Peer-to-peer lending platform Bricks Financial has officially received authorization from the Financial Conduct Authority (FCA). As previously reported, the online lender was founded in 2014 and is designed to build a community of investors to help those looking for development finance.
The new direct lender was founded by Clive Banks, Will Michelmore, Jerry Rihll and Nick Sprague. The foursome each possess diverse experience as successful businessmen. Banks shared in Summer 2015:
”We are local business people who care about local growth and want to put something back into the community by providing ethical and safe asset based lending. We are looking to build a community of investors to help those looking for development finance. Our aim is to improve the return on investors’ cash by earning excellent interest on their deposited funds, with a secured investment that brings benefits to the South West.”
Speaking about Bricks’ FCA authorization, Rihll reportedly explained to Peer2Peer Finance News:
“This was really about our dealings with intermediaries and becoming a trusted provider. The full FCA authorisation helps with that.”
Banks added:
“To be authorised by the FCA is a significant achievement and reassures our investors that we have the appropriate regulatory and operational infrastructure in place. It is independent proof that Bricks is a trusted and professionally run company.”
Rihill also noted that while the authorization is a step towards achieving ISA manager status, Bricks is not planning to launch an Innovative Finance ISA at this time.