Wed, Jul 29, 2020

Mark Turner and Geoff Bouchier Speak to Peer2Peer Finance News About Regulatory Oversight for Senior Managers

Mark Turner, Managing Director in Duff & Phelps Compliance and Regulatory Consulting practice, and Geoff Bouchier, Managing Director in Duff & Phelps Global Restructuring Advisory practice, spoke to Peer2Peer Finance News about the challenges facing Senior Managers in the peer-to-peer lending sector and how they can maintain regulatory oversight during the pandemic. Key to this is ensuring decisions are taken with due governance and consultation and that there are documented audit trails.

Mark commented, “In a year’s time when we’re out on the other side of this crisis, the regulator will be asking questions like, why did you make this decision to foreclose the loan, to gate the fund or perhaps not to gate the fund?...What you want to be able to say is ‘we had this discussion at the appropriate committee – here are the minutes of that meeting, yes there were different views, but we landed on this decision after looking at all the risks.”

Other challenges currently facing Senior Managers may include stressed loanbooks, staffing issues or technology descriptions. Geoff commented, “Some firms may need to update their promotional materials to ensure that they are still fit for purpose, particularly if a valuation has changed since the start of the pandemic.”

Read the full article here.


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