Target Group, the financial services outsourcing and software business, has been appointed to provide standby servicing to Ratesetter, one of the UK’s leading peer-to-peer (P2P) lending platforms. With the UK’s alternative finance market valued at £3.2bn, long-term resilience planning in what is a rapidly growing market is crucial.
The move comes as the peer-to-peer sector continues to mature and, as part of that process, the FCA increases its oversight of what is a rapidly adapting and increasingly important component of UK financial services.
Target already provides standby servicing for a range of institutions across the financial services sector, including those with portfolios comprising peer-to-peer and commercial loans, first and second charge mortgages.
Ian Larkin, Co-Group CEO at Target Group, says: “Ratesetter, is one of the market leaders in peer-to-peer lending so the fact they have chosen to appoint Target is a strong endorsement of our work. Ensuring a back-up servicer is in place is now an essential consideration for those working in the alternative finance market to reassure regulators, clients and investors alike that in the unlikely event of business interruption they have a safety net in place.”
Colin Hodges, Head of Investor Operations at Ratesetter, says: “We have a responsibility to our customers to ensure that we provide them with a consistent and reliable service, and Target will help us to deliver this as we continue to grow. With their enviable track record and thorough knowledge of the industry, we are very pleased to have appointed Target to work with us in this way.”