HARGREAVES Lansdown will not be launching its peer-to-peer platform for at least a few more months, Peer-to-Peer Finance News understands.
The fund supermarket first announced its plans to move into the P2P sector in December 2015, with an initial roll out set to take place after the launch of HL Savings, the firm’s deposit service.
It is thought that Hargreaves Lansdown is planning a soft launch of HL Savings in a couple of months, meaning the P2P platform will be rolled out in the second quarter at the very earliest.
Hargreaves Lansdown declined to comment on the exact launch date of the P2P platform.
Hargreaves Lansdown’s P2P platform will offer loans to both businesses and individuals, while the firm will target its existing customer base for investment. Loans will be pooled and borrowers will have the chance to secure their loans against their investment accounts.
The company is currently authorised to provide stocks and shares ISAs and cash ISAs through its platform and it has applied for permission to offer the Innovative Finance ISA.
“The demand is there. Interest rates on cash are virtually zero in most cases so P2P loans offer attractive headline rates,” Danny Cox, head of communications at Hargreaves Lansdown, told Peer-to-Peer Finance News last September.
“On the face of it the P2P industry is looking at half a trillion pounds of ISA money that could be coming their way but the reality is that the amount of money lent is only going to be matched by the money that is being borrowed.”