Some UK P2P lenders are buying each other’s loans

Britain’s Financial Conduct Authority (FCA) has found some peer-to-peer (P2P) lending platforms are using customer money to buy loans on rival platforms, rather than fund loans over their own platforms. The FCA’s CEO Andrew Bailey told Business Insider: “What we’ve seen in a couple of firms in authorisations and supervisions is where one platform doesn’t have enough loans at present, they may take investors money and invest that in loans on another platform.” Read more: