The latest news from the world of Alternative Finance and FinTech
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Why P2P lending is getting ever more robust – and why Adair Turner is wrong about the industry


Former Financial Services Authority chairman Adair Turner took a potshot at the P2P lending industry on Wednesday, stating that “the losses which will emerge from peer-to-peer lending over the next five to 10 years will make the bankers look like lending geniuses”. More specifically, he expressed his concern at the credit checking P2P and debt-base crowdfunding platforms perform. Harriet Green caught up with Angus Dent, chief executive of ArchOver, to talk about the remarks. (City A.M.)


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Ablrate launches world's largest aircraft backed marketplace lending loan 


Ablrate, the marketplace lender who specialises in asset backed transactions, has announced the launch of its largest aircraft loan so far, which begins the flow of a large pipeline to the platform. (Yahoo Finance)


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Significant hire for freemarketFX


Rich Ricci, the flamboyant former right-hand man of ex-Barclays chief executive Bob Diamond, has joined freemarketFX, a London-based currency exchange, adding to the growing list of former bankers to turn their hand to FinTech. (FT)


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FinTech firms want to open accounts at the Bank of England


Payments and technology firms want the right to open bank accounts at the Bank of England, a right traditionally only given to banks and one which gives them access to the payments system. (Yahoo Finance)


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Nearly one million investors may have been fleeced in China’s latest Ponzi scheme


Twenty one executives from China’s largest peer-to-peer money lending platform have been arrested, on suspicion of fleecing investors of 50 billion yuan ($7.6 billion). (Quartz)


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62% of people ‘would switch their bank account to a FinTech provider’


Some 62% of people would consider switching their current account over from a bank to an alternative financial services provider, according to a new survey. (Tech City News)


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GLI and FundingKnight part ways


It was announced this week that GLI Finance will no longer fund loans through the FundingKnight platform. AltFi learnt at the breaking of this shake-up that the company would move forwards with a dual focus on reducing cost of capital and providing greater support to a select number of its portfolio platforms. (AltFi News)


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ArchOver Expands


Crowdlending specialist ArchOver is expanding its team of regional representatives with the appointment of Dave Saddington and Fraser Irvine as channel managers for the northwest and northeast of England respectively. (The Marketing Eye)


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