P2PFA Head Talks Brexit, Regulation and the Potential Recession
Paul Smee, Chair of the Peer-to-Peer Finance Association (P2PFA), sat down with AltFi to discuss some of the most pressing issues in the industry today; recent regulations from the FCA were concerning but he believes they can adjust, telling AltFi, “when I read the FCA document for the first time, I didn’t get a sinking feeling. We don’t have a problem with the broad strokes of the FCA’s thinking.”; the collapse of Lendy has also brought a lot of scrutiny to the industry, Smee explains whey he thinks Lendy is an outlier, “Lendy always looked like an outlier to me. It’s origins, the way it had grown, was different from the rest of the sector. Drawing general lessons from that company to the rest of the industry is difficult. As for the regulators, you have to ask why that firm was authorised?”; the current size of the P2PFA, 8 platforms, is good and allows all members to voice their concern; the interview also talked about the future of the trade body, they have lost some big members recently, and if underwriting standards can withstand a recession. Source.