London, 24th October 2013

Commenting on the FCA’s consultation on Peer-to-Peer Lending and CrowdFunding, Christine Farnish, Chair of the Peer-to-Peer Financial Association (P2PFA) said:

‘We welcome today’s consultation by the FCA on the new regulatory regime for peer to peer lending and crowd funding.

“Peer-to-peer lenders have been pressing for regulation for some time and believe it is important that all firms entering this important new market behave responsibly, treat their customers fairly and manage their risks.

“It is good to see that the FCA recognises the important differences between peer-to-peer lending, which provides term loans to consumers and small businesses, and equity type investing via crowd funding platforms. These activities are like apples and pears and present very different risks to consumers whose money is being handed over. They need different regimes.’

“The P2PFA will be responding fully to the consultation and will continue to engage openly with the FCA as the new regime is developed”.