Post by mrclondon on May 28, 2016 11:12:34 GMT
I have moved (and only very slightly edited) my post on potential FCA regulatory impacts on how platforms interact with this forum from the thread I originally posted it in, and have added it below this post.
I am, at present, not aware of any impact on those forum members who are solely shareholders, investors, lenders or borrowers of a platform.
There are however potential implications for those forum members who are within the scope of the FCA's definition of an "employee" (Handbook Glossary G365) of a regulated financial services business, namely someone:
"1(a) who is employed or appointed by a person in connection with that person's business, whether under a contract of service or for services or otherwise; or
(b) whose services, under an arrangement between that person and a third party, are placed at the disposal and under the control of that person;"
Ever since the forum was launched, forum staff have interpreted that definition as encompassing all directors (exec or non-exec), employees, consultants and contractors of a platform and those third-party individuals acting as loan introducers/originators on platforms. The forum rules require that all forum accounts operated by such individuals are identified as having a relationship with the relevant platform(s). Forum staff will not permit any exceptions to this rule, and should any such individuals disagree, they are advised to delete their forum account.
If the forum member wishes to identify their posts as being their own personal opinion and not a formal view of the platform there are two obvious ways in which this could be done:
1. On a post by post basis by making that statement within the post
2. By putting such a statement in the automatic signature of their account so it appears every time.
There have been some comments as to whether the current "Representative of platform xyz" or "Associate of platform xyz" are the most appropriate descriptors. Forum staff are not wedded to the words Representative/Associate and providing there is consensus amongst the platforms' compliance teams that other words would fit better, this can be changed.
I have locked this thread as commentary on this subject is best reserved to those compliance experts who have a good working knowledge of FCA Guidance.
We strongly recommend that any director (exec or non-exec), employee, consultant or contractor of a p2p platform or a loan introducer / originator who has a forum account that is not currently flagged as a representative or associate should send Admin a PM to discuss the matter further, rather than wait for us to become aware of the fact by other means.