The U.K. Financial Conduct Authority said peer-to-peer lender Lendy Ltd.. filed for administration May 24 and appointed RSM Restructuring Advisory LLP as administrators, following action taken by the regulator.

In March, the Financial Conduct Authority, or FCA, reportedly placed the Portsmouth-based property lender under special supervision over concerns that the company may not be able to meet minimum standards required of regulated firms. Lendy has more than £160 million in outstanding loans, of which more than £90 million are in default, the Financial Times reported.

The FCA noted it is investigating the circumstances that led to Lendy's administration. RSM Restructuring Advisory was also appointed as administrators of unregulated firms Lendy Provision Reserve Ltd. and Saving Stream Security Holding Ltd. with the FCA's consent.

The FCA's board will hold a meeting to discuss the risks of high-cost credit following Lendy's collapse, The Sunday Times of London reported. The watchdog is aiming to disclose new regulations in two months to restrict peer-to-peer sites.