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Peer2Peer Finance News | October 23, 2017

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Funding Circle receives ISA manager status

Funding Circle receives ISA manager status
Kathryn Gaw

FUNDING Circle has received ISA manager status from the HMRC, Peer2Peer Finance News can reveal.

Approval was granted in July, less than two months after the platform won full FCA authorisation.

However, the platform has no immediate plans to launch its IFISA product, telling customers earlier this week that it intended to roll out the tax-free investment wrapper “before the end of the tax year.”

“We have been focused on improving our existing product to date and will launch the Funding Circle ISA this tax year,” confirmed a Funding Circle spokesperson. “Seasonality exists with small business lending and platforms play an important role in liquidity management, so we will launch at a time that suits both investors and borrowers.”

It is understood that Funding Circle had been ready to launch its IFISA as early as March 2016, but these plans were placed on hold while the platform awaited FCA authorisation. Earlier this week, Funding Circle revealed a swathe of changes to its business model, including new rates, updated terms and conditions, and bringing its manual lending option to an end.

It is now expected that the platform will officially unveil its IFISA in December or January 2018, in order to take advantage of the last few months of the tax year.

Read more: IFISA uptake surpasses expectations