FCA authorises Borro for luxury asset lending

Ryan Bembridge

October 20, 2016

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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.

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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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