Assetz Capital set to open IFISA to manual accounts

ASSETZ Capital is adding its Manual Lending Account (MLA) to its Innovative Finance ISA (IFISA) wrapper early next week.

The peer-to-peer business lender’s customers can already hold its auto-investment products within the IFISA.

“When we came to plan for our ISA, we knew manual lending had to form part of it,” Assetz Capital said in an email to customers on Friday.

“It was a significant technical challenge, but we were committed to delivering for our investors. Whilst some others in the industry have phased out manual lending we have bolstered ours with the ability to now add an ISA wrapper.”

Assetz Capital’s MLA option offers interest of between five and 15.5 per cent depending on the loans chosen. All loans are secured.

Stuart Law, chief executive of Assetz Capital, said being able to select loans manually is a key aspect of P2P.

Read more: Assetz Capital rejigs accounts due to lack of loan flow

“Since the day we started trading all those years ago we have always maintained a manual lending option through our MLA,” he said.

“Manual lending will never suit everybody. For some people an automated investment account is how they want to achieve their financial goals and how they can fit the investment into their busy lifestyles.

“But for those who perhaps used to pick shares on the stock-market or have direct business experience and who embraced the industry from the start, manual lending is P2P lending. Being able to handpick the loans that you invest in is what draws many people to our platform.”

The Manual Lending ISA works just like Assetz Capital’s other ISA accounts. Customers can invest up to £20,000 tax-free, and transfer in any prior years’ investment, in part or in full.

Investors can also mix and match automated investment accounts on Assetz Capital with the MLA.

Read more: Assetz Capital to upgrade systems to address account locking issues