FCA authorises Borro for luxury asset lending

Ryan Bembridge

October 20, 2016

Borro’s luxury asset lending business has been granted Financial Conduct Authority permission.

The company has operated under interim permission for the past two and a half years while jurisdiction switched from the Office of Fair Trading to the FCA.

Five weeks ago Borro received FCA approval for its property business.

Paul Aitken, Borro’s founder and chief executive, said: “FCA approval is something clients and partners look for as a sign of a trustworthy and fair lender.

“Having it for both luxury asset and property lending sets us apart in the market.”

The financial services market current refers 86% of its luxury asset business.

Aitken added: “After announcing our approval for property loans we saw an immediate increase in demand for both products.

“‘With FCA approval now across the board, I expect the number of referrals for luxury assets from our partners to double.”

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