HMRC has removed Innovative Finance ISA (IFISA) permissions from Landbay and Hartley Pensions in its latest update of the ISA manager register.
Landbay was one of the first peer-to-peer lending platforms to become authorised to offer the IFISA tax wrapper, winning its permissions from HMRC in February 2017.
However, the property lender exited the retail P2P lending market in December 2019, after making the decision to focus on institutional funding instead.
Following its P2P departure, Landbay encouraged its investors to transfer their IFISA investments to other providers.
Two and a half years later, HMRC has formally removed the company’s IFISA permissions, meaning that it no longer offers any tax-efficient retail products.
Read more: P2P chiefs report bumper ISA season
Meanwhile, pension administration firm Hartley Pensions has also had its ISA permissions removed amid an investigation by the City regulator.
Earlier this year, the Financial Conduct Authority (FCA) placed a restriction on the Bristol-based self-invested personal pension (SIPP) provider which prevents it from taking on new business. The FCA has not given a reason for the restriction.
Hartley Pensions bought the former IFISA and SIPP provider Greyfriars Asset Management in October 2018, and took over its tax-free wrapper services.
Hartley Pensions has been contacted for comment.