Why peer to peer lending will survive

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I loved this comment from John Kay in the FT this morning on the regulatory challenges peer to peer (P2P) lenders are beginning to face:

Some of the new P2P lending and equity crowdfunding services will survive, operating in a more closely regulated environment and developing their own skills in vetting projects and assessing their suitability for their investors. Of course, such institutions once existed. They were called banks.

So true. And so neatly put. And in itself a damning indictment of the whole current financial intermediation business that P2P challenges.