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UK regulator eyes peer-to-peer lending curbs

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UK regulator eyes peer-to-peer lending curbs

The U.K. Financial Conduct Authority is preparing to launch a review of the peer-to-peer lending industry following concerns about the rapid growth in loans from such platforms, The Sunday Times reported Aug. 6.

The regulator is said to be considering imposing tougher restrictions on P2P lenders in a review of the crowdfunding industry in early autumn, including forcing platforms such as Funding Circle and Ratesetter to provide additional information on the past performance of loans and to detail how much due diligence they have conducted on borrowers' past performance, according to the report.

The FCA is understood to have singled out the sector for scrutiny as officials fear that some platforms have failed to provide borrowers with sufficient information that will enable them to compare returns on crowdfunding and P2P loans with other types of investments.