Peer-to-peer (P2P) lender RateSetter has hired Simon Pearse in a new role as head of compliance.
According to the p2p platform, Pearse’s appointment will help the company remain fully compliant ahead of the regulatory deadline of August 2015.
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In the newly formed role, Pearse will develop and manage the platform’s approach to regulatory and financial crime risks.
He joins RateSetter with 13 years of experience in risk, compliance and regulatory affairs. He previously worked at challenger bank One Savings Bank plc, leading the development of its regulatory risk framework. Pearse also held a senior manager position at the FSA/FCA for eight years, where he was responsible for insurance sector risks.
RateSetter’s founder and chief executive officer, Rhydian Lewis said: "The fact that we are hiring such a senior body and creating this new role is a sign of the industry’s increasing maturity and reflective of our ongoing focus on risk mitigation."
In April 2014, the FCA started regulating the p2p market forcing a set of rules to the platforms. Some have also been under the scrutiny of the regulator because of their marketing campaigns which link p2p lending with savings as well as for not highlighting the risks to the lender.
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By GlobalDataSome of the p2p platforms have already entered the asset finance market. In September last year, GE Capital chief commercial officer Maurice Benisty said in an interview with Leasing Life:
"Some of the P2P platforms are offering asset finance, which is creating an online channel for customers to tap into that’s more transparent and, in some cases, quicker than established bank or leasing company providers."
