am
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Post by am on Apr 12, 2016 14:07:51 GMT
"As of 31st March 2016, there are only 8 firms fully authorised to operate platforms." (MT Spring Newsletter - taken from FCA website)
Anyone know who they are? (I've looked at some of the bigger players on the FCA register, and they seem to still be on interim permissions.)
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Post by mrclondon on Apr 12, 2016 14:12:14 GMT
"As of 31st March 2016, there are only 8 firms fully authorised to operate platforms." (MT Spring Newsletter - taken from FCA website) Anyone know who they are? (I've looked at some of the bigger players on the FCA register, and they seem to still be on interim permissions.)
A few are identified on easteregg's site - the bottom table on www.p2pmoney.co.uk/companies.htm
Most, if not all, of the eight will be companies that started trading after the deadline for registering for interim permission passed, and hence the entry route to authorisation is direct to full permission.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 12, 2016 15:06:01 GMT
"As of 31st March 2016, there are only 8 firms fully authorised to operate platforms." (MT Spring Newsletter - taken from FCA website) Anyone know who they are? (I've looked at some of the bigger players on the FCA register, and they seem to still be on interim permissions.) Edit Actually appears to be more than 8 as Abundance & Funding Tree arent included on parag list, yet they must be fully authorised as they are approved ISA managers
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Post by parag on Apr 12, 2016 15:08:35 GMT
From an FT article dated 1/4/16:
EdAid, Go2Partners, Formax Credit, Crowdstacker, Resolution Compliance, Clasp Investments, Crowd2Fund, and Gracombex.
EDIT: The above were stated by the FT to be the only platforms with full P2P lending permissions as at 1/4/16. There are more platforms that are fully authorised but not with permissions for P2P lending 'Operating an electronic system in relation to lending'.
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Post by mrclondon on Apr 12, 2016 19:03:12 GMT
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Post by parag on Apr 12, 2016 20:02:44 GMT
"As of 31st March 2016, there are only 8 firms fully authorised to operate platforms." (MT Spring Newsletter - taken from FCA website) Anyone know who they are? (I've looked at some of the bigger players on the FCA register, and they seem to still be on interim permissions.) Edit Actually appears to be more than 8 as Abundance & Funding Tree arent included on parag list, yet they must be fully authorised as they are approved ISA managers Funding Tree don't seem to have P2P lending permissions. They seem to have gone for the 'debt securities' set of permissions instead, according to the FCA register. I'm pretty sure Abundance have the same set (haven't checked the FCA register but just going on what they said at the recent AltFi event). I think the 8 stated by the FT have got full permission specifically for P2P lending.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,334
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Post by ilmoro on Apr 12, 2016 20:04:31 GMT
Yes, I was aware of that but in order to be able to offer an IFISA, which this is despite the lack of IF product in it, they have to be an approved ISA manager and my understanding is that requires them the have full FCA authorisation, hence my suggestion that there are more than the eight platforms listed by the FT. Perhaps the fact their permissions appear to be different eg no 'operate an electronic platform for lending' means they dont count as P2P in the strictest sense of the word (Funding tree also), though both have/had CC IP referring to P2P. So there are eight platforms plus 2 everybody considers to be P2P which are authorised, sort of. Regulators - clear as mud as usual  Interestingly, a flexible ISA paying 2% with full £75k FSCS protection (confirmed by email) on deposits (HSBC) makes them a very good option for a 'cash' ISA full stop, at least until the autumn. Edit; crossed with parag
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Post by easteregg on Apr 13, 2016 11:47:01 GMT
Funding Tree don't seem to have P2P lending permissions. They seem to have gone for the 'debt securities' set of permissions instead, according to the FCA register. I'm pretty sure Abundance have the same set (haven't checked the FCA register but just going on what they said at the recent AltFi event). I think the 8 stated by the FT have got full permission specifically for P2P lending. There is a small disconnect to what the FCA regard as peer-to-peer lending and what we would regard as peer-to-peer lending. Some of the 8 companies do not have a noticeable web presence yet, and some of them were new to me too!
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investibod
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Post by investibod on Apr 13, 2016 14:55:53 GMT
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,334
Likes: 11,558
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Post by ilmoro on Apr 13, 2016 15:19:33 GMT
What a badly written piece, including several errors and odd phrasing. Second one like that Ive seen today from a consumer site.
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