Landbay has become the latest member of the P2P Finance Association.

The P2P Finance Association requires its members to operate by a set of rules in order to promote high standards of conduct and consumer protection, beyond those required by the Financial Conduct Authority.

Landbay joins founding members Zopa, Ratesetter and Funding Circle to become the ninth member of the Association.

John Goodall, cofounder and CEO of Landbay, said: “We are very pleased to become a member of the P2PFA, joining the same table as the pioneering businesses that started this exciting sector many years ago now, and that gave me and my colleagues the inspiration to set up our own unique peer-to-peer lending business.

“While many of the later entrants have sought to offer higher returns but at high levels of risk, Landbay aims to be the lowest risk of all peer to peer lenders, while still providing bank-beating rates for our lenders of 3.5% with our tracker product and 4.2% for the fixed rate product.

“Landbay’s unique usage of the UK residential buy-to-let market has allowed us to offer the ideal low risk first step out of traditional cash savings for the millions of frustrated savers in this country stuck with sub-inflation returns from banks.”