On the 1 March 2017, the APPG held its formal launch reception in the House of Commons. Our Guest of Honour was Treasury Economic Secretary, Simon Kirby MP, who gave a short speech together with Group Chairman, Julian Knight MP.
The speeches addressed the state of the alternative lending industry, the political climate surrounding the industry and the challenges and opportunities posed by regulation. Simon Kirby spoke about the importance of groups such as the APPG to bring industry and policy makers together, so that both parties can work together to create better products for consumers. He also encouraged that the Group to continue its busy programme during the Parliament.
Julian Knight, welcomed guests and gave an overview of the aims and objectives of the Group. He explained it had purposefully been given a wide scope, looking at older lending models as well as newer technology-based lending platforms such as peer-to-peer and hybrids in between. He explained his ambition for the group to become a vital discussion forum for industry and policy makers, enabling Parliament to develop a more informed view of the role of the credit industry in the economy.
He then launched the findings of the Group’s report into the FCA’s high cost credit review. These were based on two oral evidence sessions in the House of Commons, at which leading lenders, money advisors and academics answered questions from a cross-party group of MPs and Lords.
In closing, the Chairman flagged forthcoming topics for the group including a closer look at peer-to-peer lending, the forthcoming Open Banking protocol ordered by the CMA, personal contract purchase (PCP) plans on car finance and the dawn of a whole new cadre of lenders in the shape of GAFA (Google, Apple, Facebook and Amazon).