The collapse of the global financial industry in 2008 and the subsequent decay of most Western economies into a period of prolonged economic stagnation have represented a springboard for the progressive growth of alternative channels of financial intermediation. The reluctance and inability of mainstream banks in the post-crisis years to provide credit facilities to the real economy, most critically to start-ups and small and medium-sized enterprises, propelled the latest wave of financial innovation, this time under the guise of FinTech. Much has been written on the rise of FinTech in recent years, but there is still insufficient clarity about the benefits that this phenomenon is bringing to the real economy and the potential risks that can arise from its growth. This paper maps the development of FinTech lending platforms in the UK and reconceptualises the rationale for their growth. In doing that, this study focuses on the structure and operation of the main UK platforms, recognising that while some are effectively banks that adopt a technology-based business model, many platforms operate under the P2P business model. The question then is to assess the policy and regulatory approach that is relevant to UK P2P platforms. Interestingly, the emergence of P2P securitisation raises a number of regulatory and policy questions, because longer intermediation chains typical of securitisation may well defy the social and economic purposes under which the idea of P2P developed. Furthermore, questions of systemic risk inevitably resurface in these types of transactions. Ensuing problems related to the best way to regulate these new channels of financial intermediation lead to critically evaluate the initiatives launched by the UK FCA, initially under the Innovation Hub, and more recently under the consultation for a new regulatory framework.

2008年全球金融业的崩溃以及大多数西方经济体随后陷入长期经济停滞的时期，为替代金融中介渠道的逐步发展提供了跳板。在后危机年代，主流银行不愿和无力为实体经济提供信贷便利，最关键的是为初创企业和中小企业提供信贷便利，这推动了最新一波金融创新浪潮，这次是在“金融危机”的幌子下。金融科技 近年来，有关金融科技兴起的文章很多，但对于这种现象给实体经济带来的好处以及其增长可能带来的潜在风险，仍然缺乏足够的清晰性。本文概述了英国金融科技贷款平台的发展，并重新概念化了其发展的理由。在此过程中，本研究着眼于英国主要平台的结构和运营，认识到尽管有些银行实际上是采用基于技术的业务模型的银行，但许多平台都是在P2P业务模型下运作的。然后的问题是评估与英国P2P平台相关的政策和监管方法。有趣的是，P2P证券化的出现引发了许多监管和政策问题，因为较长的证券化典型的中介链可能会无视P2P理念发展的社会和经济目的。此外，系统性风险问题不可避免地在这些类型的交易中浮出水面。