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BWB Compliance responds

The Call for Input on Crowdfunding

· BWB response,P2P lending,Crowdfunding

It's been almost two and a half years since the FCA's regime for crowdfunding platforms came into being. In July we told you the regulator is starting its review of the industry and into how well the regulatory regime is working.

You can now read our letter of response to the FCA, providing feedback from our experience across the industry. Some of the key points outlined are:

  • the time taken by the FCA to authorise peer-to-peer lending platforms is taking too long and steps need to be taken to resolve the outstanding policy and technical matters causing delay
  • that is a fast evolving market, guidance and principles may be more powerful and practical  than prescriptive rules
  • the onboarding rules for investment-based platforms work well and there are some great examples of best practice in the market

BWB has been involved with the crowdfunding industry since 2012. We've worked with 37 platforms (investment-based and loan-based) and also support the UK Crowdfunding Association.

To access our response click here. The next step in the review process is for the FCA to review evidence submitted and undertake its own research. We would expect to hear the results of the review in early 2017. This will be through a feedback statement, a consultation paper or both.

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