The company has operated under interim permission for the last 2 and half years as part of the switch from OFT to FCA oversight. The permission comes just 5 weeks after Borro received FCA approval for its property business.
Paul Aitken, Borro’s CEO and Founder, said:
"We are very pleased. 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."
Borro expects full FCA regulation to bolster its link to the financial services community which currently refers 86% of its luxury asset business.
"After announcing our approval for property loans we saw an immediate increase in demand for both products,’ Aitken continued, ‘with FCA approval now across the board, I expect the number of referrals for luxury assets from our partners to double."