LANDBAY has been given an early Christmas present from the Financial Conduct Authority (FCA) with the news that it has been granted full regulatory authorisation.
The peer-to-peer lender now plans to apply to HMRC for approval to offer the Innovative Finance ISA (IFISA) early next year.
“We are pleased to confirm that the FCA has granted Landbay its full authorisation for peer-to-peer lending,” said Landbay chief executive John Goodall (pictured). “For the past 14 months we have worked hard, in collaboration with the regulator.
“As our industry continues to grow and mature, it is only right that regulation should evolve in line, and we welcome the detailed approach the regulator has taken throughout the process.
“This is a significant milestone for Landbay and we look forward to launching our property-backed ISA before the end of the tax year”.
Landbay specialises in buy-to-let property investments, and recently partnered with Zoopla to offer investors the chance to access buy-to-let mortgages via the property website for as little as £100.
Meanwhile, the ‘big three’ lenders RateSetter, Funding Circle and Zopa are still operating under interim permissions.
P2P lenders must have full FCA authorisation before they can apply for ISA manager status from HMRC. However, the HMRC application process is largely seen as a formality.