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Peer2Peer Finance News | September 25, 2017

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Ablrate targets end-May IFISA launch after gaining HMRC approval

Ablrate targets end-May IFISA launch after gaining HMRC approval
Suzie Neuwirth

ABLRATE said it has gained ISA manager approval from HMRC and plans to launch its Innovative Finance ISA (IFISA) by the end of next month.

The peer-to-peer lender, which specialises in asset-backed business loans, received full authorisation from the Financial Conduct Authority at the end of March.

Ablrate said on Friday that it is in the process of evaluating third-party providers that can provide the administrative and technical solutions for the tax-free wrapper.  

“As you will be aware, we don’t like to have armies of people doing everything in house when technology solutions are more cost effective,” chief executive David Bradley-Ward said in an email to the platform’s customers.

“We will keep you up to date on progress and will, of course, let you know when we have a firmer date for launch.”

Read more: CEO of P2P lender blames “unwelcome developments” for IFISA delays

Ablrate came on to the market in July 2014, specialising in funding leasing for aircraft transactions. It has since expanded into capital equipment and property, and targets 10 per cent returns.

There will also be a number of upgrades coming to the platform soon, Bradley-Ward added. “We are working hard to deliver improvements in the secondary market history section and the information that can be gleaned from that, i.e. performance, breakdown of trades etc.,” he said.  

Read more: P2P investors sent interest ‘nudge’ letters by taxman