The FCA has been hit by a surge of applications from peer-to-peer (P2P) lenders with more than 100 firms seeking FCA authorisation.  In April 2014, the FCA took over regulation of P2P lenders from the Office of Fair Trading and introduced new rules to ensure the industry was appropriately regulated.  Experts estimate the P2P lending industry will grow to $150bn-$490bn globally by 2020, up from more than £1.2bn which was lent via P2P sites in the UK last year.