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Post by Deleted on Feb 3, 2017 23:13:56 GMT
I've not seen it mentioned recently MoneyThing so could I ask if there has been any progress on the IFISA / FCA authorisation. I would love to put my ISA allowance into a higher risk circa 10%+ platform of which Moneything is my platform of choice but due to lack of options am looking at the soon to launch Lending Works IFISA for this tax year.
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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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Post by ilmoro on Feb 4, 2017 0:11:03 GMT
I've not seen it mentioned recently MoneyThing so could I ask if there has been any progress on the IFISA / FCA authorisation. I would love to put my ISA allowance into a higher risk circa 10%+ platform of which Moneything is my platform of choice but due to lack of options am looking at the soon to launch Lending Works IFISA for this tax year. There was a recent comment IRC, which was along the lines of no comments as I dont want to jinx anything. Mrs Thing is currently writing the latest newslatter so that might have more Think Ed learnt his lesson when he said he didnt think full authorisation would be too much longer ... in March 2016
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fp
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Post by fp on Feb 4, 2017 8:54:07 GMT
I've not seen it mentioned recently MoneyThing so could I ask if there has been any progress on the IFISA / FCA authorisation. I would love to put my ISA allowance into a higher risk circa 10%+ platform of which Moneything is my platform of choice but due to lack of options am looking at the soon to launch Lending Works IFISA for this tax year. There was a recent comment IRC, which was along the lines of no comments as I dont want to jinx anything. Mrs Thing is currently writing the latest newslatter so that might have more Think Ed learnt his lesson when he said he didnt think full authorisation would be too much longer ... in March 2016 Never temp fate, i've done it twice this week
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pom
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Post by pom on Feb 4, 2017 14:53:14 GMT
I've not seen it mentioned recently MoneyThing so could I ask if there has been any progress on the IFISA / FCA authorisation. I would love to put my ISA allowance into a higher risk circa 10%+ platform of which Moneything is my platform of choice but due to lack of options am looking at the soon to launch Lending Works IFISA for this tax year. I think I'd be surprised if any platform that doesn't already have their full FCA authorisation manages to get ISA's launched this year - even if they have all the site changes ready to go, they still have to jump thru the HMRC hoops to qualify as an ISA manager. And even if I'm wrong... the chances of also then getting money fully invested quickly... If I were you (my allowance for this year already went into S&S last April, and my previous cash ISA is locked til May, but this is roughly what I have in mind for the new tax year)...I'd probably stick it in a normal cash ISA now (or at least before April 5th!) then transfer it into (hopefully multiple) new IFISAs in chunks at your leisure. That way it also takes off the pressure of do you want to put ALL your money in LW and feel like you're "missing out" elsewhere
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archie
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Post by archie on Feb 4, 2017 15:07:27 GMT
I've not seen it mentioned recently MoneyThing so could I ask if there has been any progress on the IFISA / FCA authorisation. I would love to put my ISA allowance into a higher risk circa 10%+ platform of which Moneything is my platform of choice but due to lack of options am looking at the soon to launch Lending Works IFISA for this tax year. I think I'd be surprised if any platform that doesn't already have their full FCA authorisation manages to get ISA's launched this year - even if they have all the site changes ready to go, they still have to jump thru the HMRC hoops to qualify as an ISA manager. And even if I'm wrong... the chances of also then getting money fully invested quickly... If I were you (my allowance for this year already went into S&S last April, and my previous cash ISA is locked til May, but this is roughly what I have in mind for the new tax year)...I'd probably stick it in a normal cash ISA now (or at least before April 5th!) then transfer it into (hopefully multiple) new IFISAs in chunks at your leisure. That way it also takes off the pressure of do you want to put ALL your money in LW and feel like you're "missing out" elsewhere They said they may use a 3rd party so it's still possible this year (just). Seems odd to me that the established platforms are still waiting for FCA approval when newer platforms are authorised.
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mason
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Post by mason on Feb 4, 2017 18:17:18 GMT
Seems odd to me that the established platforms are still waiting for FCA approval when newer platforms are authorised. I believe new platforms were prioritised, the thinking being that they were designed from the ground up to be fully compliant, whereas those on interim permissions had established processes that were designed for a different regulatory regime.
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Post by GSV3MIaC on Feb 4, 2017 19:02:59 GMT
New platforms were definitely prioritised, but I think that was so they could trade at all - starting with 'interim' was no longer an option.
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Post by Deleted on Feb 4, 2017 23:56:08 GMT
I've not seen it mentioned recently MoneyThing so could I ask if there has been any progress on the IFISA / FCA authorisation. I would love to put my ISA allowance into a higher risk circa 10%+ platform of which Moneything is my platform of choice but due to lack of options am looking at the soon to launch Lending Works IFISA for this tax year. I think I'd be surprised if any platform that doesn't already have their full FCA authorisation manages to get ISA's launched this year - even if they have all the site changes ready to go, they still have to jump thru the HMRC hoops to qualify as an ISA manager. And even if I'm wrong... the chances of also then getting money fully invested quickly... If I were you (my allowance for this year already went into S&S last April, and my previous cash ISA is locked til May, but this is roughly what I have in mind for the new tax year)...I'd probably stick it in a normal cash ISA now (or at least before April 5th!) then transfer it into (hopefully multiple) new IFISAs in chunks at your leisure. That way it also takes off the pressure of do you want to put ALL your money in LW and feel like you're "missing out" elsewhere Hey pom, I think my plan of action is to put some of this years ISA pot into LW and some into S&S / Cash which can hopefully as you say be transferred to other platforms next year as and when IFISA are launched for my choice of platforms! Ps my avatar would like to see your avatar without the glasses ππ
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pom
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Post by pom on Feb 5, 2017 10:51:25 GMT
I think I'd be surprised if any platform that doesn't already have their full FCA authorisation manages to get ISA's launched this year - even if they have all the site changes ready to go, they still have to jump thru the HMRC hoops to qualify as an ISA manager. And even if I'm wrong... the chances of also then getting money fully invested quickly... If I were you (my allowance for this year already went into S&S last April, and my previous cash ISA is locked til May, but this is roughly what I have in mind for the new tax year)...I'd probably stick it in a normal cash ISA now (or at least before April 5th!) then transfer it into (hopefully multiple) new IFISAs in chunks at your leisure. That way it also takes off the pressure of do you want to put ALL your money in LW and feel like you're "missing out" elsewhere Hey pom , I think my plan of action is to put some of this years ISA pot into LW and some into S&S / Cash which can hopefully as you say be transferred to other platforms next year as and when IFISA are launched for my choice of platforms! Ps my avatar would like to see your avatar without the glasses ππ I was under the impression that you can put new money into cash OR IFISA, and so can only split if one is S&S - but given I've not looked into it that much yet that may well be wrong. PS my avatar is going to assume that was drink talking and will say no more of it
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mikeh
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Post by mikeh on Feb 5, 2017 13:03:44 GMT
I was under the impression that you can put new money into cash OR IFISA, and so can only split if one is S&S - but given I've not looked into it that much yet that may well be wrong. From www.gov.uk/individual-savings-accounts/overviewThere are 3 types of ISA: cash ISAs stocks and shares ISAs innovative finance ISAs You can put money into one of each kind of ISA each tax year.
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agent69
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Post by agent69 on Feb 5, 2017 13:35:30 GMT
I believe that is referring to new money? Funds from previous years can be invested more or less however you like (subject to the current ISA provider agreeing)
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toast
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Post by toast on Feb 5, 2017 14:54:59 GMT
The thing I'm really hoping for when the MoneyThing ISA is launched is an easy way to transfer loans from my existing account to the ISA one. A kind of "sell to self" operation. I'd be a bit wary of doing that manually due to the speed that loan parts are often bought on the SM. I gather Lending Works won't offer a transfer-to-ISA feature, but because their mode of operation is quite different to MT I keep my fingers crossed that it might be possible on MT.
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SteveT
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Post by SteveT on Feb 5, 2017 15:01:04 GMT
The thing I'm really hoping for when the MoneyThing ISA is launched is an easy way to transfer loans from my existing account to the ISA one. A kind of "sell to self" operation. I'd be a bit wary of doing that manually due to the speed that loan parts are often bought on the SM. I gather Lending Works won't offer a transfer-to-ISA feature, but because their mode of operation is quite different to MT I keep my fingers crossed that Β it might be possible on MT. I believe such a feature (that blocks others buyers) would breach the ISA rules, since all ISA investments must be made on an "open market" basis.
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Post by Deleted on Feb 5, 2017 18:02:19 GMT
Hey pom , I think my plan of action is to put some of this years ISA pot into LW and some into S&S / Cash which can hopefully as you say be transferred to other platforms next year as and when IFISA are launched for my choice of platforms! Ps my avatar would like to see your avatar without the glasses ππ I was under the impression that you can put new money into cash OR IFISA, and so can only split if one is S&S - but given I've not looked into it that much yet that may well be wrong. PS my avatar is going to assume that was drink talking and will say no more of it Haha no drink involved, just crossed my mind and amused me given it's an avatar ..... the Green Bowl look not your thing
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pom
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Post by pom on Feb 5, 2017 19:41:15 GMT
I was under the impression that you can put new money into cash OR IFISA, and so can only split if one is S&S - but given I've not looked into it that much yet that may well be wrong. From www.gov.uk/individual-savings-accounts/overviewThere are 3 types of ISA: cash ISAs stocks and shares ISAs innovative finance ISAs You can put money into one of each kind of ISA each tax year. Thanks Mike - last discussion about it I paid attention to was whilst they were all still talking about it
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