 |
answer text |
<p>The Government has introduced a robust and proportionate regulatory regime for
peer-to-peer (P2P) lending, balancing the need for consumer protection with allowing
the sector to grow, innovate and provide competition in the lending market.</p><p>
</p><p>The British Business Bank’s Small Business Finance Markets 2018/19 report sets
out that P2P business lending increased to nearly £2.3bn in 2018, and assesses the
P2P business lending markets in the UK, the USA and China. The report notes that the
increased regulation in the P2P market in the UK has been mostly seen as positive,
in contrast to China where regulators were slow to address the sector, leading to
opportunities for fraudulent activity.</p><p> </p><p>The UK has been independently
ranked by EY and Deloitte as the world’s leading hub for Fintech – the best place
in the world to start and grow a Fintech firm. The Government is committed to ensuring
that it remains the best place in the world for Fintech, and has set out how it intends
to do that in the ambitious Fintech Sector Strategy, launched in March 2018.</p>
|
|
