Peer-to-peer lending platform RateSetter has been granted full regulatory authorisation by the Financial Conduct Authority (FCA).
Launched in 2010, RateSetter is opening access for everyday investors to the asset class of loans by matching lenders directly to creditworthy consumer and commercial borrowers. In July, RateSetter passed the milestone of £2bn in total lending and has returned over £80m in interest to lenders.
RateSetter has 250,000 active customers.
Rhydian Lewis, RateSetter CEO and founder, commented: “We are proud to receive full regulatory authorisation from the FCA. We have always aspired to have a regulatory framework for our business and our industry. We strongly support effective regulation to protect customers and enable industries to compete and grow. Authorisation has been a long but positive journey during which we have learnt a lot, improved our infrastructure and implemented important changes, notably making the business more transparent. Transparency is vital to our business because our customers need to understand what we do to appreciate the risk of lending on RateSetter. Authorisation is a milestone but not an end in itself and we look forward to working with the regulator and all stakeholders to continue to deliver good customer outcomes and to grow RateSetter.”