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Peer2Peer Finance News | August 20, 2019

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From ISAs to authorisations: the big stories of the past year

From ISAs to authorisations: the big stories of the past year
John Fitzsimons

PEER2PEER Finance News celebrates its first birthday today, and what a year it has been for the industry.

To mark the occasion, we decided to pick the brains of some key industry figures to get their thoughts on what have been the major news stories to affect the peer-to-peer lending sector over the last 12 months.

Nick Harding, chief executive of Lending Works, argued that the arrival of the Innovative Finance ISA  (IFISA) was “far and away the most significant event” for the sector over the past year.

“Although it officially went live last April, it is only recently that we’ve seen the major platforms launch this new product,” he said.

“As the first P2PFA member to do so, we have seen nearly £20m worth of ISA capital invested through our platform since February, and we expect such figures to escalate considerably over the coming months and years. The IFISA will undoubtedly be one of the pillars of P2P lending’s quest to forge its own path within the mainstream of UK financial services.”

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John Goodall, chief executive and co-founder of Landbay, suggested that the number of Financial Conduct Authority approvals seen in the last year marked a “significant milestone” for the sector.

“Over the past 12 months most platforms received full authorisation for P2P lending, which has in turn paved the way for delivery of the IFISA,” he said. “The new tax wrapper is a significant vote of confidence from the Chancellor for the P2P model, and something we know makes a huge difference for a lot of our lenders.”

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The impact of Peer2Peer Finance News, the first title entirely dedicated to the peer-to-peer market, has also not gone unnoticed.

Mat Gazeley, PR manager at Folk2Folk, said that the team have done a “fantastic job over the past 12 months with breaking news and insights on the sector. We look forward to reading the daily newsletter every morning as it has become a must read for everyone involved or following the P2P industry. We wish Peer2Peer Finance News a very happy first birthday with many more to follow.”

Goodall added: “Congratulations to Suzie and the team at Peer2Peer Finance News! It’s indicative of the strength of both the publication and the sector that a dedicated peer-to-peer title has thrived so much in just a year. Landbay look forward to celebrating many more Peer2Peer Finance News birthdays in the future.”

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