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UK regulator confirms cap on peer-to-peer lending

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UK regulator confirms cap on peer-to-peer lending

The U.K. Financial Conduct Authority confirmed a cap on how much peer-to-peer lenders can loan retail customers, equivalent to 10% of clients' investable assets.

The regulator said the cap will ensure that customers will not overexpose themselves to risk, noting that the cap will not apply to new retail customers who have received regulated financial advice.

The new cap is part of new rules for peer-to-peer lending platforms that the FCA will introduce to prevent harm to investors without stifling innovation in the sector.

The FCA said peer-to-peer lenders must implement the new rules, including the cap, by Dec. 9.