The UK Crowdfunding Association (UKCFA) has launched a sub-group for peer-to-peer lending platforms called the 36H Group.
The founding members include Abundance, Rebuildingsociety, Simple Crowdfunding and Sourced Capital, as well as crypto platform Dacxi and fintech law firm Medici Legal.
Founder supporters include compliance consultancy Adempi, law firm CMS, and Legal Alternative.
This group is believed to be separate from Innovate Finance’s 36H Group, which was established in January 2020.
Members of the UKCFA’s 36H Group will meet once a month to discuss best practices, lobbying activity, horizon scanning, data analysis, and more, with a specific focus on P2P lending.
The group was established in response to the growing regulatory pressures on P2P lenders, and the need to coordinate responses.
“Owing to increased regulation, it is important that consumers appreciate the value created, in the form of improved risk mitigation and transparency,” the group said.
“Now that P2P lending has been through a recessionary period and a phase of ‘regulatory hardening’ we hope that it can appeal to independent financial advisors as well as discretionary fund managers.
“Part of our objective is to help position P2P lending as a more mainstream product as it matures.”
Daniel Rajkumar, chief executive of Rebuildingsociety, said: “Our group allows us to communicate better with industry stakeholders as well as to better organise responses to consultation papers.”
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