ablender
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Post by ablender on Feb 14, 2016 13:43:24 GMT
chris: Isn't this totally unfair and potentially goes against some laws when you have an authority which due to the way they chose to operate facilitate late comers at the expense of people who were put in a queue? When I mention laws, please do not understand that I am an expert in this, but I suppose there must be laws or regulations that prohibit authorities to intervene in the market in such a way that they favour someone. If there aren't such laws, then there should be.
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Post by chris on Feb 14, 2016 13:48:40 GMT
chris : Isn't this totally unfair and potentially goes against some laws when you have an authority which due to the way they chose to operate facilitate late comers at the expense of people who were put in a queue? When I mention laws, please do not understand that I am an expert in this, but I suppose there must be laws or regulations that prohibit authorities to intervene in the market in such a way that they favour someone. If there aren't such laws, then there should be. Well outside my area of expertise, and for the most part as far as I can tell the FCA are trying to do the right thing with the resources they have. That said if you end up with a situation whereby the new ISAs are only available to platforms that have full permissions (as seems likely) and you either have six newcomers or a handful of larger platforms with huge lobbying power that have permission to operate those ISAs whilst the rest of the market has to wait anything up to 18 months then yes that would seem to be a bit perverse. I'd rather see ISAs delayed a few months and all the major platforms getting an equal shot at the new market than have some arbitrary process determine who gets to go after that market early. I have no idea if the FCA agrees with me on this nor if they're working towards something along those lines.
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ablender
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Post by ablender on Feb 14, 2016 14:28:25 GMT
Just to add to the above, I do not think I will put my ISA subscription with a new P2P platform.
Delays? Yes and No. I agree with equality of opportunity but on the other hand, delaying till all platforms are approved means that we, the lenders are the ones who will loose as we will have to wait longer to start benefiting from the tax benefits offered by ISA wrappers. I think that FCA need to keep this in mind, that their actions should not end up harming the people they are supposed to be protecting.
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Post by Ton ⓉⓞⓃ on Feb 14, 2016 14:44:41 GMT
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ablender
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Post by ablender on Feb 14, 2016 14:47:28 GMT
So, it seems that getting OFT regulation is a short cut to FCA or something along those lines.
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james
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Post by james on Feb 14, 2016 16:06:42 GMT
chris : Isn't this totally unfair and potentially goes against some laws when you have an authority which due to the way they chose to operate facilitate late comers at the expense of people who were put in a queue? The relevant laws: 1. Require the FCA to grant interim permission for firms operating at a certain date who ask for it. 2. Prohibit the FCA from granting new interim permissions after that date. The FCA has granted full approval to firms seeking to become newly authorised after the relevant date because the law requires them to take the full approval route, they don't have the option of granting interim permission any more. OFT approval ceased to be an option for new or existing firms when the OFT ceased regulating consumer lending and then more conclusively when the OFT ceased to exist, having some functions but not this transferred to the Competition and Markets Authority. This one went to the FSA then transferred to FCA.
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ablender
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Post by ablender on Feb 14, 2016 18:15:25 GMT
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mikes1531
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Post by mikes1531 on Feb 14, 2016 20:08:23 GMT
I see from the Zopa forum -- which really has sprung into life now that Zopa have closed their own forum -- that Zopa have announced their IFISA in their blog. They say they're expecting to have their full FCA permission and ISA manager status "in the coming weeks, so that we can launch our ISA at the very start of the new tax year, on 6th April."
They also suggest that they're working with HMRC and other lending platforms to work out some means of transferring existing investments into IFISAs. I wish them success on that front. |
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Post by Ton ⓉⓞⓃ on Feb 14, 2016 23:06:05 GMT
So, it seems that getting OFT regulation is a short cut to FCA or something along those lines. Investup are fully authorized, that happened in Nov2015 I think, I suspect they were one of the later ones to register, or they were another simple one to do like Funding Tree.
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ablender
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Post by ablender on Feb 15, 2016 8:00:53 GMT
ablender - Neither Lendy nor SS have full permissions to operate a peer to peer platform, they are operating on interim permissions and have stated that Q1 is their window for submitting to the FCA their full application. Hi chris. Something you said in this post kept coming back to my mind. I went and checked on the Interim Permission Consumer Credit Register. It clearly says that Lendy has: fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNewSame entry as AC, FC and FS, to name a few.
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Post by chris on Feb 15, 2016 8:56:34 GMT
ablender - Neither Lendy nor SS have full permissions to operate a peer to peer platform, they are operating on interim permissions and have stated that Q1 is their window for submitting to the FCA their full application. Hi chris . Something you said in this post kept coming back to my mind. I went and checked on the Interim Permission Consumer Credit Register. It clearly says that Lendy has: fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNewSame entry as AC, FC and FS, to name a few. Yes, interim permissions not full permissions. They basically had their CCL and converted it into interim permissions same as us.
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ablender
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Post by ablender on Feb 15, 2016 10:18:11 GMT
It seems I am confusing interim with full.
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Liz
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P2P ISA
Feb 15, 2016 11:44:04 GMT
via mobile
Post by Liz on Feb 15, 2016 11:44:04 GMT
ablender - Neither Lendy nor SS have full permissions to operate a peer to peer platform, they are operating on interim permissions and have stated that Q1 is their window for submitting to the FCA their full application. Hi chris. Something you said in this post kept coming back to my mind. I went and checked on the Interim Permission Consumer Credit Register. It clearly says that Lendy has: fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNewSame entry as AC, FC and FS, to name a few. You could always email them, and post the answer on here.
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Post by lb on Feb 29, 2016 9:44:05 GMT
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ilmoro
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Post by ilmoro on Feb 29, 2016 10:38:50 GMT
An odd article. Lending Works seems to be implying it has made a great discovery in this 'ambiguity' which is just the standard ISA rules that have been in operation for a while and will now apply to IFISA. Generally, from what has been said/published by HMRC already, IFISA will operate exactly the same as all other ISA, the only uncertainty is whether existing non-ISA P2P investments will be transferable into an ISA without having to be realised into cash first, so called 'bed & ISA'
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