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Judul : Zopa becomes the first of the ‘Big 3’ peer-to-peer lenders to be authorised by the City watchdog
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Zopa becomes the first of the ‘Big 3’ peer-to-peer lenders to be authorised by the City watchdog

Zopa

Zopa CEO Jaidev Janardana.

LONDON — Zopa has become the first of the UK’s ‘Big 3’ peer-to-peer lenders to gain full authorisation from the Financial Conduct Authority (FCA).

Zopa announced on Thursday that it has gained full authorisation from the FCA, almost two years after it applied in 2015.

CEO Jaidev Janardana says in a statement: “The authorisation process has been rigorous and in-depth and involved extensive scrutiny of our business.”

Zopa is the first of the UK’s “Big 3” peer-to-peer lenders to be fully authorised. Founded in 2005, Zopa is credited with inventing the concept of peer-to-peer lending. Its platform connects savers looking to invest their money directly with borrowers looking for quick and easy cash. It cuts out banks who would traditionally sit in the middle and take a margin.

Funding Circle and RateSetter, the UK’s two other biggest peer-to-peer lenders, are still waiting for authorisation from the FCA. The size and complexity of their businesses is thought to be part of what is delaying the process. Funding Circle has lent £2.1 billion to date and RateSetter has lent £1.9 billion. Zopa has lent £2.1 billion.

Zopa’s cofounder Giles Andrews said in a statement: “Zopa, both individually and as a founder member of the Peer-to-Peer Finance Association (P2PFA), has campaigned for peer-to-peer lending to be a regulated activity for a number of years. We are delighted to receive our full FCA authorisation.”

The FCA authorisation allows Zopa to offer the new Innovative Finance ISAs and the company says it plans to apply to the Treasury for permission to become an ISA manager.

Zopa last year announced it also plans to launch its own bank and Janardana says in Thursday’s statement the company is still “working towards applying for a banking licence.”

The FCA has been placing greater scrutiny on the fast-growing peer-to-peer lending sector under boss Andrew Bailey, who joined the FCA last July. The regulator proposed tougher regulations in December that are still in consultation and has written to CEOs warning that some may be inadvertently breaking existing regulations.

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