UK P2PFA Data: Over £700 Million in New P2P Lending During Q3


The UK Peer to Peer Finance Association (P2PFA) has released data for member platforms for Q3 2016. According to their numbers, new P2P loans hit £700,374,000 driving cumulative lending to just under £6.5 billion. Aggregate lending was an improvement over year prior quarter indicating ongoing industry growth.  Zopa remained the largest P2P lender followed by Funding Circle and Ratesetter, a platform that is closing in on its peers.

The P2PFA represents the eight most established P2P lending platforms in the UK.  Established in 2011, the self-regulatory body has set high standards of transparency and practices to help ensure a competitive and viable sector of finance.

Christine FarnishChristine Farnish, Chair of the P2PFA released a comment on the Q3 report;

“Data from the third quarter of 2016 highlight the strength of peer-to-peer lending in the United Kingdom, and underscore the value that this form of alternative finance is providing to the economy for borrowers – both business and consumer – as well as lenders. Peer-to-peer lending continues to deliver a competitive alternative to traditional lending.”

Reflecting on the recent speech by Lord Adair Turner, the former FSA Chair, Farnish stated;

“As Lord Turner said last week: at an accelerating pace, direct non-bank lending has extended to segments previously almost entirely dominated by banks. The direct lending industry will grow and play a useful role in our overall credit supply system.”

The P2P industry is in the midst of a regulatory review by the Financial Conduct Authority. Farnish and industry members have voiced the importance of the new form of finance for the UK economy as regulators review existing rules.


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