Money&Co. Welcomes Loan Default Standards


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New move can only help

Money&Co. welcomes the Peer2Peer Finance Association's (P2PFA) new initiative, whereby all crowdfunding platforms must report their bad debts and defaults in a consistent and comparable style.

The guiding principle is "to help consumers compare between platforms and strengthen standards of industry disclosure", according to a P2PFA statement.

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As one commentator put it: "The drive to create a new model for SME lending will have a much better chance of success if public confidence can be maintained."

Christine Farnish, independent chair of the P2PFA, said: "Information on loan default rates is crucial information for consumers looking to lend on peer-to-peer platforms. Having a standard measure helps ensure that this important data is resented in a transparent and fair way and ensures that loan default data is honestly represented. Consumers can trust P2PFA members to uphold high standards and treat them fairly."

Money&Co. is already a member of the UK Crowdfunding Association, and adheres to the highest regulatory and business practices. For more on how to lend click here – and for an explanation of the risks of lending, click here.



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Disclaimer: Money&Co.™ is the trading name of Denmark Square Limited, Company Number 08561817, registered in England & Wales, authorised and regulated by the Financial Conduct Authority (FCA). The company is identified on the Financial Services Register under Reference Number 727325. The registered office is 58 Glentham Road, Barnes, London, SW13 9JJ where the register of Directors may be inspected. Denmark Square Limited (ISA manager reference number Z1932) manages the Money&Co. Innovative Finance ISA.