P2P lending trade body launches associate membership

Industry association opens its doors to professional services firms.

The Peer-to-Peer Finance Association has this morning launched a new category of membership, broadening its potential reach beyond peer-to-peer lenders for the first time. The association, which was originally formed to lobby for the P2P lending sector to be regulated, currently boasts nine members – all of which are P2P firms.

The body has now added an associate membership option, allowing a range of professional and ancillary service providers which support the P2P sector to sign up.

Eight new associate members have been announced at launch. These are: Alterest, Altus Consulting, Equifax, Fox Williams LLP, Grant Thornton UK LLP, Orca Money, Simmons & Simmons and TLT LLP.

AltFi understands that associate membership costs £3,000 per annum.

“The P2PFA has, from its inception, been the authoritative voice of self-regulation in the UK peer-to-peer lending space, promoting high standards of business practice, making the case for robust transparency and an effective regulatory regime, as well as being a source of information and education about this exciting part of the alternative finance sector,” said the P2PFA’s independent Chair, Christine Farnish, ahead of the launch of its associate membership. “The decision to admit associate members demonstrates the continued ambition of the P2PFA to broaden its ambit to include major players who, whilst not having an involvement in direct lending, are important to the continued growth and success of peer-to-peer lending in the United Kingdom."