P2P finance

Innovate Finance launches 36H Group to succeed P2PFA

Innovate Finance has announced the launch of a new group to provide a unified voice for lending platforms that accept retail investments and to succeed the Peer-to-Peer Finance Association (P2PFA).

The 36H Group will focus on policy and regulatory matters, as well as promoting the benefits the sector is delivering, including bringing choice, competition and transparency to the lending and investment markets.

Initial members are Funding Circle, RateSetter, Zopa, Lending Works and CrowdProperty.

All lending platforms authorised and regulated by the FCA under article 36H legislation can join the group.

It will be chaired by Charlotte Crosswell, CEO at Innovate Finance.

Paul Smee, chairman at the P2PFA, said: “We can be very proud of what the P2PFA accomplished over the past eight years. 

“We worked hard to achieve our goal of securing effective external regulation, which I’m pleased is now in place. 

“Now that platforms are in the mainstream of financial services for both investors and borrowers, this is the right moment to recalibrate, and I look forward to seeing the industry go from strength to strength into the future.”

A spokesperson for RateSetter commented: “The launch of the 36H Group is great for our sector.

“For months our sector has seen one bad headline after another.  

“This is inevitable as a new industry shakes out, but things are moving on and by working together we are making lending a mainstream investment choice.”

“We will certainly consider joining the 36H Group, but feel that people are running away from the current ‘P2P’ branding challenge after the failures of some badly run businesses,” claimed Stuart Law, CEO at Assetz Capital.

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