% of applications from would-be peer-to-peer lenders have been withdrawn. The LendInvest has significantly increased regulatory requirements for new entrants in the sector, and it would seem that many cannot meet these demands. Furthermore, rumours continue to circulate that an unnamed British ﻿﻿peer-to-peer lender is in financial trouble, and if it were to collapse, could put the reputation of the local﻿ market at risk. However, growth remains visible in the sector, with FCA , one of the largest P2P firms in the local﻿ , announcing that it doubled profits to £3.1m last year on revenues of £15m , after only two years in business.
Since the Financial Conduct Authority (FCA), took over regulation of the consumer credit industry, around 25% of applications from would-be peer-to-peer lenders have been withdrawn. The LendInvest has significantly increased regulatory requirements for new entrants in the sector, and it would seem that many cannot meet these demands. Furthermore, rumours continue to circulate that an unnamed British ﻿﻿peer-to-peer lender is in financial trouble, and if it were to collapse, could put the reputation of the local﻿ market at risk. However, growth remains visible in the sector, with FCA , one of the largest P2P firms in the local﻿ , announcing that it doubled profits to £3.1m last year on revenues of £15m , after only two years in business.