Lending Works joins P2PFA
The Peer-to-Peer Finance Association (P2PFA) welcomed Lending Works as a new member of the Association in September 2014.
The P2PFA is the industry body for peer-to-peer lending platforms and was set up in 2011 to ensure the rapidly growing peer-to-peer sector maintains high standards of conduct, treats customers fairly and collectively articulates coherent messages to policy makers.
Members of the P2PFA are required to operate within a strict set of rules or “Operating Principles” including minimum operating capital requirements, appropriate credit and affordability assessments, appropriate AML and anti-fraud measures, secure and reliable IT systems and fair complaints handling. Consumers can have confidence that doing business with a P2PFA member means they are dealing with a reputable business operating to high standards of conduct.
At Lending Works we are committed to operating to the highest possible standards of conduct and we’re delighted to be working with the P2PFA and its members to help promote best practice across the sector.
There is barely a week to go until the conclusion of the 2017/18 financial year, which means that, as ISA season begins to hot up, time is running out to take advantage of your ISA allowance.
At the Summer Budget in 2015, George Osborne had multiple nuggets of good news for investors in peer-to-peer lending (P2P), most notably the announcement of the new Innovative Finance ISA (IFISA).
Over the last decade, there can be little dispute that the reputation of mainstream banks – and particularly the so-called ‘Big Four’ (HSBC, Barclays, Lloyds and RBS) – is at its lowest ebb.
The peer-to-peer (P2P) lending industry is now regulated by the Financial Conduct Authority (FCA). The regulatory framework has been designed to protect customers and promote effective competition.
Loan underwriting is the process that we undertake to analyse all of the information provided by each loan applicant and their credit file to assess whether or not that applicant meets our minimum loan criteria. As part of that process all data is verified, analysed and summarised to paint a picture of each applicant.
When you earn interest from a regular bank savings account, for example, the bank automatically deducts basic rate tax (currently 20%) before paying your interest. With interest earned from peer-to-peer lending, tax is not deducted automatically so lenders will need to declare their income to HMRC.
As 2018 draws to a close, with our bellies full of Christmas turkey, it's only natural to look back on the past 12 months and reflect. No doubt, it's been a turbulent one economically and politically, and not everyone has had it all their own way.