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
Cumulative lending for the Association's members is now GBP8.5 billion; the Association's nine platforms originated GBP1.004 billion ($1.29 billion) in the first quarter with originations led by Funding Circle with GBP328.1 million ($421.6 million); business lending originations totaled GBP636.2 million ($817.5 million) and reported an increase of 17% from the previous quarter and 43% from the first quarter of 2016; overall, Zopa leads cumulative originations with GBP2.17 billion ($2.79 billion) and Funding Circle is following at a close second with GBP2.16 billion ($2.78 billion). Source
The P2PFA has added Folk2Folk expanding its membership to nine; Folk2Folk is the only P2P lender in the UK to offer regional branch offices for customers to meet with representatives; the lending platform was authorized by the Financial Conduct Authority in December 2016; it is a secured property small business lender and has lent a total of approximately £134 million ($167.28 million) to small businesses. Source
I have been in London this week for our third annual LendIt Europe conference. In many ways this was the...
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In this blog series, we interview previous LendIt conference speakers to receive an update on their industry perspective and provide...
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
A groundbreaking new report is being released today at LendIt Europe 2016 in London. Titled “The economics of peer-to-peer lending”, the report was...
The marketplace lending industry globally has seen rapid growth over the past few years but originations have been pulling back...
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