Simple Backing set to launch IFISA in coming weeks
PEER-TO-PEER property lender Simple Backing is planning to launch an Innovative Finance ISA (IFISA) in the coming weeks.
Atuksha Poonwassie, a co founder of Simple Backing, told Peer-to-Peer Finance News that she hoped to get the product out before the end of this tax year.
The platform received full Financial Conduct Authority authorisation in November and HMRC IFISA manager status in December.
The property projects on the platform currently offer returns of between 8 and 10 per cent, but Poonwassie said the interest on the ISA would most likely be lower.
It comes as the latest HMRC figures show that 30 firms have been given ISA manager status for an IFISA.
That is seven more than the previous update in January.
Lending Works became the first of the major brands to launch its IFISA last week but Zopa, RateSetter and Funding Circle are still awaiting full FCA authorisation before they can obtain the HMRC permissions.