Tag: ISA

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UK P2P lending platform to launch Innovative Finance ISA

UK P2P lending platform to launch Innovative Finance ISA

By Jacob Ghanty and John Van Deventer

RateSetter, a UK P2P lending platform, has raised £13 million in its latest round of fundraising as it prepares to launch its “innovative finance” ISA (IF-ISA).  The IF-ISA allows investors, or lenders, to earn interest free of income tax.  Before a P2P platform can offer its own ISA, it must be fully authorised by the Financial Conduct Authority (FCA).

This comes at a time of increased regulatory scrutiny of the P2P lending sector.  There is growing frustration in the industry at the prolonged regulatory approval process for IF-ISAs.  This is a function of high numbers of applications before the FCA and a high level of regulatory scepticism over this type of product.

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