UK will introduce stricter regulations on P2P lending platforms, Financial Times reports.The Financial Conduct Authority (FCA) recently released a consultation paper with the proposal to place the same restrictions on peer-to-peer lenders that already apply to high-risk platforms, such as crowdfunding sites. 11.07.2018 | 11:52 Zen to create blockchain-based P2P financial platform If the proposed changes are implemented, the potential investor in P2P platforms will have to “pass a complicated verification process and be very wealthy”, as the regulator suggests setting the maximum limit for investment at 10% of the individual’s net assets.The proposal was met with negative reactions from the sector.“They are looking to restrict this new industry and it is wrong. It can hinder the development of a new sector that has “democratized” finance by giving borrowers an alternative to banks and savers a way to earn more on their money,” said Rhydian Lewis, chief executive of RateSetter, one of the largest P2P lending platforms in Great Britain. 23.03.2018 | 09:41 Four Russian banks successfully test P2P transactions Nevertheless, FCA is certain the restrictions on P2P platforms will serve for their own good, shielding the investors from large financial losses.According to the regulator, around 9% of investment in P2P platforms is the savings of individuals approaching retirement age, which makes them more vulnerable to potential financial losses.“So far, losses and defaults across the P2P sector have been low. However, it is important to recognize that the sector is still relatively new and has not been through a full economic cycle,” said FCA.The partner of Fintech section is Tweet Views 17878