Question to the HM Treasury:

To ask Her Majesty’s Government what plans they have to regulate the peer-to-peer lending market.

Peer-to-peer lending is an innovative new form of finance and the Government is keen to see this sector continue to grow and evolve.

Following representations from the peer-to-peer sector, the Government announced in November 2012 its intention to bring peer-to-peer lending within the regulatory scope of the Financial Conduct Authority from April 2014. Proportionate regulation will allow the sector to continue to grow.

The Government has not made an assessment of the size of the peer-to-peer consumer and business finance markets.