The growth of tax-free peer-to-peer lending, in the shape of the IFISA, is gathering momentum, with new platforms being authorised, and industry commentators detecting plenty of healthy green shoots.
ThinCats is a well-known name on the UK peer-to-peer lending scene, and has had to wait a long time for full authorisation. (This is not a criticism of ThinCats - the regulator has been very busy, and there has been a long queue.) Finextra reported that Authorisation paves the way to
Finextra reported that FCA authorisation "paves the way to offering a full spectrum of smart investment products, including the launch of a ThinCats Innovative Finance ISA (IFISA), subject to obtaining ISA manager status from HMRC."
John Mould, CEO at ThinCats, told Crowdfundinsider: “We are delighted to have been granted FCA authorisation, proving the dedication of our team and processes. We are very happy that more and more alternative finance providers are now being authorised, as it ultimately proves that the industry deserves the trust and confidence of investors, advisors and SME borrowers alike.”
Assetz Capital has also been granted full approval and has plans to launch an IFISA. According to Financial Reporter, the platform is completing its work on a product that will be ready for roll out in Q4 2017.
Stuart Law, CEO of Assetz Capital, told Financial Reporter: “We are pleased to have been granted full authorisation by the FCA in the last few days, and as a result we will shortly be revealing plans for our highly anticipated IFISA as the next step of our mission to deliver secured peer-to-peer loans to all. Providing our investments within a tax free wrapper will help bring further respite to the income-starved investor.
“Our cautious approach of employing a world-class credit underwriting team and taking realisable security on loans is essential for our investors’ peace of mind. Our focus remains to ensure the growth and security of our lenders’ investments, as well as the success of our borrowers’ businesses. Our team has done fantastically well to deliver such success to all of our stakeholders over the last few years and yet there is also so much more to achieve ahead of this milestone and we are all excited about the continuing journey."
A third name to show up on our radar was Invest and Fund. This specialist platform targets residential property developers and helps them find bring loans and development loans. We do not know if they have plans to launch an IFISA.