Folk2Folk joins the P2PFA

Peer-to-peer (P2P) lender Folk2Folk has joined the Peer-to-Peer Finance Association (P2PFA).

Christine Farnish, chair of the P2PFA, said she was delighted to welcome the Association’s ninth member.

“They have made a big contribution to the evolution and development of peer-to-peer lending, and their perspective will complement the work of the P2PFA in standing up for high levels of business practice, transparency and consumer focus which are the bedrock of our Association.”

Jane Dumeresque, chief executive of Folk2Folk, said: “We are very happy to have joined the P2PFA as we believe it plays an important role in setting and maintaining high operating standards for our industry.

“Its role in providing a unified voice on the P2P industry is equally important as we evolve and grow.

“We believe that diversity of business models within the P2P sector is a benefit for both UK businesses and consumers.

“We look forward to working closely with the P2PFA and the other members in taking the P2P industry from being an alternative form of finance to the go-to form of finance for SMEs and consumers.”

In December 2016, Folk2Folk announced that it had received full authorisation from the Financial Conduct Authority and hoped to launch its Innovative Finance Isa.

Members of the P2PFA collectively lent almost £3bn during 2016.

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