LendInvest are bringing a former Bank of England Senior Associate into their team to serve as Head of Risk and Compliance.
Mrinal Ray joins LendInvest at a crucial time, with Financial Conduct Authority (FCA) regulation peeping over the horizon. Mrinal was with the Financial Services Authority for 12 years prior to his stint at the BOE. He will manage risk and compliance for both LendInvest and the associated company – Montello. Working through the authorization of LendInvest with the FCA will represent Mr. Ray’s first challenge.
"We are excited to welcome Mrinal to our team, as he brings with him a wealth of experience, in what is increasingly a very complex regulatory environment in which we operate.
"We now manage three funds in two different jurisdictions, and have various bank funding lines with our Montello business. Then with LendInvest, we have a peer-to-peer platform which is one of the fastest growing in the world, and there are a huge amount of regulatory issues on the horizons for that industry. We look forward to having Mrinal assist us navigate this landscape."
Mrinal was previously involved with the Authorisations division of the Financial Services Authority for mortgages businesses. This affords him a deep understanding of the regulatory issues facing LendInvest in the coming months. How the various p2p platforms handle regulation is sure to be a distinguishing factor within the space. For some, it will be a warmly-welcomed, legitimizing force; for others – a challenging obstacle. This is a shrewd move from LendInvest.