The FCA has published CP16/4 consulting on changing our client money rules for firms that operate electronic systems in relation to lending (P2P platforms) and hold both money for clients in relation to regulated P2P agreements under our client money rules (CASS 7) and money for clients in relation to unregulated lending.
The FCA statement and the paper can be found here and will be of interest to:
– consumers and consumer organisations
– financial advisers
– firms operating loan-based crowdfunding platforms
– firms that wish to manage Innovative Finance ISAs
– trade bodies that represent stakeholders in this market
– compliance consultants and other firms that assist stakeholders
The consultation closes on 11 February 2016.