P2PFA Membership Criteria 2015.
The P2PFA encourages applications for membership from businesses that meet the following criteria:
P2PFA Members must;
- Undertake debt based retail financial services business in the UK by means of an electronic platform.
- Use lender funds to provide loan funding of any type to consumer or business customers.
- Secure some lender funds from retail consumers where possible.
- Operate to a significant extent by means of direct loan contracts between borrowers and lenders.
- Demonstrate high standards of credit risk and operational risk management.
- Demonstrate high standards of transparency and provide clear, balanced and fair information to all customers.
- Comply fully with the P2PFA’s Operating Principles.
Application process for prospective new members
Prospective new members must have been transacting business in the market for at least 6 months and be able to demonstrate to the P2PFA Chair and Independent Director that they have a responsible and sustainable business model. Applications should be in writing to firstname.lastname@example.org stating the reasons for wishing to join the P2PFA, and demonstrating in appropriate detail how they comply with the P2PFA’s Membership Criteria. The P2PFA Board will consider all applications on their merits.