FCA to probe peer-to-peer lending sector

The UK’s financial watchdog is probing the £2.7bn crowdfunding sector for the second time in two years, following widespread calls for tougher regulation of so-called “alternative finance” providers.

On Friday, the Financial Conduct Authority said it would scrutinise the burgeoning sector to find out if consumers who lend and invest money on peer-to-peer and similar crowdfunding platforms understood the risks they were taking — especially as the industry attracts more “retail investors who are less experienced or knowledgeable”.

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