Folk2Folk is pleased to announce it has joined the Peer-to-Peer Finance Association (P2PFA), recognised as a beacon for good standards of business conduct in the alternative finance sector, by becoming the ninth member of the association.
This is a significant step in building trust with businesses, consumers and the media but also with other platforms within the industry. This follows on from Folk2Folk recieving its full FCA authorisation in December 2016. To become a member of the P2PFA, online lending platforms like Folk2Folk must demonstrate commitment to transparency and good business practices. The P2PFA whose membership constitutes around three-quarters of this thriving market in the UK collectively lent almost £3 billion during 2016.
Welcoming Folk2Folk into the P2PFA, the Association’s Chair, Christine Farnish, said: ‘I am delighted to welcome Folk2Folk as a member of the Peer-to-Peer Finance Association. Their unique model underscores the essence of community lending. Their success demonstrates the utility available through matching business borrowers to investors looking to secure a good return using property or land as a security. They have made a big contribution to the evolution and development of peer-to-peer lending, and their perspective will complement the work of the P2PFA in standing up for high levels of business practice, transparency and consumer focus which are the bedrock of our Association’.
Our Chief Executive, Jane Dumeresque, added: ‘We are very happy to have joined the P2PFA as we believe it plays an important role in setting and maintaining high operating standards for our industry. Its role in providing a unified voice on the P2P industry is equally important as we evolve and grow. We believe that diversity of business models within the P2P sector is a benefit for both UK businesses and consumers. We look forward to working closely with the P2PFA and the other members in taking the P2P industry from being an alternative form of finance to the go-to form of finance for SMEs and consumers’.