james
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Post by james on Jul 9, 2015 10:59:57 GMT
The relevant text in the consultation response on page 10 is:
"2.28 As is currently the case for other ISA investments, it will not be possible to transfer only part of the amount subscribed to the ISA in the current year (any such amounts can only be transferred as a whole); and the availability of partial transfers in relation to previous years’ ISA subscriptions will be a matter for the agreed terms and conditions of the account."
However, it's important to know that this refers to transfers between ISA managers. If there was an ISA manager, like a cash ISA or S&S ISA manager, money could be switched between investments just as it can be now between different savings accounts or funds offered under the umbrella of that manager. So a "thin" ISA wrapper layerd on top of lots of P2P plaes could allow easy switching of both current and past year money between all platforms using this layer.
There's also no requirement for a P2P platform to work with only one ISA manager,. They could have their own and be able to work "under" several other wrappers.
Mostly I'm initially concerned that the smaller players in particular have a cheap and easy way to do this, ideally working together to get a common platform in place so everyone can benefit and costs are kept as low as possible. That's something for the firms to work on between themselves but we can encourage them to do it for the benefit of everyone involved in the P2P space.
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SteveT
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Post by SteveT on Jul 10, 2015 6:56:36 GMT
The critical question I'm struggling with: are we supposed to call it "I-FISA" or "IF-ISA"?
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adrianc
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Post by adrianc on Jul 10, 2015 7:19:12 GMT
Pronounced Iffy-sa
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Vero
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Post by Vero on Jul 11, 2015 12:25:06 GMT
It appears that there is an opportunity here particularly for the newer/smaller P2P firms to get together to start up a shared ISA manager so that they don't all have to independently bear the costs and so that consumers can just use the ISA manager layer to move money between the platforms. Might say tell Pq2P platform A to move £x to the ISA manager and then move from ISA manager the money into platforms B and C. All under one ISA so no restrictions and not a huge amount of overhead for the P2P platforms. Maybe on cost recovery pricing basis, trying to keep costs as low as possible? Has to beat lots of P2P platforms all doing it themselves.
There is already a P2P aggregator out there, UP (investUP.co), perhaps something for them? As a "crowdfunding supermarket" they are free, and deal some of the main P2P players, managed from one dashboard (directly, via their APIs, with no markup).
From this board, so far UP includes: Ablrate Abundance Archover Assetz Capital Invest & Fund Money&Co Property Moose Rebuilding Society Saving Stream Thin Cats
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james
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Post by james on Jul 11, 2015 19:05:47 GMT
Thanks. I'm sure they are paid somehow, even if not directly by consumers, but I agree that it does look like an interesting thing for them to do.
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andy2001
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Post by andy2001 on Jul 11, 2015 19:11:01 GMT
I put in my name and email for investUP.co, but it seems there is a waiting list base on the email reply.
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Vero
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Post by Vero on Jul 11, 2015 20:49:17 GMT
I put in my name and email for investUP.co, but it seems there is a waiting list base on the email reply. I think it is not so long out of beta. I was on the waiting list a few weeks, but I am signed up now as a "founding member" - as per the website there are 3470 founding members so far.
I have signed in and looked around, but not actually used it yet, I wanted to find out about the IFISA first.
There is a "Resale" area and currently it has 14 loans from the Assetz Capital secondary market, and 3 from Saving Stream's "secondary but not live yet".
EDIT: I've looked some more, apparently it's "invite only" at the moment, and I can send invitations now I (and if I invite 3, I get access to the "diversification tools" in my dashboard!) So if you need an invite, pm me.
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Post by redandblack on Jul 21, 2015 13:35:39 GMT
The critical question I'm struggling with: are we supposed to call it "I-FISA" or "IF-ISA"? I've just been given a small sum to invest - and this query and its answer made me laugh (in a good way). Are we really going to call them "IFIs". Not got much cash, but it's in something definitely iffy... Serious question: From what I've seen, it's all bout getting individual loans, and it's complicated. Is there a P2P product I can buy, the kind of thing that's oven ready - and foolproof? Thanks - this is my first post, so apologies if there are loads and I've missed them.
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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 Jul 21, 2015 14:49:24 GMT
The critical question I'm struggling with: are we supposed to call it "I-FISA" or "IF-ISA"? I've just been given a small sum to invest - and this query and its answer made me laugh (in a good way). Are we really going to call them "IFIs". Not got much cash, but it's in something definitely iffy... Serious question: From what I've seen, it's all bout getting individual loans, and it's complicated. Is there a P2P product I can buy, the kind of thing that's oven ready - and foolproof? Thanks - this is my first post, so apologies if there are loads and I've missed them. Assuming you aernt referring to iffy ISAs. Then Wellesley, Fruitful, Lending Works & Ratesetter dont required you to bid for individual loans. The most work youll have to do is decide on term & possibly rate. Apparently you can get a mini-ipad if you stick from 3k in Wellesley for a term 18mnths or more via a site that makes you feel epic.
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james
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Post by james on Jul 21, 2015 20:03:25 GMT
MoneyThing has both "managed portfolios" and individual loans. The managed portfolios are 6 month term deals that are renewable and usually renewed if the lender and the borrower both want that. I hope/assume that as they get more admin automated they will just provide a "renew automatically" setting for each of these. With the managed portfolio are many individual items that MoneyThing manages to keep the full amount at the specified level as they get redeemed and new things get pawned.
The variety of options is good. It lets you diversify across both platforms and types of lending, so you're not concentrated in any particular sector.
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Post by domUP on Jul 29, 2015 9:28:14 GMT
Hey all,
Just seen your comments above. We (investUP) will be launching a P2P & equity ISA.
We at UP won't be calling it the IFISA (strikes me as not catchy enough) - rather we will look to create a product called the crowdISA. Whilst this will cover loans and shares on our member crowdfunding sites, we will also look to encourage a crowdISA which covers all the smaller P2P sites.
I'll keep you posted on the details as we get them, but these are really all dependent on when further details are released by the Gov.
Hope this helps. We're all pretty excited at the prospect of a crowdISA which covers a lot of the market.
Dom
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mv
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Post by mv on Jul 29, 2015 10:57:44 GMT
We're all pretty excited at the prospect of a crowdISA which covers a lot of the market. Dom This is an interesting prospect. A couple of questions. 1. If you already hold separate accounts with sites included in investup can you transfer the holdings/consolidate within investup? 2. Do you have any information on whether the new crowdISA will allow transfer in of existing loans? BW Matt
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Post by domUP on Jul 29, 2015 11:14:01 GMT
Hi Matt,
Thanks for getting in touch. A couple of answers for you...
1. If you already hold separate accounts with sites included in investup can you transfer the holdings/consolidate within investup?
Currently no - all accounts are new accounts, but we are working on a linked account feature. This is dependent on technical work we are doing with partner sites on a site by site basis.
2. Do you have any information on whether the new crowdISA will allow transfer in of existing loans?
Just like everyone else at the moment we do not know how the crowdISA will behave. We are waiting details from HMRC. The second we get these I'll keep you updated.
We are slowly coming out of Beta over the next few weeks (removing our great wall of waiting list), so please do come check us out.
Best,
Dom
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Post by closetotheedge on Aug 20, 2015 6:42:23 GMT
Lending Works are now indicating on their ISA page that existing loans will be able to be wrapped into the new ISA come April. Any news from others RS, Zopa etc. that I have missed. This seems like it will be a major point for many existing lenders who are already heavily committed to P2P and may want to wrap an existing £15k rather than lump in any more.
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james
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Post by james on Aug 20, 2015 6:51:17 GMT
That seems like a sensible move. Otherwise many investors will naturally choose not to add new money in the months before the new ISA becomes available. It's really no more than a sell and buy back within the ISA at par price.
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