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_249974521
August 2 2017

IFISA uptake surpasses expectations

Suzie Neuwirth Industry News, News Brian Bartaby, IFISA, Innovative Finance Isa, Julian Cork, Landbay, Lending Works, Proplend

DEMAND for Innovative Finance ISAs (IFISAs) has exceeded platforms’ expectations, with investments continuing to stream in long after the end of the ISA season.

Peer-to-peer lenders that received IFISA manager approval from HMRC before the end of the last tax year told Peer2Peer Finance News that interest in the tax-free wrapper has not tapered off.

“We were one of the first platforms to launch an IFISA into the market before the end of the last tax year,” said Julian Cork, chief operating officer at Landbay.

“We saw a significant spike in volume in March 2017, and have been pleasantly surprised with the ongoing investment flows into our property-backed ISA.

“With cash ISA returns at such a low level, we’ve found that many investors are transferring legacy ISA products from other providers to capitalise on the current 3.75 per cent fixed rate that we offer, and of course the ISA transfer market is not dependent on tax year cut-offs.”

Read more: One third of IFISA money came from transfers last year

Meanwhile, Proplend chief executive Brian Bartaby said that his property lending platform is “still seeing a steady stream of ISA money coming in” following the end of the ISA season.

“We only released our ISA to existing clients and have seen roughly a 30 per cent take-up,” said Bartaby.

“We have seen a combination of new subscriptions, transfers in of this year’s allowance and transfers in of previous years’ ISA monies.”

Like Proplend, which only opened its ISA to new investors on Tuesday, several platforms have opted to roll out their IFISA to a limited group of investors to start with, to avoid an influx of new money that cannot be lent out straight away.

In February, Lending Works’ IFISA attracted £1.5m of new funds within just 24 hours, due to “unbelievable demand” from investors.

Proplend opens IFISA to new investors An IPO would add kudos to P2P but shouldn’t be a priority

Related Posts

Businessman separates the wooden puzzle with a picture of money. The concept of financial management and distribution of funds. Saving and investing. Property division. Legal services.

Industry News, News, Property, Top 3

50pc of the Octopus Choice portfolio has already been realised

Andrew Bailey

Industry News, News, Top 3

BoE’s independent directors back Bailey over LCF collapse

Rhydian_Lewis5122_RateSetterLogo

Industry News, News, Top 3

RateSetter confident of growing Metro Bank’s unsecured lending

Popular posts:

  • Funding Circle strikes another CBILS securitisation
  • How the government distorted the P2P market
  • RateSetter to stop investment withdrawals from 26 March
  • FCA puts the brakes on Buy2Let Cars
  • How to invest in an IFISA with £100 or less
  • Metro Bank plans to offer RateSetter lending through…
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