Proposed peer-to-peer business sale problematic for FMA licensing

Thu, 10 Jul 2014

By Suze Metherell July 10 (BusinessDesk) - The proposed $1 million sale of an unnamed, yet-to-be-licensed peer-to-peer lending and equity crowd funding platform may hit the skids as the licences are not transferable, the Financial Markets Authority says. An online advertisement for an Auckland-based business claiming the company is a "fully functional web portal with advanced technology that provides for not only pure P2P (peer-to-peer) lending, but also other areas such as pledge based crowd funding" and has a licence application "well u...

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