26th March 2012:
The P2P Finance Association, the trade body representing leading UK peer-to-peer (P2P) financial businesses, has today welcomed Government approval of the Association’s Rules and Operating Principles. These Principles, which Association members have to adhere to, set out key requirements to ensure transparent, fair, robust and orderly operation of their platforms to protect both savers and borrowers.
The Department for Business, Innovation & Skills, when responding to the recent ‘non-bank lending taskforce’ report by Tim Breedon, backed the establishment of a P2P industry code as a means to raise awareness of P2P finance, but also safeguard usersi. Giles Andrews, Chair of the P2P Finance Association said: ‘This is a hugely exciting sector, and one that has experienced significant growth over recent years.
The P2P Finance Association has established strict operating principles to ensure a level of uniformity amongst members which in turn will reassure and protect our users. We are delighted that the Government has endorsed the development of our industry body and code of practice’.