It’s been a super busy last week of March for Zopa and peer-to-peer lending. We’ve had record levels of borrowers coming to Zopa alongside getting ready for the FCA regulation on 1st April.
Zopa has been operating in a responsible manner for almost a decade so the FCA regulation won’t bring many changes to your experience of lending through Zopa. If you have a loan with us that is already covered by regulation and won’t change.
However, it does mean we’ll be updating the Zopa Principles in the coming days. We usually like to give people 28 days to read changes to the Zopa Principles but there wasn’t time between the final confirmation from the FCA of regulation and measures coming into place next week.
We will post a summary of all changes made so you can take a look.
In other exciting news, we have a new company starting to lend through Zopa. Unlike our customers today, they will be lending as a business and will hold a consumer credit licence.
Apologies for the financial jargon – this means that their main business is lending money, rather than someone who is looking to earn interest on the money they have put aside by lending it through Zopa.
We want to reassure our savers that having a larger company lending through Zopa will not affect how quickly they lend out their money. It instead enables us to fulfill an ever increasing excess of demand for our lower-rate loans so we can offer a better deal to many more borrowers in the UK.
We’ve also received lots of interest and questions about the announcement in the budget of the inclusion of peer-to-peer lending in an ISA. This is fantastic news for people wanting to grow their savings.
As soon as we know more details from the government we will share those with you.
You can read more about the announcement of peer-to-peer ISAs in our recent blog post.