RateSetter One of the UK's biggest alternative lenders channelled millions of pounds of investors’ money into investments offered by rivals without telling its customers raising questions about transparency in the industry.
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UK peer-to-peer lender placed loans via its rivals
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In a revelation that raises questions about the transparency of the peer-to-peer lending industry, Ratesetter connected some of its customers’ capital with investment opportunities offered by Wellesley and Archover, two of its competitors. About £10 million of property development loans were written in conjunction with Wellesley, a lending platform set up by Graham Wellesley, 8th Earl Cowley.
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