The Financial Conduct Authority (FCA) is proposing more rules for peer-to-peer lending platforms, with the intention of regulating them more like banks.

Crowdfunding and peer-to-peer lending has become more popular in recent years, thanks in no small part to record low interest rates and an unwillingness from traditional banks to lend as they rebuild balance sheets following the global financial crisis.

With peer-to-peer lending and crowdfunding growing in popularity, the FCA wants to strengthen investor protection and will be consulting next year on a range of new measures.