56 firms have either “interim permission” or full authorisation from the FCA to operate a peer-to-peer lending platform. A senior industry source, claimed that of these applications, he was aware of just 4 that had any commercial “reason to exist”.
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Flood of new lenders in the UK brings with it the risk of going under
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Figures from the Financial Conduct Authority show that scores of operators are in the process of applying for regulatory authorisation. As of December 28, 56 firms had either “interim permission” or full authorisation from the FCA to operate a peer-to-peer lending platform. There are 68 applications for new or varied authorisation being considered. A senior industry source, who asked to remain anonymous, claimed that of these applications, he was aware of just four that had any commercial “reason to exist”.
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