Following the dissolution of the P2PFA, a representative body for the peer to peer sector, FOLK2FOLK has chosen not to join the newly formed 36H Group.
The peer to peer sector is very broad and encompasses a variety of models, attitudes and operational approaches to risk. FOLK2FOLK welcomed and met the new requirements of the regulatory rules issued by the FCA last year which aim to bring a consistent standard across this diverse sector, but greater divergence between peer to peer platforms is becoming apparent as the industry matures. FOLK2FOLK has felt different from its P2P peers for quite some time; it occupies a unique position with its local lending ethos, rural niche focus and a customer base who value a high level of human interaction.
Roy Warren, FOLK2FOLK Managing Director said: “We thank the P2PFA for all they have achieved for the P2P sector. We enjoyed working with them, and our P2P peers, to ensure member platforms met the new regulatory standards issued by the FCA last year. However, the industry is maturing and we see greater divergence between peer to peer platforms becoming apparent. FOLK2FOLK has felt different for quite some time and as a result we have decided not to join the newly formed 36H Group. We wish our P2P colleagues and the 36H Group well for 2020.”