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Peer2Peer Finance News | July 27, 2017

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Lending Works gains ISA manager status from HMRC

Lending Works gains ISA manager status from HMRC
Suzie Neuwirth

LENDING Works has been authorised as an ISA manager by HMRC and plans to launch the Innovative Finance ISA (IFISA) early next year, Peer-to-Peer Finance News has learnt.

The peer-to-peer lender announced in October that it had received full Financial Conduct Authority (FCA) approval after a lengthy application process. Once approved by the City watchdog, lenders can apply for ISA manager status from HMRC in order to offer the IFISA. Lending Works received its ISA manager authorisation a few weeks ago, it is understood.

At the time of October’s announcement, Lending Works said that it was planning to offer the tax-free wrapper around P2P investments within the next few weeks.

However, it is believed that the platform wanted to launch its new website before launching the IFISA. The new website was launched a couple of weeks ago but due to the proximity to the Christmas period, Lending Works will now wait until 2017 to offer the new product.

Lending Works is still the only member of the eight-strong Peer-to-Peer Finance Association to have gained full FCA approval. The other seven platforms are still on interim permission, while a number of smaller lenders have already received the green light from the regulator.

Read more: FCA approvals gather pace as CapitalStackers gets go-ahead      

Read more: Folk2Folk wins full FCA authorisation

“With full authorisation in hand, the next step for us is to launch our new ISA – something we have spent much of the past few months preparing for,” said founding chief executive Nick Harding (pictured) at the time of October’s announcement.

“Given the great benefits this new tax-free wrapper will bring, the level of enthusiasm among our lenders, and indeed consumers within the wider sector, for the new IFISA has been substantial. We very much look forward to delivering this new product imminently.”

Read more: P2P platforms heading for FCA rejection