Rebuildingsociety.com Launches P2P Lending Network // May 25, 2017

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Peer-to-peer lending platform rebuildingsociety.com was granted full FCA authorisation as a Network Principal earlier this year. They are now offering companies the opportunity to work in collaboration with them as part of an Appointed Representatives initiative.

The Appointed Representatives scheme allows companies not yet authorised by the Financial Conduct Authority to operate as FCA-authorised firms, by working in conjunction with an authorised body. This facilitates the creation of an authorised network of representatives throughout the United Kingdom.

As Principal, rebuildingsociety.com, is responsible and accountable to the FCA for the regulated activities carried out by its Appointed Representatives.

rebuildingsociety.com was operating under interim permissions for 35 months before they were granted full FCA authorisation. The company has prepared approximately 1,000 pages of manuals, policies and processes, which are made available to Appointed Representatives when they begin working together. In addition to providing initial regulatory collateral and compliance processes, the company also carries out several the requirements on behalf of the Appointed Representatives.

Obtaining FCA authorisation can be a long and challenging process requiring thorough review and revision of policies and procedures, and a lot of administrative paperwork.

As Kylie Greeff, Legal and Operations Manager at rebuildingsociety.com, commented: “Applying for any type of FCA Authorisation is an extremely time-consuming task; applying for authorisation in a new industry to which a regulator is just becoming accustomed is even more arduous. Compliance is an extremely important part of any financial services business, requiring significant investment and resource. An AR solution is the perfect way for a new business to get to market and test their concept without having to wait for full permissions from the regulator, saving time and significant cost.”

The Appointed Representatives initiative gives firms the chance to improve speed to market, overtake competitors, expand audiences, attract investors and test business concepts, before embarking on the demanding FCA authorisation journey.

About rebuildingsociety.com

rebuildingsociety.com is a peer-to-business lending platform that facilitates commercial loans for SMEs in the UK. The FinTech company hosts a community that unites borrowers seeking funding with lenders looking to invest in company growth. The platform offers businesses fast access to finance, and helps lenders diversify their investment portfolio by lending to small- and medium-sized companies.

Borrowers can receive their funds, at competitive rates, within days, from supportive lenders who want them to succeed. The platform aims to build a society that inspires and encourages businesses to grow, in which lenders are rewarded for their risk and support of businesses.