Giles Andrews P2P Lending, UK Nordic Baltic Summit

January 20th 2011

In a nutshell

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What our customers say

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Cumulative lent in UK to January 2011

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P2P lending is already global

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• Industry set for significant size and consumer exposure• Set an example to EU where regulatory landscape very diverse• Evidence of regulatory failure and consumer detriment in US• Borrowers already protected by existing consumer finance

legislation, so areas for regulation to address:– Credit and risk management– “Fitness” of management to operate the business

• Regulation would allow P2P lending to be tightly defined, so enable more even competition with banks:– Removal of tax disadvantage that P2P lender losses cannot be offset

against interest earned, penalising lending to the financially excluded– Allowing lending to take place within established savings tax shelters like

ISA accounts

UK P2P lenders call on Government for regulation to ensure the industry remains a “force for good”

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