Peer-to-peer lenders have just seven weeks to gain the tax reliefs of an Innovative ISA (IFISA) in the current tax year. The latest platform to announce a launch is Money&Co, which has gained a full licence from the Financial Conduct Authority and is ready to go.
Money&Co. CEO Nicola Horlick has been a long time advocate of peer-to-peer ISAs. Here she is in 2015, proposing them as a solution for savers suffering with tiny interest rates. Today, Peer-to-Peer Finance News has an interview in which Ms. Horlick explains her company's plans.
“Our systems are already configured to deal with ISAs, so that’s not a problem. I expect we’ll launch the IFISA two weeks after we receive HMRC authorisation, so we will hopefully capture some of the ISA season effect.” she tells Suzie Neuwirth.
The industry knows, based on Cash ISAs annd Stocks and Share ISAs that many investors put money to their ISAs at the end of the tax year, when they know how much they can afford to put away. The current annual ISA allowance is £15,240, and will rise to £20,000 in 2017-18.
Further Reading: Good With Money has launched their Good Guide To the IFISA for readers who want to know more.
Further Reading: Investing is like gardening Money&Co's short video on risk and portfolio management for peer-to-peer lending crowd.
Disclosure: Money&Co. has sponsored Another Crowd's events. Money&Co.'s Director of Content and Communications also serves as Another Crowd's Editorial Director. Other providers are available. Always take appropriate advice before investing.