Why is it not covered by the FSCS

Why is StepLadder not covered by the Financial Services Compensation Scheme (FSCS)?

The Financial Services Compensation Scheme (FSCS) is the UK's statutory compensation fund of last resort for financial firms, sometimes referred to as deposit insurance. StepLadder is not covered by the FSCS because we are a peer-to-peer platform operator, not a savings scheme. If you look at other peer-to-peer lenders you'll see that they are also not covered by the FSCS. Read more here.