British Business Bank: Crowdfunding

Department for Business, Energy and Industrial Strategy written question – answered on 8th October 2019.

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Photo of Lord Myners Lord Myners Non-affiliated

To ask Her Majesty's Government whether the British Business Bank independently vets every loan it makes through peer-to-peer lending platforms and similar agencies or relies on such platforms for conducting due diligence.

Photo of Lord Duncan of Springbank Lord Duncan of Springbank Parliamentary Under-Secretary (Northern Ireland Office), Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The British Business Bank operates indirectly through various delivery partners. Individual lending and investment decisions are fully delegated to these delivery partners.

The British Business Bank has a thorough delivery partner selection process, which includes robust due diligence. British Business Bank also monitors existing delivery partners and their performance against contractual requirements or Service Level Agreements.

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