UK Crowdfunding Association Statement: Response to Independent on Sunday article
Response to Independent on Sunday article: ‘Democratic’ crowdfunding under threat’ – Sunday 15th December
The UKCFA does not recognise the article, nor does it represent our position in regard to the FCA extending the timeline of its consultation process. The article was not authorised by the UKCFA, nor by our Chair, Julia Groves. As the leading trade body representing the industry, we have scrutinised the FCA proposals in full, and will be submitting our response in time for the 19th December deadline. In total, we have had 8 weeks to consider the draft framework. Those asking for an extension should have indicated so in the 1st week if they felt more time was needed.
The UKCFA supports the introduction of proportionate regulation by the FCA. This is a hugely exciting time for our sector, and balanced regulation can act as a major catalyst for growth and increase consumer protection. We would urge all stakeholder to seize this moment and engage with the FCA to ensure the regulations are appropriate.