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Post by transo on Mar 31, 2016 10:39:42 GMT
So what platforms are confirmed to be offering an ISA and which ones are we waiting on? None of them are in a position to confirm a definite launch date, at least as far as I know. Plenty of them want to get going with one, but cannot until they receive full FCA and ISA Manager registration. According to this announcement ( www.fca.org.uk/news/peer-to-peer-applications-for-full-authorisation) by the FCA there are 8 platforms that have their full permissisons and so could offer an IF ISA on April 6th. There are apparently 44 firms with interim permissions who won't be able to, and between the lines I think the announcement is saying it may be a while before they get full permissions. I've done a quick search of the FCA register to try to work out who actually has full permissions, but none of the biggest I searched for appeared to have them yet.
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stevio
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Post by stevio on Mar 31, 2016 10:53:00 GMT
Which are the 8 platforms?
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ablender
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Post by ablender on Mar 31, 2016 10:57:53 GMT
They must be new ones which did not have interim permission. There was a thread discussing this somewhere. Anyone has seen it and remembers? See this post and what it refers to: p2pindependentforum.com/post/91725 |
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ilmoro
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Post by ilmoro on Mar 31, 2016 11:37:08 GMT
Which are the 8 platforms? From here www.informedfunding.com/networks/107/ifeblog_thread.html?threadid=550Go2 Business Loans Formax Credit – the UK arm of a Chinese group, offering personal and business loans from £1k to £25k Crowdstacker – a business lender InvestDen – business loans and equity opportunities Crowd2Fund – business loans, mini-bonds, revenue-based lending, equity funding and donations Resolution Compliance then Funding Tree and Abundance - have permission to offer an ISA but cant include their products as they arent ISA includable yet Trouble is FSA register probably isnt up to date as most show Interim Permission and need somebody to interprete the various categories.
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mikeh
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Post by mikeh on Mar 31, 2016 14:07:28 GMT
Which are the 8 platforms? From here www.informedfunding.com/networks/107/ifeblog_thread.html?threadid=550Go2 Business Loans Formax Credit – the UK arm of a Chinese group, offering personal and business loans from £1k to £25k Crowdstacker – a business lender InvestDen – business loans and equity opportunities Crowd2Fund – business loans, mini-bonds, revenue-based lending, equity funding and donations Resolution Compliance then Funding Tree and Abundance - claim they have permission to be an ISA manager which implies full permission
Trouble is FSA register probably isnt up to date as most show Interim Permission and need somebody to interprete the various categories. I think Abundance is an authorised ISA manager. The trouble is they don't offer Article 36H approved loans so you won't actually be able to make P2P investments in their IFISA for some months from now. I suspect this may be the case with some if not all of the other platforms mentioned. Tread carefully.
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ilmoro
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Post by ilmoro on Mar 31, 2016 14:31:59 GMT
From here www.informedfunding.com/networks/107/ifeblog_thread.html?threadid=550Go2 Business Loans Formax Credit – the UK arm of a Chinese group, offering personal and business loans from £1k to £25k Crowdstacker – a business lender InvestDen – business loans and equity opportunities Crowd2Fund – business loans, mini-bonds, revenue-based lending, equity funding and donations Resolution Compliance then Funding Tree and Abundance - claim they have permission to be an ISA manager which implies full permission
Trouble is FSA register probably isnt up to date as most show Interim Permission and need somebody to interprete the various categories. I think Abundance is an authorised ISA manager. The trouble is they don't offer Article 36H approved loans so you won't actually be able to make P2P investments in their IFISA for some months from now. I suspect this may be the case with some if not all of the other platforms mentioned. Tread carefully. I said claim becuase HMRC list isnt up to date so cant check. Autumn 2016 is the predicted date for debentures & similiar types of debt securities to be authorised for IFISA inclusion with a consultation in June. I notice they say you can open your IFISA in April and fund & make transfers to it which seems utterly pointless unless they are going to pay a decent interest rate in the meantime (no mention of flexibility). They also say you will be able to transfer exisiting debentures (subject to consultation) into IFISA (bed & breakfasting) which seems a risky statement. Yes, definitely tread very carefully as appears to be multiple traps for the unwary!
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mikeh
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Post by mikeh on Mar 31, 2016 14:34:00 GMT
Exactly!
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mikeh
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Post by mikeh on Mar 31, 2016 15:11:23 GMT
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grahamg
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Post by grahamg on Apr 1, 2016 18:19:20 GMT
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ilmoro
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Post by ilmoro on Apr 1, 2016 19:15:22 GMT
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webwiz
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Post by webwiz on Apr 3, 2016 11:00:09 GMT
It seems that none of the platforms with full FCA approval have sub-boards on this forum. Does anyone have any experience of any of them, and does anyone know if any of them plan to offer IFISAs?
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Post by crowdstacker01 on Apr 4, 2016 7:45:08 GMT
Hi all,
We (Crowdstacker) have no dedicated board on this site yet. But we are hoping to in the future.
I noticed one question earlier about which of the eight platforms with full FCA authorisation are also ISA managers. Crowdstacker is fully FCA authorised and also has ISA manager status from HMRC. If you'd like any info on us or have any Qs please ask and I'll try to answer.
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Post by easteregg on Apr 4, 2016 11:21:00 GMT
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ablender
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Post by ablender on Apr 4, 2016 11:44:38 GMT
Hi all, We (Crowdstacker) have no dedicated board on this site yet. But we are hoping to in the future. I noticed one question earlier about which of the eight platforms with full FCA authorisation are also ISA managers. Crowdstacker is fully FCA authorised and also has ISA manager status from HMRC. If you'd like any info on us or have any Qs please ask and I'll try to answer. A few questions: Do you have a secondary market? How long have you been in this business? What is the size of your current loan book? How much is the transfer fee? Who is the Custodian that you mention in the FAQ? These for now, thanks.
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Post by eascogo on Apr 5, 2016 0:17:04 GMT
Hi all, We (Crowdstacker) have no dedicated board on this site yet. But we are hoping to in the future. I noticed one question earlier about which of the eight platforms with full FCA authorisation are also ISA managers. Crowdstacker is fully FCA authorised and also has ISA manager status from HMRC. If you'd like any info on us or have any Qs please ask and I'll try to answer. A few questions: Do you have a secondary market? How long have you been in this business? What is the size of your current loan book? How much is the transfer fee? Who is the Custodian that you mention in the FAQ? These for now, thanks. Crowdstacker gives a good deal of information on their website. There is no need to register to see this information. Answers to the questions raised by blender are found in the following sections of the website: www.crowdstacker.com/sites/default/files/amicus_investmentdocument_2016_online_sml_1.pdfHere is a brief summary. There is no secondary market but liquidity may be available with an arrangement fee payable. P2P ISA investment available from 6 April 2016. In business since 2009 with £500m lent since then. Current loan book approx. £40m. Limited choice of investments (£1,000 minimum), short-term loans of 12/18/36 months, secured on properties (90% residential, 10% commercial). Interest rates are broadly similar to Z and RS.
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