Businesses must, among other things, take appropriate steps to ensure that personal recommendations are appropriate for their client. As noted in our policy statement on the separation of client money on credit-based crowdfunding platforms, innovative ISA finance and regulated peer-to-peer (PS16/8) advisory activities, this requirement will extend from 6 April 2016 to personal recommendations on P2P agreements. At this time, there is no need to discuss P2P agreements in order to become self-employed, so companies can certainly decide not to do so at this time. This will be an appropriate decision for many companies, as consulting in this area requires a number of efforts around CT and, most importantly, research and diligence in a new sector and for many other products. And of course, there could be an impact on IP coverage, which should be carefully reviewed and discussed with your pi broker and/or your insurer. Although P2P, as it is commonly known, has been in existence since 2005, this type of funding remains relatively unknown in the United Kingdom. This should change, since it is now possible to keep P2P agreements inside an ISA wrapper. If you decide that your business will not be advised on P2P agreements now or in the future and you want to remove the authorization, you can submit a variation of the authorization request via Connect. 131 The regulated activity defined in Section 53, paragraph 2, of the Regulated Activities Regulation (investment advice) which is summarized: advising a person if the board is as follows: these are both companies that have the licence, but for which the board is not their main activity (for example, general insurance intermediaries. B than companies that have the “advice on investment activities in non-installation insurance contracts.” Currently, the regulations provide that platforms exchange funds of funds of funds of funds through peer-to-peer agreements separate from their own capital and that these be exchanged under B2B credit contracts that are not within the legal framework. P2P loans are regulated by the FCA, while some unregulated B2B loans are not covered by the plan. The amendment aims to simplify the design of customers` money for platforms that hold both B2B and P2P customers` money.
At that time, the “P2P Agreement Advice” would become a new regulated activity. In the 2014 budget, the government announced the introduction of the Innovative Financial ISA (IFISA), which would allow P2P lending agreements to be included in an ISA tax system. At the same time, the P2P board would become a regulated activity. If a company decides that it is not advised on P2P agreements and wishes to withdraw its authorization, it can fill out our form.