IFISA Countdown - 2 weeks to go!

A week ago we were happy about ISA allowances being increased to £20,000, but nervous about peer-to-peer lenders having regulatory permission to launch their IFISA products.   

screen grab of Countdown tv show

This week, the legislative changes were formally published by parliament, and we were pleased to see that regulated firms will be allowed to ffer 'Pick'n'Mix' IFISAs with portfolios mixing loans from more than one peer-to-peer lending platform. This will increase consumer choice, and we reported on it here.

Jake Wombwell-Povey, a long-time advocate of opening up the market for peer-to-peer ISAs, gives his thoughts in an interview on this week's London Fintech Podcast.

International law firm Eversheds has posted a helpful summary of the legislative changes in their Retail Finance Round-Up.

We're hearing rumblings and grumblings among financial advisers that many IFAs are concerned they will be unable to comply with the Financial Conduct Authority’s requirements on peer-to-peer product due diligence.  We're not sure what the underlying problem is, but we will post a report if we find out.