benno
New Member
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Post by benno on Mar 3, 2016 8:10:09 GMT
I did recently email Saving Stream about this. They confirmed that they're planning to introduce an ISA, but are currently waiting for some clarifications from the FCA (as are many other platforms as I understand it) : When did you receive this email? A couple of days ago
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Liz
Member of DD Central
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Post by Liz on Mar 3, 2016 11:48:54 GMT
Hopefully SM sales hanging around, will help savingstream tonsee that they need ISA money, or at least not to lose ISA money to another platform.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 3, 2016 17:44:43 GMT
Good link; although I do resent having to sign up to read it..... I better not get spam or I'm blaming you shirehorse  Anyway... off to have a read 
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Post by GSV3MIaC on Mar 3, 2016 17:53:02 GMT
Some of the related articles listed/linked at the bottom are worth a read too, as long as you've bothered to jump thru the hoop already. 8>.
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Post by savingstream on Mar 3, 2016 17:54:08 GMT
At the moment we will not be able to offer P2P ISA for 2016 as the government are only going to allow platforms with full FCA permission to accept those funds. Also, the IF ISA will only allow you to invest in a single platform per year where we believe a multi platform ISA would be safer and more appealing to investors. We know many if not most people would like to put their ISA funds in to SS as soon as possible. Here is a draft letter that we are considering sending to HM Treasury with the backing of many of the major platforms that are in a similar position. We would appreciate your thoughts:
"RE: Innovative Finance ISA – proposed delay of launch date
During conversations held with leading peer-to-peer lending platforms (“Platforms”) we have become aware that many Platforms won't be able to offer the Innovative Finance ISA (“IF ISA”) as of April 6th (the proposed launch date), for the sole reason that the FCA has not processed their Full Authorisation applications. In our opinion, this creates an unfair starting point for offering the IF ISA.
We propose that the introduction of the Innovative Finance ISA should be delayed – for 6 to 12 months.
Platforms were allocated a "landing slot" to apply for Full Authorisation, and as such, the Platforms were not in control of the timing of receiving Full Authorisation from the FCA. Collectively we feel it is better to adopt a fair approach for all Platforms, as opposed to the fastest approach – which is likely to unfairly and negatively impact a significant number of Platforms.
We recommend that the IF ISA launch be delayed for a fixed period of time – 6 to 12 months. The precise length of the delay could be based on a brief consultation with the FCA to understand their estimate to process the outstanding applications. This will ensure that all Platforms who are operating under an interim permission and have submitted a complete application to the FCA, have had their application reviewed and opined upon by the FCA prior to the IF ISA launch date.
We would like to add that we are not criticising the FCA and their Full Authorisation approval processes. We are aware that the FCA has a significant backlog of Credit Applications to process following the transfer from the OFT in 2014, and understandably it will take time to process these appropriately.
"
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ilmoro
Member of DD Central
'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 Mar 3, 2016 17:56:28 GMT
Some of the related articles listed/linked at the bottom are worth a read too, as long as you've bothered to jump thru the hoop already. 8>. Problem is everytime I try to jump through the hoop, I forget which hoop I jumped through last time and always end up jumping through a different one and falling flat on my face (In layman's terms Ive forgotten my password again) 
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Post by GSV3MIaC on Mar 3, 2016 17:59:13 GMT
That's why Firefox and Ie have 'remember my password' options!!
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Post by bracknellboy on Mar 3, 2016 18:14:39 GMT
Here is a draft letter that we are considering sending to HM Treasury with the backing of many of the major platforms that are in a similar position. We would appreciate your thoughts:
...
While I can of course fully understand why those platforms who are behind in the Q for full authorisation would want to delay the introduction in order to not be disadvantaged, any such outcome would of course disadvantage the p2p lending community in general. On first thought I would be dead set against such a petition, and particularly so unless there is a published firm timeline for full accreditation of those currently running under interim. That is, unless the list of platforms that will be in a position to offer is very very short, and contains FC...... Based on the announcements made to date, is tht list comprised of FC and RS ? Perhaps a compromise would be to allow new IFISAs (or whatever they are called) subscription for th 16/17 tax year but not the transfer of prior years. That at least might considerably limit the potential damage to the 'outsider' platforms. On the other hand, a temporary measure might become a permanent one.....
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agent69
Member of DD Central
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Post by agent69 on Mar 3, 2016 18:27:59 GMT
Here is a draft letter that we are considering sending to HM Treasury with the backing of many of the major platforms that are in a similar position. We would appreciate your thoughts:
...
While I can of course fully understand why those platforms who are behind in the Q for full authorisation would want to delay the introduction in order to not be disadvantaged, any such outcome would of course disadvantage the p2p lending community in general. On first thought I would be dead set against such a petition, and particularly so unless there is a published firm timeline for full accreditation of those currently running under interim. That is, unless the list of platforms that will be in a position to offer is very very short, and contains FC...... Based on the announcements made to date, is tht list comprised of FC and RS ? Perhaps a compromise would be to allow new IFISAs (or whatever they are called) subscription for th 16/17 tax year but not the transfer of prior years. That at least might considerably limit the potential damage to the 'outsider' platforms. On the other hand, a temporary measure might become a permanent one..... Not keen on the proposed letter at all (the gist of which appears to be nobody is allowed to trade until we are allowed to trade). As soon as SS are authorised they will want to start, but what happens at that point if somebody who hasn't been authorised objects. We could be here for ever.
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Post by pepperpot on Mar 3, 2016 18:28:12 GMT
Some of the related articles listed/linked at the bottom are worth a read too, as long as you've bothered to jump thru the hoop already. 8>. Problem is everytime I try to jump through the hoop, I forget which hoop I jumped through last time and always end up jumping through a different one and falling flat on my face (In layman's terms Ive forgotten my password again) No need to remember password; right click link and 'search google for' gets you to the full article via the search results. Can do the same for navigating the site. Google must have a free pass to FT. Was it SL75 that let slip that little trick?
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Post by GSV3MIaC on Mar 3, 2016 18:39:49 GMT
re;: 'Delay of launch date' .. no thanks, HMG has been kicking this tin can further down the road every year for 2 or 3 years already, and I definitely down want to ask them to kick it even further. People can make their own mind up whether to wait, or whether to jump into whatever is available, etc.
If they do transfer all their historic ISA funds into FC or RS, they can also transfer them out again just as soon as there is some place else to put them. Most folks would rather have margarine today than nothing today and the promise of jam tomorrow .. when the jam arrives we can switch to that. YMMV.
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Post by GSV3MIaC on Mar 3, 2016 22:37:42 GMT
So don't move any money until the SS ISA is ready to launch .. nobody is making you go earlier. I just want the option (promised these last many years).
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mikes1531
Member of DD Central
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Post by mikes1531 on Mar 3, 2016 23:00:44 GMT
No doubt this is heretical and/or fraught with danger for consumers and thus inviting potential backlash against the FCA but...
Since the problem is caused by delays in getting full FCA permission, why not allow platforms with interim permission and that have applied for full permission and which the FCA feel are likely to receive full permission eventually -- which probably is practically all of them -- to start their IFISAs before their full permission has been granted?
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Post by GSV3MIaC on Mar 4, 2016 13:01:43 GMT
I'd vote for that yes .. a combination of 'caveat emptor' and 'innocent until proven guilty'.
Doubt there's much chance Nanny State would buy it though, even though they are the cause of the problem.
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Post by Deleted on Mar 4, 2016 14:42:01 GMT
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