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_386703508
April 4 2017

IFISAs: Full steam ahead!

Kathryn Gaw Industry News, News Bates Wells Braithwaite, Crowd2Fund, Crowdstacker, Financial Conduct Authority, Gillian Roche-Saunders, IFISA investor, Innovative Finance Isa, ISA investor, ISA season, John Goodall, Landbay, LandlordInvest, Lending Works

PLATFORMS offering the Innovative Finance ISA (IFISA) have seen a spike in inflows in recent months, as retail investors clamour to make the most of tax-free earnings before the end of the financial year.

Crowd2Fund has seen 50 per cent month-on-month growth in IFISA volumes since January, with 95 per cent of its investment now going through the tax-free product.

“We expect the IFISA investment to continue to increase with the new IFISA season and we’d like to see the growth rate stabilise at 30 per cent month on month,” the firm said.

LandlordInvest said that average funds deposited into its IFISA soared by a mammoth 88.7 per cent to £4,536 between 10 and 22 February 2017.

And buy-to-let lender Landbay, which launched its property-backed IFISA in February, said that it now forms a third of newly-opened Landbay accounts.

“We expect this to grow throughout the rest of the ISA season, as investors continue to take advantage both of this tax year’s ISA allowance and next year’s, rising to £20,000,” said Landbay chief executive John Goodall.

Read more: IFISA investors to earn four times more than savers in a downturn

Meanwhile, Crowdstacker revealed that its average IFISA investment rose by 50 per cent between December 2016 and February 2017, with the number of people taking out IFISAs almost doubling over the period.

And Lending Works said it has exceeded its target in terms of IFISA uptake, with the majority of new money now coming via the ISA product.

With 6 April looming, nearly a dozen new IFISAs came on the market last month, from firms including Property Crowd and HNW Lending.

Yet the majority of the sector’s largest players are not going to be authorised quickly enough to launch the IFISA during the 2016/17 tax year.

Read more: The great IFISA conundrum

“The process never takes this long, it’s crazy,” said Gillian Roche-Saunders, partner at law firm Bates Wells Braithwaite.

“However, there’s significant pressure on the Financial Conduct Authority to get these permissions through.

“I’d be really surprised if by the end of summer the largest players are not authorised or told to change their business models.”

Read more: IFISAs to make up 50 per cent of P2P lending by 2018

This article was first featured in the April print edition of Peer-to-Peer Finance News. For more information on receiving the monthly print magazine, complete with exclusive content, email info@peer.snobmonkey.com.

Greg Carter resumes CEO role at Growth Street Lendy dips its toe into the bond market

Related Posts

Wooden blocks with the word loan and businessman. Consumer, banking and property loan. Business and entrepreneurial development. Small business loans. Interest rate repayment. Planning

Industry News, News, Top 3

RM Secured Direct Lending to back more CBILS finance

Wooden blocks with the word Fraud and man. Cheating white-collar . The crime. Theft of another's property. Anti-corruption in the financial sector. Deception and abuse of trust.

Industry News, News, Top 3

Banks begin freezing accounts suspected of bounce back loan fraud

open banking concept diagram, api financial technology, fintech

Industry News, News, Personal Finance News, Top 3

TISA urges industry to advance its open finance-backed initiative

Popular posts:

  • FCA lumps P2P lending in with higher risk products again
  • 4th Way gives its views on Zopa and Funding Circle returns
  • Everything we know about the CBILS successor scheme (so far)
  • UK operations help Funding Circle push for profit in…
  • Investors ready to put more money into P2P lending
  • CrowdProperty unveils board changes and hunt for CFO
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