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Regulatory considerations When investing in P2P lending and crowdfunding
Gillian Roche-Saunders Partner, Bates Wells Braithwaite LLP
Deciphering the landscape
Platform requirements P2P Debt / Equity
FOS Yes Yes
FSCS No Yes
Provision fund Potentially No
Living wills Yes No
Client money Yes Yes
Managing permissions No Yes
Advising permissions Yes Yes
Appropriateness & self certification No
Yes
Questions to ask
Platform
• “Skin in the game”
• Level of due diligence
• Quality of the team
• Processes for credit assessments / valuations
• Regulatory status
Product
• Information available
• Type of borrower
• Creditworthiness of borrower
• Unsecured / secured
• Rights & protections
IFISA
P2P loan = platform fully authorised by FCA
Debt security = platform with arranging permissions (authorised, AR, or passporting)
Platforms running IFISAs
Aggregator platforms / traditional ISA managers
IFISA product
IFISA managers
Platforms making IFISA-able product
Offered by a firm that is fully authorised by the FCA, or passporting.
HMRC approved
Direction of travel
Some re-routing and speed limits, but a variety of models still moving forward
Different DD needed on bonds and P2P
Even within one category, platforms differ
Understand business model and underlying product
IF ISA launches and FCA regulatory review will create new opportunities…
….Market will keep evolving for some time yet
Take aways
More about us
Gillian Roche-Saunders is a Partner at the firm and heads the BWB Compliance team.
She specialises in advising alternative finance firms and has worked with over 40 platforms, as well a wide range of firms in the venture capital, wealth management and corporate finance sectors.
Gillian is a Director of the EIS Association and chairs its regulatory committee. She also provides regulatory support to the UK Crowdfunding Association.
Gillian is known for her ability to find compliance solutions that take into account commercial as well as regulatory realities. Her work has led to a string of awards and she herself won Best Compliance Consultant for Regulatory Strategy at the Compliance Register Awards 2015.
Email:
LinkedIn:
uk.linkedin.com/in/gillianrochesaunders
Twitter:
@GillianR_S
More about us
We are a regulatory consultancy offering ongoing compliance support to financial services firms.
Making compliance easy to handle is what we’re all about.
We specialise in helping impactful businesses that create economic growth, social change or work to transform the face of finance. Clients range from asset and wealth managers to FinTech firms.
BWB is a professional services firm, combining a top legal practice with specialist consultancies.
We are known for doing things differently and are proud to have been the first law firm that chose to run its business as a B Corporation.
Our legal practice is not only recognised as the leading charity law firm in the UK; but we rank in the top tier for M&A, immigration, education and electoral law.