Investors in Peer-to-Peer Platforms Get More Protection
Regulators have taken another step forward in their efforts to protect investors and borrowers from unscrupulous or cash-strapped peer-to-peer (P2P) lenders by letting them check details of the banks the platforms use to hold their money.
The database was put together after financial watchdogs started to crack down on the P2P industry amid a wave of scandals and fraud that have seen thousands of investors lose money. To help prevent the owners of P2P platforms absconding with investors’ money, companies have been forced to deposit the funds they raise with banks authorized by regulators to act as custodians.
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