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Anyone seen this FCA letter?

a href=””>The City regulator has warned Britain’s peer-to-peer lending industry to “act now” to clean up poor practices or face a “strong and rapid” crackdown.

The Financial Conduct Authority told chief executives of platforms which arrange billions of pounds worth of loans to address concerns and accused some lenders of exposing ordinary investors to undue risks.

In a seven-page letter seen by The Times and sent to 65 firms, the authority highlighted problems including weaknesses in disclosure of information to clients, opaque charging structures and inadequate record keeping.

2 thoughts on “Anyone seen this FCA letter?”

  1. I’ll see if I can wangle a copy for you Tim – from the industry press it seems to be either too high level and bland or alternatively ‘closing the stable door’ too late. P2P losses will be off the scale I have to say – on a personal level I am winding down my exposure to the platforms barring a small residual.

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