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Peer-To-Peer Lender Collapses Amid FCA Investigation

Law360, London (May 28, 2019, 4:57 PM BST) -- A property crowdfunding company has collapsed into administration amid an investigation launched by the U.K. financial services regulator.

The Financial Conduct Authority announced that RSM Restructuring Advisory LLP has been appointed to wind up peer-to-peer finance company Lendy Ltd. on behalf of creditors following a court order on Friday afternoon.

The watchdog said the appointment was made “following action taken by the FCA,” and there is an “ongoing investigation into the circumstances that have led to this action.”

The same administrators have been appointed for two further related, but unregulated, firms: Lendy Provision Reserve Ltd. and Saving Stream Security Holding Ltd.

“The administrators...

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