Lord Turner questions rigorousness of checks on borrowers and says industry losses could emerge that build the worst bankers look like ‘lending geniuses’The former City regulator Lord Turner has warned that losses in the peer-to-peer (P2P) lending industry will build Britain’s worst bankers look like geniuses. Turner said P2P lenders were trying to automate loans that required proper checks on borrowers assets and competence. He said advertising for the lenders should absorb clear warnings and that only people who can afford to lose their money should take fragment.
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Source: theguardian.com