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New UK fintech industry body replaces Peer-to-Peer Finance Association

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New UK fintech industry body replaces Peer-to-Peer Finance Association

The Peer-to-Peer Finance Association, a self-regulatory trade group of U.K. peer to peer lenders, has disbanded, and its members will now be represented by a new body called 36H Group, The Times reported.

P2P lenders including Funding Circle Ltd., Zopa Ltd., Rate Setter, Lending Works Ltd. and CrowdProperty Ltd. will move to the new body launched by Innovate Finance, a trade group for the U.K. financial technology industry. 36H Group will be chaired by Innovate Finance CEO Charlotte Crosswell.

The Times cited a "senior observer" as saying the change reflects the declining relevance of P2P lenders.

The P2P Finance Association was created in 2011 to lobby for regulation of this category of lending, according to the report, which also noted that the new trade body has been launched in the wake of a new regulatory cap on lending platforms that accept retail investments.