Call for input to the post-implementation review of the FCA’s crowdfunding rules
Last updated: 6 Sep 2016
- Consulting body:
- Financial Conduct Authority
- Period of consultation:
- Runs from 8 July 2016 to 8 September 2016
- CML action:
- Response submitted
In 2014, new rules came into force for the regulation of crowdfunding platforms operated by firms authorised by the Financial Conduct Authority (FCA). In 2016 they published a post implementation call for input on whether these worked for the loan-based crowdfunding market.
They proposed that Mortgage Conduct of Business (MCOB) rules will be applied to mortgage P2P platforms and individual investors would not be regulated if they are not acting by way of business.
We are supportive of the FCA proposal that peer to peer (P2P) platforms providing funding for residential mortgages should be subject to the same regulations as residential mortgage lenders. Our full response can be downloaded below.