Today is the last day of the tax year, when traditionally investors and independent financial advisers (IFAs) work hard to make investments and sign contracts that will use up tax allowances and offset liabilities that investors would rather see accounted for in the old year, rather than the new.
Of course, today is the day for closing deals - it's not really a day to be starting anything. So we're feeling a little sad for those peer-to-peer lending paltforms who have only just received regulatory approval to offer an Innovative Finance ISA (IFISA).
We've received numerous press releases and announcements in the two weeks week, including:
Downing launched a crowd bond IFISA on March 22nd.
Goji also launched on March 22nd. Their offering markets their Diversified P2P Lending Bond inside an an IFISA 'wrapper'. We understand this bond has been popular with wealth managers, and we imagine that some will have been waiting for the ISA version to appear before enrolling their clients.
P2P Finance News reported that RebuildingSociety launched their IFISA on Wednesday 29th March, but they had been taking pre-registrations for it for a month beforehand. This seems like a sensible way to do it.
We don't do product promotions on Another Crowd, but we hiave a lot of sympathy with the peer-to-peer lenders, amny of whom had marketing campaigns ready to roll a whole year ago, but had to wait until they obtained their full authorisation from the regulator.
They have a product which they've been longing to sell, but investments are deliberate purchases that require careful consideration. 5th April is for dotting the I's and crossing the T's, not impulse buys.
Full marks, therefore, to Capital Rise, who claimed, yesterday, to have opened an IFISA and loaded £1.2 million into it, in lerss than a week. Details in Business Daily (may require subscription) and CrowdfundInsider