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Peer2Peer Finance News | October 24, 2017

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ThinCats gains FCA approval, paving way for IFISA launch

ThinCats gains FCA approval, paving way for IFISA launch
Suzie Neuwirth

THINCATS has received full authorisation from the Financial Conduct Authority, paving the way for the launch of its Innovative Finance ISA.

The peer-to-peer business lender announced the news on Tuesday and said it is planning to launch its tax-free wrapper, subject to obtaining ISA manager status from HMRC.

It said the authorisation paves the way for the platform to offer “a full spectrum of smart investment products,” with a number of developments planned.

Read more: ThinCats hires SME veteran for loan origination role

The City watchdog’s approval highlights the company’s commitment to protecting consumers and developing the alternative finance industry as a vital source of capital for businesses, and income for investors, the company said.

“We are delighted to have been granted FCA authorisation, proving the dedication of our team and processes,” said John Mould, chief executive at ThinCats.

“We are very happy that more and more alternative finance providers are now being authorised, as it ultimately proves that the industry deserves the trust and confidence of investors, advisors and SME borrowers alike.”

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Read more: IFISA uptake surpasses expectations