Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government, further to the Written Answer by Lord Duncan of Springbank on 28 January (HL579), whether the confidentiality agreements cover the aggregation of data for a number of unidentified peer-to-peer platforms; whether the same wording is included in all agreements with peer-to-peer platforms; and whether this wording is proposed by the Government or the peer-to-peer lender.

Confidentiality agreements between the British Business Bank and peer-to-peer lenders do not deal with aggregated data relating to multiple different platforms. The British Business Bank does not aggregate peer-to-peer data from different platforms for reporting purposes. Given the very small number of peer-to-peer platforms we invest in, we could not publish aggregate default rates without compromising confidentiality in relation to individual platforms. In keeping with our commercial approach, we do however continually monitor the market and carry out extensive due diligence on any peer-to-peer lender before entering any commercial agreement with them. Once an arrangement is in place, we receive regular data on the performance of our loan book to ensure that this is in line with the contractual expectations we have made with them.

Different confidentiality agreements between the Bank and peer-to-peer delivery partners do not contain the same wording. The wording of each individual agreement is agreed jointly by the British Business Bank and the individual peer-to-peer lender, but they reflect delivery partner expectations, as is standard in the market.