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The FCA post implementation review of P2P regulation – a positive step

Today, the Financial Conduct Authority (FCA) have announced that they are launching a “post implementation review of crowdfunding rules”

We wanted to outline what this means and why we welcome this positive step in the continued support and growth of peer-to-peer lending.

What is a post implementation review?

When the FCA launched crowdfunding regulation (under which Zopa is regulated) in 2014, they always planned to conduct a post implementation review in 2016 to ensure that the regulation was relevant for an industry with exponential growth. At Zopa, we welcome regulation and this review. We are committed to ensuring that consumer needs are placed at the forefront of all decisions and that the risks of peer-to-peer lending are outlined clearly and explicitly by all providers of peer-to-peer services.

Why now?

The review was always scheduled for 2016, two years after the original regulation was implemented.

How will this impact the full FCA authorisation process and the launch of the Zopa ISA?

The FCA have stated that they will continue to progress authorisation under the current regulatory regime. Thus we don’t believe there will be an impact on the current process for full authorisation and our subsequent ability to launch the Zopa Innovative Finance ISA.

If you would like to know more, you can read the FCA statement, or visit the P2PFA website.