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Dear Board | Release Date: 15th January 2024

To read a longer summary of this Dear Board letter, click here.

To access the original FCA document, click here.

Short Summary

The Financial Conduct Authority (FCA) outlines its expectations for Loan-based Peer-to-Peer (P2P) Lending platforms, now supervised by the Consumer Investments Directorate. The FCA emphasises the need for these platforms to assess and mitigate potential harms to consumers and markets.

Key Areas of Focus

FCA Actions and Expectations

The FCA will use data to monitor firm behaviours and business models, identifying high-risk platforms. The FCA expects P2P platforms to:


Firms must take all necessary actions to meet these expectations, ensuring senior managers are accountable for compliance. The FCA’s focus on consumer protection and market integrity requires P2P lending platforms to proactively engage in fulfilling these regulatory requirements.

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