UK Financial Conduct Authority Ratesetter Announcement - UK Crowd Funding Association Statement

Bruce Davis, Director of the UK Crowd Funding Association (UKCFA) said:

“This underlines why we need clarity from the regulator about the scope of loans based crowdfunding.  The UKCFA represents members from loans and investment based crowdfunding and have always advocated maximising transparency for lenders and investors so they have a clear understanding of where their money goes, the risk it incurs and how the rewards are shared between platform and lender. Ratesetter have done the right thing to acknowledge their errors but the industry must not lose sight of the benefits of simplicity and transparency.