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UK FCA places P2P lender Lendy under special supervision

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UK FCA places P2P lender Lendy under special supervision

The U.K. Financial Conduct Authority placed local peer-to-peer lender Lendy under special supervision over concerns that the company may not be able to meet minimum standards required of regulated firms, the Financial Times reported, citing documents and three people familiar with the situation.

The Portsmouth-based property lender was placed on the FCA's watchlist in January and is required to provide the regulator with detailed reports, including a weekly account of its cash flow and loan recovery efforts, the report noted.

Roughly 55% of Lendy's outstanding loans are deemed as nonperforming or only partially repaid, while an additional 10% are overdue but not yet in default, according to the FT.

The company is working with its creditors and the FCA to shore up its business, the report added.