FundingSecure has received its HMRC approval and launched its IFISA; FundingSecure offers secured loans and markets annual returns of 12% to 16%; investors can invest up to GBP20,000 ($25,569) in the IFISA in 2017 according to UK regulations. Source
MoneyThing has announced its authorization from the UK Financial Conduct Authority; says it will no longer be pre-funding loans and revising its terms for new lenders; plans to seek HMRC approval for innovative finance individual savings accounts. Source
LendingCrowd has launched its innovative finance individual savings accounts (IFISA); the account has a minimum investment of 1,000 British pounds ($1,250); the account investment will be automatically allocated to a portfolio of LendingCrowd loans; the portfolio will target a rate of return of 6% for its investors; the IFISA product has been well received with the Lending Works IFISA launch attracting more than 500,000 British pounds ($624,850) within three hours. Source
Investors in the UK are anxious for new innovative finance individual savings account (IFISA) options with P2P lenders as the new tax year begins; the IFISAs were launched for P2P investing nine months ago however limited options still remain due to the authorizations given by the Financial Conduct Authority (FCA); it is expected that the largest providers, Zopa, Funding Circle, Ratesetter and LendInvest, will receive authorization however it has not been granted yet from the FCA; platforms currently offering IFISAs include Abundance, CrowdStacker and Crowd2Fund; Folk2Folk is currently the largest lender authorized with plans for also launching an IFISA. Source
Landbay has received its individual savings account approval from HM Revenue and Customs; follows the firm's full Financial Conduct Authority authorization in December; plans to launch its innovative finance individual savings account (IFISA) in February; the IFISA will allow tax-efficient investing in the firm’s residential property loans. Source
P2P-Banking has launched an IFISA database to help UK investors compare IFISA providers; investors can filter search criteria by interest rate, term, loan type, minimum investment, account transfers and promotions among other criteria; the focus of the service is on P2P lending IFISAs however the database also includes other types of IFISA investment options. Source
The business lending P2P platform will offer innovative finance individual savings accounts (IFISA) with three year fixed rate terms on A+ rated secured residential property loans targeting returns of 7%; the IFISA announcement follows the firm's February authorization from the UK's Financial Conduct Authority; the firm will offer the eighth UK IFISA and according to HMRC 30 firms have now received authorization for IFISAs. Source
Lending Works has launched its innovative finance ISA; company offers unsecured loans to consumers; investors can invest over three or five years earning approximately 4% to 4.7% respectively; platforms RateSetter, Zopa and Funding Circle are still awaiting full authorization; on the subject of the major players still awaiting authorization Matthew Powell, director at Lending Works commented: "Among peer-to-peer firms there is some frustration over why it's taken so long. The regulator might have uncovered some things that they're not entirely happy about. I think the FCA has been surprised in the variation over the types of platforms they have had to examine. We're an easier prospect than some to understand - we're literally just the middleman, we don't take a balance sheet risk, and we don't lend our own money." Source
Landbay, UK Bond Network, Downing and Peer Funding will use Goji to offer investments in Innovative Finance ISAs (IFISA) in the UK; the offerings are anticipated to launch before the tax deadline; Jake Wombwell-Povey, Goji co-founder and chief executive officer, said: "We're signing up an increasing number of platforms who are keen to offer their investors a best of breed IFISA service. There is a great deal of complexity in bringing the IFISA to market and we are focused on ensuring that it is as easy as possible for investors to access this new opportunity to drive returns. Interest in this new and attractive investment vehicle is not surprising given the low yields available on traditional fixed income and savings and increasing inflation." Source
UK Bond Network has received authorization from the Financial Conduct Authority (FCA); allows UK Bond Network to offer investors access via the innovative finance individual savings account (IFISA); the FCA is now authorizing both crowdfunded lenders and bond platforms. Source