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Post by GSV3MIaC on Jan 6, 2016 15:30:40 GMT
We are about 3 months away from the supposed launch of the much-talked-about (never delivered) P2P ISA .. does RS have anything to say on the subject? (I'd love to lend via an ISA or SIPP, but am not about to change providers to jump through hoops (for the SIPP I think that is an option). Whoever comes up with a nice sane / clean ISA offering (among the larger players) will be getting a (new) dollop of my savings for sure...
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Post by westonkevRS on Jan 6, 2016 15:54:16 GMT
We are about 3 months away from the supposed launch of the much-talked-about (never delivered) P2P ISA .. does RS have anything to say on the subject? (I'd love to lend via an ISA or SIPP, but am not about to change providers to jump through hoops (for the SIPP I think that is an option). Whoever comes up with a nice sane / clean ISA offering (among the larger players) will be getting a (new) dollop of my savings for sure... At the moment only this blog update: www.ratesetter.com/blog/article/what-if-countdown-begins-to-innovative-finance-isaYou can be sure RateSetter will be keen to have ISA availability for our loans, but until the detail is determined we are all on tenderhooks... Kevin.
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ben
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Post by ben on Jan 6, 2016 15:58:50 GMT
I do not think there is much information available still working it out, never be said that the government announces something that sounds good and then make up the details later on
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registerme
Member of DD Central
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Post by registerme on Jan 6, 2016 16:59:44 GMT
Well, I just saw an RS advert for it on Facebook (the amount FB can derive about you is really quite scary).
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Post by uncletone on Jan 6, 2016 18:24:59 GMT
The implication that if one does not live on Facebook one cannot know what is going on in the world is even scarier!  |
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registerme
Member of DD Central
Posts: 6,224
Likes: 6,028
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Post by registerme on Jan 6, 2016 18:50:17 GMT
The implication that if one does not live on Facebook one cannot know what is going on in the world is even scarier! Ignorance is bliss.
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stevio
Member of DD Central
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Post by stevio on Jan 6, 2016 19:37:25 GMT
We are about 3 months away from the supposed launch of the much-talked-about (never delivered) P2P ISA .. does RS have anything to say on the subject? (I'd love to lend via an ISA or SIPP, but am not about to change providers to jump through hoops (for the SIPP I think that is an option). Whoever comes up with a nice sane / clean ISA offering (among the larger players) will be getting a (new) dollop of my savings for sure... At the moment only this blog update: www.ratesetter.com/blog/article/what-if-countdown-begins-to-innovative-finance-isaYou can be sure RateSetter will be keen to have ISA availability for our loans, but until the detail is determined we are all on tenderhooks... Kevin. With only 3 months away, how long from getting details will RS be able to launch their ISA?
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Post by westonkevRS on Jan 6, 2016 21:16:51 GMT
There is a lot of work going on, which I'm not involved in. There have been lots of meetings with The Treasury, so although details are not official and public I think the platforms have a good idea of what is required. But of course the need to wait for the Government to announce things first....
Kevin.
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Post by swfab on Jan 7, 2016 15:20:27 GMT
www.fca.org.uk/news/dp15-06-innovative-finance-isa"Please send us your comments on this discussion paper by 31 December 2015 via the online response form, or by writing to us at the email or postal address on page two of the paper. When the legislation has been finalised, we will publish a consultation paper seeking feedback on the rules we propose to introduce. In order for the rules to be ready to take effect in April 2016, the consultation period for that paper will be short, so we are publishing this discussion paper to begin the discussion now. We plan to arrange discussions with stakeholders over the next few months to discuss our high-level plans as set out in this paper. If you want to participate in those discussions, please contact us. We aim to publish a policy statement making final rules in March 2016." So a still very active piece of work that will be completed last minute for investors to find out more about it.
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Post by moneyball on Jan 27, 2016 15:21:05 GMT
Im a little surprised this topic hasn't got any spike of interest in recent days. Especially as it appears that previous ISA subscription years can be transferred into the IF ISA.
A real wall of money may well be on its way from April 6th...
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pikestaff
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Post by pikestaff on Jan 27, 2016 16:19:33 GMT
There has been some recent discussion of the "wall of money" on this thread p2pindependentforum.com/thread/4090/tidal-wave-significantly-reduce-ratesand some further discussion on this thread re the draft tax regulations p2pindependentforum.com/thread/4189/ifisa-draft-regulations. The tax regs will govern what we are permitted to do. The FCA regs are more about the governance of the platforms. I do not personally expect a "wall of money" on 6/4, and since the regs are still a moving target I suspect it will be some time after that before most platforms are ready to go. If and when a "wall of money" does arrive, I will do my best to avoid it by investing outside the ISA "season". |
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Post by newlender on Jan 27, 2016 17:32:45 GMT
I wouldn't really want to invest another £15k in P2P on top of what I have already. That would be too much of a risk, so my strategy might be to divert all my repayments into the new system automatically - I expect that RS will set that up. Presumably it will mean two accounts for those of us already here, or a big restructuring of our home pages to separate out pre/post-ISA contracts. Interesting days!
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jonah
Member of DD Central
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Post by jonah on Jan 27, 2016 20:25:42 GMT
My plan is an RS ISA, but then to withdraw the returns from my current unwrapped loans. Over 5 years I will eventually get to the point of having a 100% tax free platform. Assuming ISAs, RS and money exist in 5 years... And that I'm still around!
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Post by westonkevRS on Jan 27, 2016 21:10:43 GMT
"Good news for RateSetter investors – from 6 April, anyone who already has a cash or stocks and shares ISA will be able to transfer all or part of their balance over to an Innovative Finance ISA (IF ISA) and continue to earn interest tax-free." www.ratesetter.com/blog/article/if-isa-allowance-transfers-allowedPersonally, I don't think there will be a " wall of money", I don't think people that currently don't invest in ISAs will suddenly join. It'll be existing investors, lending tax free. But probably not extending their lending (a bit like as newlender indicated). But hey ho, it can only be good news for the platform at least. Incidentally no platform can accept ISAs until they are fully FCA authorised. So their could be a bit of a scrum to try and get authorised in time. If one of the big three was authorised before the others they could really steal a march, perhaps unfairly.... Kevin
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jonah
Member of DD Central
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Post by jonah on Jan 27, 2016 21:15:12 GMT
Go on then Kev... Whilst on this topic, is there an eta you have in RS for getting that authorisation (assuming you pass of course)?
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