We don’t need the banks

so far all the peer-to-peer industry has got from the Government is an endorsement of their rules and codes of practice by the Department for Business, Innovation and Skills.

For Rhydian Lewis, CEO of the peer-to-peer lender RateSetter.com, part of the explanation for this reticence on the part of the Government is the current fragile and rapidly changing financial climate.

But he also pointed out that this was not the only reason: “[The Government] seems to be keen to cut down on what they perceive as red-tape and are keen for businesses to grow and they may feel that at this stage – particularly with our self regulatory code in place – peer-to-peer has a good chance to grow outside of that.”

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