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P2P Sector Reacts To Watchdog Scrutiny Of High-Risk Investments
The top financial watchdog, the Financial Conduct Authority, has published a paper on proposed regulation of the way high-risk investments are promoted. Our friends at P2P report the news this way: The Financial Conduct Authority (FCA) said it is planning to ban the promotion of investor incentives, such as new joiner or refer-a-friend bonuses, to strengthen appropriateness tests by – for example – removing the ease of retakes, and to improve risk warnings on ads. The regulator also wants to put peer-to-peer agreements under the banner of ‘restricted mass market investments’, alongside cryptocurrency and non-readily realisable securities, in order to …
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House Of Lords Committee Is Hiding From Inconvenient Truths
The recent report from the Economic Affairs Committee of the House of Lords is a classic case of heads in the sand – or wherever the sun doesn’t shine. The members of the committee are on the whole clever people with strong backgrounds in finance and its academic study. They seem to be committed to be public service and doing the right thing. But they may well have fallen victim to a bad case of wishful thinking. The issue here is the potential launch of a British central-bank digital currency (CBDC), neatly entitled Britcoin. And the Economic Affairs Committee has …