New figures reveal that more than a quarter of peer-to-peer lender applications which seek the FCA’s seal of approval have been withdrawn following the introduction of tougher regulatory requirements.

Since the FCA took over regulation of consumer credit, 30 of the 114 applications from new peer-to-peer lenders have been withdrawn.  Of these, 7 were full withdrawals, while 23 were partial withdrawals as firms removed peer-to-peer activities from their application but proceeded with other regulated business.