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Peer2Peer Finance News | September 23, 2017

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UK Bond Network nears IFISA launch after HMRC approval

UK Bond Network nears IFISA launch after HMRC approval
Suzie Neuwirth

UK BOND Network has been authorised as an ISA manager by HMRC and plans to launch its Innovative Finance ISA (IFISA) within the next month.

The peer-to-peer bond auction platform has partnered with P2P technology provider Goji to launch the tax-free wrapper.

“Receiving ISA manager status is another important stride towards the launch of our IFISA product, which we are targeting within the next month,” said Chris Maule (pictured), chief executive and founder of UK Bond Network.

“It provides yet another attraction for existing P2P investors and a boon for potential new lenders – we look forward to opening up this new opportunity and offering tax-efficient investing.”

UK Bond Network received authorisation from the Financial Conduct Authority back in November, having previously operated under ‘appointed representative’ status, where it acted under the regulatory umbrella of another company.

New rules that came into effect on 1 November 2016 allow crowdfunded debt securities in the IFISA, enabling the platform to offer the product.

Read more: LendingCrowd prepares to launch IFISA          

UK Bond Network is the latest platform to be able to offer the IFISA before the end of the tax year, when there is typically a rush of investors looking to take advantage of the tax-free returns the ISAs offer. This year, consumers can invest up to £15,240 before paying tax on their returns.

The largest players – Zopa, RateSetter and Funding Circle – are still awaiting FCA authorisation, so cannot apply for ISA manager status from HMRC yet.

Read more: Folk2Folk weeks away from IFISA launch          

Read more: Landbay authorised as ISA manager by HMRC