Question to the HM Treasury:

Her Majesty's Government whether they intend to take steps to protect those lenders who have made loans through Ratesetter.

The government has implemented a proportionate, principles based regime for peer-to-peer (P2P) lending that balances the need for consumer protection with allowing the sector to grow and evolve. This requires consumer-facing platforms to be authorised by the Financial Conduct Authority (FCA) and subject to FCA rules.

The FCA are currently undertaking their planned review of the regulatory framework for (P2P) lending, and the government will continue to engage with the FCA and the wider P2P industry as the review continues.