New industry group aims to make P2P sector mainstream
The UK Crowdfunding Association’s (UKCFA’s) new peer-to-peer lending focused sub-group aims to work with industry policymakers and bring the sector into the mainstream.
The 36H Group, not to be confused with Innovate Finance’s 36H Group trade body, was launched last month to give the UKCFA’s P2P platform members a sub-group to discuss P2P specific issues.
Atuksha Poonwassie (pictured), managing director of Simple Crowdfunding and director of the UKCFA, said the new group has had a couple of meetings already focusing on responding to the Treasury’s consultation on financial promotion exemptions.
She said it is now concentrating on the Financial Conduct Authority’s proposals on strengthening financial promotion rules for high-risk investments.
Poonwassie said the group aims to work with industry stakeholders and make the P2P sector more mainstream and well-known for investing and raising funds.
“We were finding there was not enough time to talk about P2P lending and some specifics relating to that in the monthly UKCFA meetings,” she said.
“That’s why we decided to have a sub-group of 36H specifically where we can talk about items relating to P2P lending and then the highlights would be shared as part of the wider UKCFA group.
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“Platforms have the benefit of being part of the wider conversation with regards to the whole industry in the UKCFA group and being able to focus on P2P lending specifically in the 36H Group.
“We’ve got a lot to cover, a lot has been happening in the marketplace in terms of consultations.
“The market is maturing, and our intention is to work with industry stakeholders to make P2P lending more mainstream so more people know about it and more people can participate, whether through raising funds or investing.”
The group’s founding members comprise Simple Crowdfunding, Abundance, Rebuildingsociety and Sourced Capital, as well as crypto platform Dacxi and fintech law firm Medici Legal.