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Peer2Peer Finance News | July 23, 2019

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17 firms now offer IFISAs as approval rate accelerates

17 firms now offer IFISAs as approval rate accelerates
Kathryn Gaw

SEVENTEEN firms are now authorised to offer the Innovative Finance ISA (IFISA) product to their customers, after a flurry of HMRC approvals over the past two months.

Between September and November, a series of new IFISA authorisations were handed out, bringing the number of authorised firms from 12 in September, to 17 in November.  British Pearl, Downing LLP, KapSecure Asset Management, Platform One, Triple Point Investment Management and Wilton Corporate Finance are now able to offer the tax-friendly wrapper around peer-to-peer investments to their clients.

“We’re delighted that the IFISA is possible,” said Ali Celiker, chief executive of British Pearl. “We see it as a benefit to our business as it makes our investment product attractive to a wider audience of potential investor customers.

“I think the IFISA is a fantastic product and should be expanded beyond debt-based instruments. However, investment risk needs to be seriously considered, people need to understand what they’re investing in, just because a product is IFISA eligible doesn’t mean its suitable for everyone.”

British Pearl, a property investment platform, received Financial Conduct Authority permission in February 2016 and won IFISA approval from HMRC in August. It is not yet offering IFISA products to its customers, but Celiker told Peer-to-Peer Finance News that the product will be available in the first quarter of next year.

UK Bond Network recently told Peer-to-Peer Finance News that it hopes to receive IFISA approval in January. However, most of the UK’s largest platforms, including the ‘big three’, Zopa, Funding Circle and RateSetter, are yet to receive IFISA authorisation.