It appears the FCA will, from 9th December, regulate non-regulated commercial lending by FCA regulated firms.
This will be interesting, as will it therefore catch firms such as Funding Circle who are regulated on the investment side of their business and purport to be FCA regulated? Is this the same for high street banks? The article does refer to the Senior Managers and Certifications Regime (SMCR) so might it apply to the latter and not the former?
Does it also mean that those competitors who are not FCA regulated in anyway have an unfair competitive advantage in the unregulated commercial lending arena? The article appears to indicate so.
Although the article is focussed on bridging finance the interviewee refers to unregulated commercial lending generally.