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1194453

registered interest
date	11/05/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what financial support he is providing to Peer2Peer lending platforms.
tabling member constituency	Washington and Sunderland West
tabling member printed	Mrs Sharon Hodgson
uin	45037
answer	answer is ministerial correction date of answer 19/05/2020 answer text <p>The Government monitors the peer-to-peer (P2P) lending sector on an ongoing basis and engages regularly with P2P platforms and the Financial Conduct Authority (FCA), who are responsible for the regulation of the sector.</p><p> </p><p>The Government believes that P2P providers deliver innovative forms of finance for both consumers and business, and can provide healthy competition in the financial services market and, as such, is keen to see the sector continue to grow and evolve.</p><p> </p><p>P2P platforms are eligible to access finance under the Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS), where they can access loans up to £50 million under the latter, depending on the size of the platform. Under CLBILS, borrowers can apply for finance facilities, including overdrafts, of up to £25 million for businesses with a turnover between £45 million and £250 million, and up to £50 million to businesses with a turnover of over £250 million.</p><p> </p><p>Those P2P platforms that facilitate loans to businesses can also apply to become accredited lenders under these schemes. More information on eligibility criteria and registering to become an accredited lender, can be found on the British Business Bank’s website here: <a href="https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/become-a-cbils-accredited-lender/" target="_blank">https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/become-a-cbils-accredited-lender/</a></p><p> </p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 19/05/2020 10:45:21 answering member 4051 label Biography information for John Glen
tabling member	1521 label Biography information for Mrs Sharon Hodgson

1185140

registered interest
date	16/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they, or the Financial Conduct Authority, have taken any action to (1) monitor, or (2) issue guidance, to peer-to-peer lenders about whether new client inflows should be used to support previous borrowers experiencing financial difficulty and funded by earlier investors.
tabling member printed	Lord Myners
uin	HL2642
answer	answer is ministerial correction date of answer 30/03/2020 answer text <p>The Government monitors the peer-to-peer lending sector on an ongoing basis and engages regularly with the Financial Conduct Authority (FCA), who are responsible for the regulation of the sector.</p><p>The FCA is operationally independent from Government. The second part of the question, as it relates to the FCA, has been passed on to the FCA. The FCA will reply directly to Lord Myners by letter, and a copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Agnew of Oulton question first answered 30/03/2020 10:18:35 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1141174

registered interest
date	22/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they or the Financial Conduct Authority have monitored rates of return projected by peer-to-peer lenders over the last two years; and whether such returns were assessed as to the (1) reasonableness of the projection, and (2) business record and experience of those managing the lending platform.
tabling member printed	Lord Myners
uin	HL17357
answer	answer is ministerial correction date of answer 05/08/2019 answer text <p>The Government believes that peer-to-peer platforms can deliver innovative forms of finance for both consumers and business that can provide competition in the marketplace and, as such, is keen to see the sector continue to grow and evolve while ensuring that consumers are adequately protected.</p><p> </p><p>The Government continues to monitor the development of the sector and engages regularly with peer-to-peer platforms to understand their business models. We do not directly monitor the rates of return offered.</p><p> </p><p>The Financial Conduct Authority (FCA) is operationally independent from Government. The question as it relates to the FCA has been passed on to the FCA. The FCA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Young of Cookham question first answered 05/08/2019 12:02:48 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1082271

registered interest
date	05/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the competitiveness of the UK peer-to-peer lending sector compared to (a) the US, (b) China and (c) the rest of the world.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	228623
answer	answer is ministerial correction date of answer 13/03/2019 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> answering member constituency Salisbury answering member printed John Glen question first answered 13/03/2019 17:03:31 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1079385

registered interest
date	28/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions the Government has had with (a) peer-to-peer lenders and (b) other organisations in the fintech sector on proposals for regulation of the sector in the Financial Conduct Authority's July 2018 CP18/20 consultation paper.
tabling member constituency	St Albans
tabling member printed	Mrs Anne Main
uin	227074
answer	answer is ministerial correction date of answer 07/03/2019 answer text <p>The Government has regular conversations with the Financial Conduct Authority (FCA), the peer-to-peer (P2P) lending sector and other Fintech organisations on a range of topics, including the FCA’s proposed new rules for P2P lending.</p><p> </p><p>The Government has implemented a proportionate, principles based regime for P2P lending that balances the need for consumer protection with allowing the sector to grow and evolve. As the FCA’s CP18/20 makes clear, P2P lending is an increasingly important source of finance for small businesses, and the Government remains supportive of the industry. As the independent conduct regulator for the financial services industry, the FCA is best placed to set the appropriate regulatory requirements for P2P lending.</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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 227075 227076 question first answered 07/03/2019 15:19:06 answering member 4051 label Biography information for John Glen
tabling member	1568 label Biography information for Mrs Anne Main

1079386

registered interest
date	28/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect on the international competitiveness of the UK's fintech sector of the Financial Conduct Authority's proposals for regulation of the peer-to-peer lending sector in its July 2018 CP18/20 consultation paper.
tabling member constituency	St Albans
tabling member printed	Mrs Anne Main
uin	227075
answer	answer is ministerial correction date of answer 07/03/2019 answer text <p>The Government has regular conversations with the Financial Conduct Authority (FCA), the peer-to-peer (P2P) lending sector and other Fintech organisations on a range of topics, including the FCA’s proposed new rules for P2P lending.</p><p> </p><p>The Government has implemented a proportionate, principles based regime for P2P lending that balances the need for consumer protection with allowing the sector to grow and evolve. As the FCA’s CP18/20 makes clear, P2P lending is an increasingly important source of finance for small businesses, and the Government remains supportive of the industry. As the independent conduct regulator for the financial services industry, the FCA is best placed to set the appropriate regulatory requirements for P2P lending.</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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 227074 227076 question first answered 07/03/2019 15:19:06 answering member 4051 label Biography information for John Glen
tabling member	1568 label Biography information for Mrs Anne Main

1079387

registered interest
date	28/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions the Government has had with the Financial Conduct Authority on the potential effect on the strength of the UK's peer-to-peer lending sector of the proposals on marketing restrictions in the FCA July 2018 CP 18/20 consultation paper.
tabling member constituency	St Albans
tabling member printed	Mrs Anne Main
uin	227076
answer	answer is ministerial correction date of answer 07/03/2019 answer text <p>The Government has regular conversations with the Financial Conduct Authority (FCA), the peer-to-peer (P2P) lending sector and other Fintech organisations on a range of topics, including the FCA’s proposed new rules for P2P lending.</p><p> </p><p>The Government has implemented a proportionate, principles based regime for P2P lending that balances the need for consumer protection with allowing the sector to grow and evolve. As the FCA’s CP18/20 makes clear, P2P lending is an increasingly important source of finance for small businesses, and the Government remains supportive of the industry. As the independent conduct regulator for the financial services industry, the FCA is best placed to set the appropriate regulatory requirements for P2P lending.</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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 227074 227075 question first answered 07/03/2019 15:19:06 answering member 4051 label Biography information for John Glen
tabling member	1568 label Biography information for Mrs Anne Main