P2P Industry Struggles to Conform to New Restrictions

(Beijing) — Three months after Beijing imposed strict rules on the peer-to-peer (P2P) lending industry, many firms have made little progress in meeting some of the key requirements.

One major problem they have is ensuring borrowers don't exceed newly imposed credit limits, industry experts said. Another is that many P2P firms haven't met the new requirement to find a bank to be the custodian of the funds they get from their client investors, who are essentially the lenders.