The Financial Conduct Authority (FCA) published an interim report on crowdfunding regulation today. The report was widely anticipated by both the investment based and debt based crowdfunding sector. This is the second interim statement since initial rules were published in 2014. The regulatory approach by the UK regarding alternative finance has been studied and emulated around the world as the UK Fintech sector has grown rapidly – aided by regulators and policy makers seeking to encourage innovation and competition. The intent is to provide better access to financial services for both consumers and businesses. The results to date have been encouraging.
This interim report took into consideration feedback from the leading UK crowdfunding platforms (including peer to peer lenders), associations, legal service providers and other interested parties.l
The interim report is another step in a consultation which will be published in 2017. Any additional rules will come into effect in 2018.
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