RateSetter has launched the first bespoke peer-to-peer portal for financial advisers, which “makes saving and borrowing simple via a safe, fair and transparent online platform”.
Advisers can set up, manage and benchmark clients through the new portal, as well as set fees and receive notifications as client funds mature.
RateSetter is the first peer-to-peer company worldwide to be risk-rated by data company FE, with a rating of 1-, similar to cash accounts.
The firm said in a statement: “The launch is still in its beta stage and RateSetter welcomes feedback from IFAs via its website on how it can improve its offering.
“It comes at an opportune time: following FCA regulation in April, there is renewed confidence among IFAs in the P2P sector with 63 per cent of them expecting their clients to show an interest in it in future.”
Rhydian Lewis, chief executive and founder of RateSetter, said: “Our portal helps to support IFAs on the advice they provide to clients, including our FE Risk Score, statistics on the strength of our Provision Fund and how our interest rates are set.
“P2P is a way of gaining equity-like returns on savings via a product that has almost as secure as cash accounts. Any adviser that describes themselves as whole-of-market and independent is doing their clients a disservice by not considering P2P as a part of a diversified portfolio.”
Separately, research commissioned by mortgage lender LendInvest revealed a lack of understanding among consumers of the way peer-to-peer lending is regulated.
The study found that 80 per cent of 2,000 consumers are unaware the P2P finance industry is regulated by the FCA and 78 per cent said it made no difference to them as to whether the industry was regulated or not.
Christian Faes, co-founder of LendInvest, said: “Despite the huge growth of the sector and the attention it has received from regulators, it is clear there is still a great deal of work that needs to be done to educate consumers on the positive role P2P finance can play.
“With access to finance becoming even harder for the man on the street, P2P has the potential to have a really positive impact on both the mortgage and business lending markets.
