Post by goldservice on Jul 19, 2014 10:34:45 GMT
From FC blog around 6 June 2014:
"Treasury set to launch peer-to-peer ISA consultation next month
The inclusion of peer-to-peer lending within ISAs continued to pique interest in June. The Treasury is poised to launch a consultation next month on how investors might gain access to the peer-to-peer lending market through individual savings accounts – and whether a new type of ISA should be created for the purpose. Funding Circle is part of the steering group working with government to finalise the exact mechanism and timings. We’re expecting the process to take a further six to eight months."
I’ve been wondering how p2p NISAs would be implemented. Some ways of doing it would be better than others from the point of view of lenders. Why don’t we assemble here what our preferences are? Then we can feed them in to the discussion through FC. For starters:
Wish 1 If our NISA loans are held in a separate trading account from our present accounts, then we should be allowed to transfer our existing loan parts into that NISA account. Currently, it is not possible to transfer parts between accounts. I assume that we would want to put our highest rate parts into our p2p NISA.
Wish 2 It should be possible to transfer funds from our existing ISAs into a FC NISA p2p account. We will want to keep those funds in the ISA tax-free wrapper but how would we convert those funds into loan parts? Would we ‘buy’ or ‘match’ with our existing parts and then put them into the p2p NISA? This would be in addition to being able to use those wrapped funds to buy parts through the auction or secondary markets and putting those parts into the p2p NISA.
Wish 3 If we discover that a loan for which we have parts in our p2p NISA no longer fits our investment criteria (ie becomes undesirable for any reason), then we must be able to sell those parts and then add other loan parts of the same value to the NISA. The addition should be from either existing non-NISA FC holdings or through the auction or secondary markets.
Could these wishes be expressed better? What other wishes would you add? Feel free to point out my financial naïveté ☺
"Treasury set to launch peer-to-peer ISA consultation next month
The inclusion of peer-to-peer lending within ISAs continued to pique interest in June. The Treasury is poised to launch a consultation next month on how investors might gain access to the peer-to-peer lending market through individual savings accounts – and whether a new type of ISA should be created for the purpose. Funding Circle is part of the steering group working with government to finalise the exact mechanism and timings. We’re expecting the process to take a further six to eight months."
I’ve been wondering how p2p NISAs would be implemented. Some ways of doing it would be better than others from the point of view of lenders. Why don’t we assemble here what our preferences are? Then we can feed them in to the discussion through FC. For starters:
Wish 1 If our NISA loans are held in a separate trading account from our present accounts, then we should be allowed to transfer our existing loan parts into that NISA account. Currently, it is not possible to transfer parts between accounts. I assume that we would want to put our highest rate parts into our p2p NISA.
Wish 2 It should be possible to transfer funds from our existing ISAs into a FC NISA p2p account. We will want to keep those funds in the ISA tax-free wrapper but how would we convert those funds into loan parts? Would we ‘buy’ or ‘match’ with our existing parts and then put them into the p2p NISA? This would be in addition to being able to use those wrapped funds to buy parts through the auction or secondary markets and putting those parts into the p2p NISA.
Wish 3 If we discover that a loan for which we have parts in our p2p NISA no longer fits our investment criteria (ie becomes undesirable for any reason), then we must be able to sell those parts and then add other loan parts of the same value to the NISA. The addition should be from either existing non-NISA FC holdings or through the auction or secondary markets.
Could these wishes be expressed better? What other wishes would you add? Feel free to point out my financial naïveté ☺
