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PS19/14: Final Rules for P2P and Crowdfunding Platforms Published
FCA publishes PS19/14: Final Rules & Feedback for P2P & Crowdfunding Platforms
10th June 2019
The FCA have now published feedback and final rules for Loan-based peer-to-peer (P2P) and investment-based crowdfunding platforms in Policy Statement PS19/14.
PS19/14 summarises the feedback received to the FCA’s Consultation CP18/20 and lays out the final policy positions the regulator has reached as a result. The detail of final rules to be implemented are also detailed whereby the FCA is introducing a package of rules and guidance to improve standards within the sector.
In summary, the FCA plans to:
P2P Platforms will be required to implement these changes by 9th December 2019, however the application of the Mortgage and Home Finance Conduct of Business sourcebook (MCOB) and other Handbook requirements will apply to P2P platforms that offer home finance products will apply immediately (from 4th June 2019)
Firms that are affected by the final rules and guidance detailed in PS 19/14 must now consider what changes will need to be made to ensure the rules can be implemented as as required by these commencement dates.
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