Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_582373171
February 23 2017

Crowdstacker IFISA attracting average of £7,000 from investors

Marc Shoffman Industry News, News Crowdstacker, HMRC, IFISA, ISA, Karteek Patel, p2p

CROWDSTACKER investors are putting more than £7,000 into their Innovative Finance ISA (IFISA) on average, the platform has revealed.

Karteek Patel, chief executive of Crowdstacker, said the firm was still receiving around £1m a month in total through its tax-free wrapper.

The platform, which was one of the first to launch an IFISA last April, has also commissioned its own research asking investors across the country how they would use tax-efficient vehicles. One per cent of respondents said they would be interested in investing in an IFISA.

Patel says that based on the 52.1 million adults in the UK, if one per cent opened an IFISA and all invested the same average of around £7,000, that could mean £3.5bn flowing into the P2P sector across all platforms.

The research also asked what investors want from their IFISA, with 17 per cent seeking fixed income, 18 per cent wanting to know where their money is invested and 24 per cent seeking tax efficiency.

“What the data clearly demonstrates is that a large proportion of investors want more control and transparency over where their money is going, a fixed income, and tax efficiency,” Patel told Peer-to-Peer Finance News.

“Unfortunately many continue to invest in products which don’t offer all of this, possibly because they are only aware of the highest profile products. As a result, many investors are missing out and not getting exactly what they want.

“More and more providers are introducing their IFISA offering which is good to see, and we hope that awareness for the product will in turn grow.”

Read more: The IFISAs ready for this tax year

The amount invested in the Crowdstacker IFISA is just above the average subscription of £6,338 across cash and stocks and shares ISAs in the 2015-16 tax year.

In total, £80bn was invested in ISAs in the previous tax year across 12.7m accounts, HMRC figures show.

This was made up of £58.7bn in cash ISAs and £21.4bn in stocks and shares ISAs.

Read more: Abundance offers 2 per cent sweetener to IFISA investors

Abundance offers two per cent sweetener to IFISA investors RateSetter partners with accountancy advisor TaxAssist

Related Posts

magnifier

Industry News, News, Top 3

Trade association calls for more FCA scrutiny

FOLK2FOLK - Roy Warren MD - head crop (col)

Industry News, News, Top 3

Folk2Folk eyes £100m from institutions as it expands nationally

the acronym fca for Financial Conduct Authority concept represented by wooden letter tiles

Industry News, News, Top 3

FCA to publish initial supervisory work on consumer credit guidance

Popular posts:

  • Chancellor unveils recovery loan scheme
  • Budget outlines plans for £15bn of green bonds in 2021
  • FCA warns The House Crowd investors against using…
  • Government to launch replacement future fund scheme
  • BBB sets out further details on recovery loan scheme
  • Cyan Finance launches IFISA to help investors go green
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by