ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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P2P ISA
Feb 14, 2016 9:44:49 GMT
via mobile
Post by ilmoro on Feb 14, 2016 9:44:49 GMT
It looks to me like both RS and FC are pretty certain about a launch in April and the possibility of transfer ins from previous years ISAs... Not perhaps as certain as all that, although RS seem more confident. next.ft.com/content/3c88e9bc-d19a-11e5-92a1-c5e23ef99c77If the link does not work, google for "Peer-to-peer platforms race to obtain authorisation before Isa season" and follow the link from Google. Ive been sceptical that, despite the recent PR flow, any platforms would make the launch date. FCA arent necessarily the fastest organisation and need to get this right for their own reputation and consumer confidence. We know of at least one platform that applied in H1 15 and has yet to have been authorised it would appear (reasons unknown) and the big three seem to behind in the queue. I would be concerned if only one or two platforms were able to launch as it would potentially magnify any 'misunderstanding' issues eg RS rate/exit mentioned elsewhere. Wonder what Funding Tree did to beat the queue?
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pikestaff
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Post by pikestaff on Feb 14, 2016 9:48:33 GMT
Wonder what Funding Tree did to beat the queue? Are they so new that they never had interim authorisation and so had to go straight to full?
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agent69
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Post by agent69 on Feb 14, 2016 9:49:55 GMT
This kind of thing affects whether I put more risky or less risky P2P loans inside my ISA. I guess that most people will have money spread over many platforms, so I assume it's a question of which order do I get them into an ISA in. Is it as simple as whichever of your existing investments is likely to pay the most interest goes in first? I'm assuming it will be (for example) TC ISA in the coming year, AC the next year, RS the year after, and so on? Alternatively you could take money out of an existing cash ISA and spread it over your chosen platforms, while cashing in repayments from your current investments to avoid over exposure? As a matter of interest does anyone know why you can only invest new money in one ISA in any given financial year. Doesn't really make any sense.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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P2P ISA
Feb 14, 2016 9:58:47 GMT
via mobile
Post by ilmoro on Feb 14, 2016 9:58:47 GMT
Wonder what Funding Tree did to beat the queue? Are they so new that they never had interim authorisation and so had to go straight to full? Yes, thatll be it. Aug 15 launch and I believe cutoff for IP was April. Advantage of being late to a party
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mikeh
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Post by mikeh on Feb 14, 2016 10:11:08 GMT
Are they so new that they never had interim authorisation and so had to go straight to full? Yes, thatll be it. Aug 15 launch and I believe cutoff for IP was April. Advantage of being late to a party Not sure they are ahead of the queue. According to the register they are an authorised firm but only have interim permission as a consumer credit business just like everybody else or is this out of date?
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ablender
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Post by ablender on Feb 14, 2016 10:16:58 GMT
Just checked. Funding-tree have interim fca permission. Are you referring to something else ilmoro? |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Likes: 11,127
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P2P ISA
Feb 14, 2016 10:19:39 GMT
via mobile
Post by ilmoro on Feb 14, 2016 10:19:39 GMT
Yes, thatll be it. Aug 15 launch and I believe cutoff for IP was April. Advantage of being late to a party Not sure they are ahead of the queue. According to the register they are an authorised firm but only have interim permission as a consumer credit business just like everybody else or is this out of date? They are an authorised ISA manager so must have the required full permision. They are on the FSR unlike the other platforms which appear on the seperate IP list. Bit unclear the CC IP I admit.
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jonah
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Post by jonah on Feb 14, 2016 10:22:44 GMT
This kind of thing affects whether I put more risky or less risky P2P loans inside my ISA. I guess that most people will have money spread over many platforms, so I assume it's a question of which order do I get them into an ISA in. Is it as simple as whichever of your existing investments is likely to pay the most interest goes in first? I'm assuming it will be (for example) TC ISA in the coming year, AC the next year, RS the year after, and so on? Alternatively you could take money out of an existing cash ISA and spread it over your chosen platforms, while cashing in repayments from your current investments to avoid over exposure? As a matter of interest does anyone know why you can only invest new money in one ISA in any given financial year. Doesn't really make any sense. For me, one consideration for the order is if there is a bed and ISA process or not. Without one I will want to start RS asap, as it will take 5 years to run down the unwrapped loans. AC on the other hand I expect to be able to exit with a year so less urgent. I am planning on transfers from old ISAs though, probably not new subscription. The one ISA (per type... See posts by james for details) was originally to make ensuring you followed the rules simpler I thought. Given for cash there are very few variables (rate, term, access costs) and most S&S over most stocks, until IFISA there wasn't a massive need for people to open several in a year.
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mikeh
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Post by mikeh on Feb 14, 2016 10:25:52 GMT
Not sure they are ahead of the queue. According to the register they are an authorised firm but only have interim permission as a consumer credit business just like everybody else or is this out of date? They are an authorised ISA manager so must have the required full permision. They are on the FSR unlike the other platforms which appear on the seperate IP list. Bit unclear the CC IP I admit. They are an authorised Cash ISA manager. I doubt this allows them to offer IFISAs.
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ablender
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Post by ablender on Feb 14, 2016 10:32:26 GMT
Not sure they are ahead of the queue. According to the register they are an authorised firm but only have interim permission as a consumer credit business just like everybody else or is this out of date? They are an authorised ISA manager so must have the required full permision. They are on the FSR unlike the other platforms which appear on the seperate IP list. Bit unclear the CC IP I admit. got it.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,905
Likes: 11,127
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P2P ISA
Feb 14, 2016 10:37:52 GMT
via mobile
Post by ilmoro on Feb 14, 2016 10:37:52 GMT
They are an authorised ISA manager so must have the required full permision. They are on the FSR unlike the other platforms which appear on the seperate IP list. Bit unclear the CC IP I admit. They are an authorised Cash ISA manager. I doubt this allows them to offer IFISAs. According to their site they are www.fundingtree.co.uk/innovative-finance-isa. Not sure the HMRC list is what they are allowed to offer or merely what they offer. Guess we'll see.
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ablender
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Post by ablender on Feb 14, 2016 10:45:25 GMT
So it seems that Lendy is progressing well because they are shown as registered with the FSR. None of the others I am interested in (FS, MT, LC, FC, ABL, AC, ReBS) have reached such a status. ilmoro can you please confirm if you agree with this? Edit: I do not know if having the "number of the beast" in your registration number means that you are going to break through all barriers ahead.  |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 14, 2016 11:16:03 GMT
So it seems that Lendy is progressing well because they are shown as registered with the FSR. None of the others I am interested in (FS, MT, LC, FC, ABL, AC, ReBS) have reached such a status. ilmoro can you please confirm if you agree with this? Edit: I do not know if having the "number of the beast" in your registration number means that you are going to break through all barriers ahead. You know what I havent a clue anymore. Lendy would have been regulated before (entry is out of date address wise) but Savingstream dont appear on the FSR only on the Interim. It is a little unclear what the linkage is between the two different lists Im probably making 2+2 = 5 Never heard of fundingtree. The latest ISA manager list appeared which I scanned for the ususal suspects, spotted FT looking fro FC, checked their site and saw their ISA statement. Thier entry in FCA list appears different to other P2P sites, but still reference to CC IP. Sure someone with a better knowledge of FCA procedures can clarify Anyway now time for sport, a prem top table sandwich with an egg chasing filling & beer 
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ablender
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Post by ablender on Feb 14, 2016 11:23:19 GMT
So it seems that Lendy is progressing well because they are shown as registered with the FSR. None of the others I am interested in (FS, MT, LC, FC, ABL, AC, ReBS) have reached such a status. ilmoro can you please confirm if you agree with this? Edit: I do not know if having the "number of the beast" in your registration number means that you are going to break through all barriers ahead. You know what I havent a clue anymore. Lendy would have been regulated before (entry is out of date address wise) but Savingstream dont appear on the FSR only on the Interim. It is a little unclear what the linkage is between the two different lists Im probably making 2+2 = 5 Never heard of fundingtree. The latest ISA manager list appeared which I scanned for the ususal suspects, spotted FT looking fro FC, checked their site and saw their ISA statement. Thier entry in FCA list appears different to other P2P sites, but still reference to CC IP. Sure someone with a better knowledge of FCA procedures can clarify Anyway now time for sport, a prem top table sandwich with an egg chasing filling & beer When I search for Lendy on the FSR it gives me 3 results. The first two, both include saving stream Following the second one (disambiguation: Firm, See full detail), takes me to another page which clearly says "Registered". I agree, old address. When I scroll down to the bottom, under Trading/brand names, it mentions Saving Stream. That is as far as I can see. Edit: I also see that the date of this registration is 02/06/2014, so it might not be part of the current process.
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Post by chris on Feb 14, 2016 13:26:17 GMT
ablender - Neither Lendy nor SS have full permissions to operate a peer to peer platform, they are operating on interim permissions and have stated that Q1 is their window for submitting to the FCA their full application. As far as I'm aware there are currently six businesses with full P2P permissions who applied after the closure of the interim permission system. A couple of these appear to be trading but as best as we can tell they're all small scale operations at the moment. We submitted our full application back in October during our assigned application window.
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