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FCA proposes new rules for P2P lenders

The Financial Conduct Authority has opened a consultation on new rules for loan-based crowdfunding platforms as a first step to fix “increasingly complex” business models.

The regulator today issued an update on its review of the loan-based and investment-based crowdfunding market.

The updates are the first since a sector review in December 2016 and ask for responses to new proposals including one to ensure investors receive accurate investment information and better breakdowns on risk.

FCA highlights concerns over Priips cost disclosure

The regulator is also proposing the promotion of stronger governance at loan-based firms, new practices for clarifying investor remuneration and an extension on existing marketing restrictions for investment-based crowdfunding platforms to loan-based platforms.

FCA strategy and competition executive director Christopher Woolard says: “The changes we’re proposing are about ensuring sustainable development of the market and appropriate consumer protections.

“We believe that loan-based crowdfunding can play a valuable role in providing finance to small businesses and individuals but it’s essential that regulation stays up to date as markets develop.”

Responses to the consultation are due by 27 October, with a policy statement to be released with its findings later in the year.

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Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.

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