FCA Announces New Rules For UK P2P Lending Platforms

The long awaited new rules for P2P lending in the UK are now here; the Financial Conduct Authority (FCA) announced today details of the new rules that will go into effect on December 9; the biggest changes concern investor protections; investors will now only be able to invest 10% of their investable assets into peer to peer lending and they will have to take an “appropriateness test” to make sure they are fully aware of the risks involved; while some of these new rules were unpopular as a whole the industry is quite supportive. Source.