LandlordInvest gains ISA manager status from HMRC
- Suzie Neuwirth
- On January 11, 2017
LANDLORDINVEST has been approved by HMRC as an ISA manager, paving the way for the launch of its Innovative Finance ISA (IFISA), Peer-to-Peer Finance News has learnt.
The peer-to-peer lender, which specialises in buy-to-let mortgages, gained full authorisation from the Financial Conduct Authority in early December, following a 24-month application process.
The platform will be making an official announcement regarding its HMRC approval later today.
The IFISA is a tax-free wrapper around P2P investments heralded as a game-changer for the industry. It is hoped that the ISA brand will open the sector up to a wider range of retail investors, who might have not considered P2P before.
At present, just 18 companies are authorised to offer IFISAs, most of which are very small firms. Out of the eight members of the Peer-to-Peer Finance Association, only Lending Works has HMRC approval. Just before Christmas, Landbay gained full authorisation from the FCA, meaning that HMRC permission is the next step.
“We have after a long and rigorous process finally been authorised by the FCA,” said Filip Karadaghi, LandlordInvest’s chief executive, at the time of the firm’s FCA approval. “We are delighted to have reached this important milestone, ahead of many larger peer-to-peer lending platforms, that are still operating under an interim permission.
“Full FCA authorisation means that we have proved to the regulator that we are able to meet its high threshold standards and have the appropriate regulatory and operational infrastructure in place.”
LandlordInvest has said that its IFISA will offer investors annual returns ranging between five and 10 per cent.
Read more: Crowdstacker IFISA attracting £1m a month
TagsFilip Karadaghi Financial Conduct Authority HMRC IFISA Innovative Finance Isa Landbay LandlordInvest Lending Works P2P investment P2P retail investor
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