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To ask Her Majesty's Government what plans they have to establish an independent inquiry into the failure of peer-to-peer lender Fund Secure; and on which date they first became aware that the firm was experiencing difficulty.
The Government does not intend to establish an inquiry into the failure of the peer-to-peer (P2P) lending platform Funding Secure, which entered into administration on 23 October. The Government monitors the P2P lending sector on an ongoing basis and engages regularly with P2P platforms and the Financial Conduct Authority (FCA), who are responsible for the regulation of the sector.
The FCA is operationally independent from Government. The second part of the question as it relates to the FCA has been passed on to the FCA. The FCA will reply directly to Lord Myners by letter and a copy of the letter will be placed in the Library of the House.