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Peer2Peer Finance News | August 23, 2019

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Ablrate aiming for IFISA launch “week after next”

Ablrate aiming for IFISA launch “week after next”
Marc Shoffman

SECURED peer-to-peer business lender Ablrate expects to launch its Innovative Finance ISA (IFISA) in the next fortnight, investors have been told.

In a note to its lenders, the firm said there was no official launch date for the IFISA but that it could be ready the week after next.

“The coding of our platform to accommodate the IFISA is pretty much done. We will be having more test data provided by our suppliers next week and we believe that we will be live with the IFISA the week after next,” David Bradley-Ward, chief executive of Ablrate said.

“However, we are holding off from a formal launch date until we are 100 per cent certain that everything is in place and working correctly, so please be patient with us for a little while longer.”

It was announced last month that the company was using Goji to provide the technology for the tax-free wrapper in preparation for the launch.

Once launched, Ablrate’s IFISA will offer the same returns as the platform’s standard product.

The IFISA will be flexible, meaning that investors will be able to withdraw and replace money in the wrapper within the same tax year.

The platform gained ISA manager approval from HMRC at the end of April. This followed full authorisation from the Financial Conduct Authority at the end of March.