FCA sets expectations on crowdfunders

In two portfolio letters, FCA has set out its expectations for Loan-based Peer-to-Peer (P2P) Lending platforms and Investment-based crowdfunding platforms. It supervises both types of platform in the Consumer Investments Directorate.

Common themes


In August 2022, FCA finalised its regime for promotions of high-risk investments. A key feature was to improve the customer journey into high-risk investments through a combination of stronger risk warnings, a ban in inducements, introducing positive frictions and better client categorisation and appropriateness testing.