pom
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Post by pom on Oct 13, 2016 10:40:28 GMT
Whilst it's great news that Lending Works got theirs first, I'm really hoping other platforms get theirs soon, otherwise I dread to think what the Jan ISA launch may do to rates....
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ben
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Post by ben on Oct 13, 2016 11:06:02 GMT
I was under the impression that for the ISA they were going to issue licences in batches so as not to give one company an advantage over the others.
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Post by Matthew on Oct 13, 2016 11:22:43 GMT
Whilst it's great news that Lending Works got theirs first, I'm really hoping other platforms get theirs soon, otherwise I dread to think what the Jan ISA launch may do to rates.... Hi pomThat's actually a factor in the January launch date. We've got some exciting partnerships to announce in the coming weeks (which were awaiting our full FCA authorisation) which will open up new loan origination channels; hence we hope to be able to at least maintain current lender rates. The truth is though, who knows what the take up of ISAs will be - I suspect other than an initial rush it will not be an instant 'wall of money' as some commentators have suggested.
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pom
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Post by pom on Oct 13, 2016 12:16:16 GMT
I was under the impression that for the ISA they were going to issue licences in batches so as not to give one company an advantage over the others. Who knows? Some of the new companies that went straight to full, skipping interim, already have an advantage
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Post by Matthew on Oct 13, 2016 12:21:15 GMT
I don't think the FCA ever came out and confirmed that they would issue authorisations in batches, it just seemed to be a logical thing to do to avoid some firms gaining a competitive advantage. However, they did confirm that new applications would be reviewed as a priority over interim permission firms (as new firms could not otherwise start trading whereas interim permission firms could continue as is). This is why the only previous approvals to date have been new firms. In reality, due to the lower number of customers for these new firms, the ability to capitalise on the headstart is greatly reduced.
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Post by carol167 on Oct 13, 2016 13:58:31 GMT
I suspect that January will be too late for a lot of people anyway (myself included). Having intended to go FISA this year and waited till August to see how things shaped, I made the decision to top up my share portfolio instead due to the uncertainty.
I can imagine there will be an FISA surge come the new tax year though, as the dust settles a bit and people have a fresh allocation to use.
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Post by Matthew on Oct 13, 2016 14:46:03 GMT
I suspect that January will be too late for a lot of people anyway (myself included). Having intended to go FISA this year and waited till August to see how things shaped, I made the decision to top up my share portfolio instead due to the uncertainty. I can imagine there will be an FISA surge come the new tax year though, as the dust settles a bit and people have a fresh allocation to use. Fair enough - it's a shame generally that the expected April 2016 launch of IFISA was not possible for the main P2P platforms, but the FCA authorisation process is a very important one so cannot be rushed. Statistically, a significant portion of ISA subscriptions are made in the last few months of the tax year i.e. ISA busy season. Use it or lose it (your allowance) 
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jonah
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Post by jonah on Oct 19, 2016 3:37:33 GMT
Matthew is LW planning on supporting transfers from existing ISAs into your accounts and specifically partial transfers?
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Post by Matthew on Oct 19, 2016 9:47:15 GMT
Matthew is LW planning on supporting transfers from existing ISAs into your accounts and specifically partial transfers? Absolutely. ISA rules mean you can only transfer current tax year subscriptions (including income) in full, but transfers of previous tax year subscriptions and income can be made in part. Note: unfortunately, the rules also mean you cannot transfer existing loans (in your Classic account) over into your ISA account, other than by selling out of your existing loans (and incurring a fee) and acquiring new loans within your ISA account. However, we'll be setting up a facility whereby you can automatically transfer your loan repayments from your Classic account into your ISA, which will have the effect of migrating your balance over time.
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