As the list of the top 50 influencers in the peer-to-peer industry is announced, we also look at what's gone wrong with a number of platforms and why many peer-to-peer investors are facing increasing losses.
It's Frequently Quoted On Dragons’ Den That The Success Of An Investment Is Dependent On The People Running The business, So It's Vital To Know Who's Controlling Your Money
The Best In Peer-To-Peer
It’s a breakdown of the most influential people in the UKs peer-to-peer lending sector.
The publication has been put together following consultation with industry stakeholders. It identifies the big names from the platforms, government, regulators, accountants, law firms, trade bodies and consultants who have helped the sector flourish.
It demonstrates just how much this multi-billion pound industry has achieved over the past year.
The list of the top 50 people includes the head of the country’s first publicly-listed peer-to-peer platform, the leaders of fully-regulated Innovative Finance ISA providers and other inspiring innovators who are taking the industry to the next level.
The top 10 most influential people get a special mention. They’re people that Peer2Peer Finance News believes have had the biggest impact on the industry and who will be the biggest drivers in its future.
If you’ve invested your cash or your SIPP or SSAS money in peer-to-peer, or you’re considering doing so in the near future, it’s well worth getting to grips with the movers and shakers who’ll be having a significant influence on your money.
Discover who’s top in peer-to-peer here.
The Worst In Peer-To-Peer
Well, just like all forms of investment, sometimes things go wrong.
Quite a few peer-to-peer platforms have ceased trading in one form or another, including GraduRates, Fruitful, Encash, First Great National and Quakle.
Collateral UK was trading without the required permission from the regulator, and is now no more.
Wellesley & Co has survived, but it’s no longer offering peer-to-peer lending products.
One of the biggest worries currently facing the industry is the £8 million contract dispute that Lendy is having with one of its borrowers.
It comes on top of the declaration that more than two thirds of Lendy’s loans are now overdue.
Faced with this negative news, the excellent service 4thWay, which compares peer-to-peer lending websites, has published this helpful article entitled What Have Failed P2P Lending Sites Got In Common?
It contains a comprehensive 21 point checklist. It claims that if you’d followed the checklist in full, you wouldn’t have lent your money on any of the peer-to-peer platforms that have failed so far!
However, not included in the checklist is the fact you should establish whether the people behind a peer-to-peer platform's operations have the required skills and experience.
To reduce your potential risk of losses further, in addition to the 21 points, make sure you undertake some thorough due diligence on the key people too.
You can read the 4thWay peer-to-peer article here.
Is Peer-To-Peer Worth It?
The simple answer is yes. At a time when stockmarkets are volatile, diversifying money into peer-to-peer is no bad thing.
But it’s always the same mantra, whatever your investment choices, be they inside or outside of the stockmarket.
You must do your due diligence carefully and thoroughly.
Please Share This
If you’ve found this page of interest, please would you kindly send a link to it to your friends and colleagues using the buttons below. You’ll be helping us out, and they might like it too. Thanks, it's much appreciated.
AJ Bell Is Often The Best Value SIPP For Stockmarket Assets
Over time, charges can wipe out a huge part of your fund. We like AJ Bell because there are no set-up costs. If you hold passive funds, which is our preference, or shares, investment trusts, EFTs, gilts or bonds, you pay one small fixed fee no matter how large your fund. And when you come to draw your benefits either as occasional drawdown or UFPLS payments, there's a small charge for the whole year no matter how many times you access your money (many SIPP and SSAS providers charge more than this for each payment). However, you should always compare charges in detail, because AJ Bell could be more expensive than other providers, depending on the type of stockmarket assets you hold.
Get Valuable SIPP And SSAS Insights Emailed Directly To Your Inbox Every Monday
As SIPPclub neither advises on, nor arranges, nor recommends specific investments or strategies, we're unable to say whether a SIPP or SSAS or any investment within it is right for you. Ultimately, it’s your money and your decision, and you should only proceed once you're satisfied you've undertaken sufficient due diligence. If you need advice, you should speak to your trusted adviser, or you could find a local adviser from Unbiased.co.uk. Alternatively, we'd be pleased to introduce to a suitably qualified independent financial adviser.
Please read our full Terms which includes criteria for SIPPclub membership.