The Peer to Peer Finance Association (P2PFA), the industry body for peer to peer lending, today welcomed ThinCats.com as a new member of the Association. ThinCats launched in January 2011 and has to date lent nearly £30m to a range of small business customers, mainly in the Midlands region.
The P2PFA, set up in 2011 by Zopa, RateSetter and Funding Circle, was formed to ensure that the fast growing peer-to-peer sector maintains high standards of conduct, treats customers fairly, and articulates a clear sector-wide voice to policy makers. Members of the P2PFA are required to abide by a set of rules or Operating Principles to help protect consumers and ensure good conduct.
The peer-to-peer lending sector is growing fast and has passed the £600m mark in terms of money matched, despite only launching in the UK in 2006. £100m of this was transacted in the first 5 months of 2013.
Peer-to-peer lending is set to become fully regulated by the Financial Conduct Authority by April 2014. Christine Farnish CBE, Chair of the P2PFA, commented: “We are delighted to welcome ThinCats to the Peer-to-Peer Finance Association. Consumers can have confidence that doing business with a P2PFA member means they are dealing with a reputable business operating to high standards of conduct. In two and a half years since launching, ThinCats have proven their commitment to maintaining these standards.
The P2PFA will be working closely with the FCA and others to ensure that the forthcoming regulatory framework for peer to peer lending is proportionate and risk based.”
The P2PFA now represents well over 95% of the UK's P2P lending sector and Kevin Caley the MD of ThinCats and the member of the P2PFA said "As a responsible peer to peer lender we are delighted to join the P2PFA. The views of the sector need to be clearly represented to regulators and decision makers and the P2PFA is doing a good job. It's important for the growth of the sector that P2P firms abide by an appropriate set of rules, and we are committed to meeting the P2PFA's Operating Principles".