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A new peer-to-peer lending platform LandlordInvest has launched today after obtaining full permission from the FCA. LandlordInvest has now applied to become an ISA manager in order to offer Innovative Finance ISAs. The time taken to obtain the necessary permission from the FCA highlights a issues with the current application and approval process.
Here is the full press release:
LandlordInvest (www.landlordinvest.com), a marketplace lending platform for buy-to-let and bridging loans, gains full FCA Authorisation after a 24 months application process.
Being fully FCA authorised, LandlordInvest has submitted an application to HMRC to become an ISA manager to be able to offer the Innovative Finance Individual Savings Account (“IFISA”). Currently, only a handful peer-to-peer lending platforms are able to offer the IFISA as only fully FCA authorised platforms, that have been approved by the HMRC as ISA manager, may do so.
The Company expects to receive a green light from the HMRC over the next few weeks and will offer the IFISA directly through its lending platform.
Filip Karadaghi, LandlordInvest’s Chief Executive said: “We have after a long and rigorous process finally been authorised by the FCA. We are delighted to have reached this important milestone, ahead of many larger peer-to-peer lending platforms, that are still operating under an interim permission. Full FCA authorisation means that we have proved to the regulator that we are able to meet its high threshold standards and have the appropriate regulatory and operational infrastructure in place.
Our next milestone is to be able to offer the IFISA, which we believe will benefit savers given the low interest rate environment and low returns. Indeed, we will be looking to offer tax-free returns between 5-10% per annum with our IFSA. In addition to higher potential returns, the IFISA is a valuable addition in a diversified portfolio, especially if it is not correlated with the stock markets, which our IFISA would not be.”