Question to the HM Treasury:

To ask Her Majesty’s Government whether they have reviewed the solvency of peer-to-peer lender Wellesley & Co. and the conduct of the firm's principals and owners.

This is an operational matter for the Financial Conduct Authority (FCA), who are operationally independent from Government. The FCA does not comment on individual firms.

The FCA is currently carrying out a post-implementation review into their crowdfunding rules and published a statement before Christmas with their latest update on this. Peer-to-Peer lenders are also currently going through the FCA authorisations process, whereby the FCA will assess their business models against the threshold conditions. Where a firm does not meet FCA statutory standards they will not be authorised.