cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 4, 2016 14:43:18 GMT
FCA warns that IF ISAs may be delayed says FT - ftalphaville.ft.com/2016/03/03/2155201/wait-a-little-longer-regulator-tells-p2p-lenders/ We got that memo on the previous page 
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Post by Deleted on Mar 4, 2016 14:46:54 GMT
FCA warns that IF ISAs may be delayed says FT - ftalphaville.ft.com/2016/03/03/2155201/wait-a-little-longer-regulator-tells-p2p-lenders/ We got that memo on the previous page Missed that 
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Post by brianac on Mar 7, 2016 18:13:31 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. That doesn't seem to work for me. (Firefox BTW) Still get the greyed out screen.
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Post by brianac on Mar 7, 2016 18:15:06 GMT
odd, that was a reply to an entirely different post (the Google bypassing ftAlphaville bit)
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rogerbu
Member of DD Central
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Post by rogerbu on Mar 7, 2016 18:49:51 GMT
savingstream Re giving George an excuse to delay IFyISA. (again) Your proposed class action letter may be in the Platforms' interests, but it is certainly not in ours. If the FCA cannot manage the full permissions, then it should authorize platforms with interim permission to offer IFyISAs for a limited period. In my opinion the FCA and HMG have known of this issue for long enough to have either expedited the full permissions or to have developed a work around.
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Post by supernumerary on Mar 8, 2016 12:04:03 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." I have only just read this Saving Stream posting this morning. It is commendable, that a number of p2p platforms have decided to stand together and formulate a coordinated response. By standing together as one, for the benefit of all, will hopefully make it better for everybody. IMHO, there is nothing wrong with what the p2p platforms have proposed here.
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james
Posts: 2,205
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Post by james on Apr 9, 2016 0:53:28 GMT
IMHO, there is nothing wrong with what the p2p platforms have proposed here. Some platforms, not all. There's considerable consumer detriment because we'd be barred from getting the tax benefits of the ISA for longer, while the gains potentially go to the platforms that would otherwise have been approved later, with the consumers gaining nothing. The situation is unsatisfactory but this sort of proposal adds to the problem by extending its duration.
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sl75
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Post by sl75 on Apr 10, 2016 15:26:57 GMT
The situation is unsatisfactory but this sort of proposal adds to the problem by extending its duration. ... unless the effect of it is to get the FCA to get their finger out and actually deal with the full authorisations on a half-way reasonable timescale.
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Post by GSV3MIaC on Apr 10, 2016 17:46:20 GMT
Well yes, asking the FCA to "get their finger out" is quite reasonable. Asking them to delay things isn't - they really don't need encouragement in that direction, they have already mastered it. Personally I'd be quite happy for interim approval to be good enough for ISA (if it's good enough for non-ISA, why not?) until such time as the FCA completes what it should have started about 2+ years ago, when all this was first mooted. My money is already at risk with the platform(s), at least they could give me the tax wrapper.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Apr 10, 2016 19:03:55 GMT
I was in an investment a few years ago (a "structured product") which went belly up and the ISA investors got compensation from the FSCS whilst the others did not. I never understood why, but I can only suppose that ISAs have some extra ingredient on top of the tax wrapper which means that only FCA qualified platforms can offer them.
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Post by ydobon on Apr 11, 2016 13:32:38 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). I couldn't have put it better myself - people need to learn a bit of patience! I will be waiting until the dust settles before making any big decisions on this topic, hanging on to as much cash in 5% savings accounts as I can.
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poppyland
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Post by poppyland on Aug 17, 2016 15:19:13 GMT
Does anyone know if Saving Stream will be bringing out an ISA in the near future? And if so, is the tax-free interest that you earn on the money in the ISA automatically rolled forward without counting towards your ISA allowance for that year, or do you have to include it as part of the money that you can put into the ISA that year?
Thanks
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Post by jonboy73 on Aug 17, 2016 15:33:39 GMT
I hope they do!
In the mean time google IFISA (innovative finance isa) and you find lots of info.
I imagine they will work just like all the other isa's where money earned if kept in is "in". New rules also mean you can take out and put money back in the same year unlike before where it was a one way deal and withdrawals meant losing that allowance.
Could get quite complicated opening lots of IFISA's with different p2p sites...
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Liz
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Post by Liz on Aug 17, 2016 16:04:40 GMT
Does anyone know if Saving Stream will be bringing out an ISA in the near future? And if so, is the tax-free interest that you earn on the money in the ISA automatically rolled forward without counting towards your ISA allowance for that year, or do you have to include it as part of the money that you can put into the ISA that year? Thanks This has been covered on another thread, let me see if I can find it. Saving Stream have said they will launch an ISA, but like most others, they are awaiting FCA "full" authorisation, as they only have "interim" Edit: p2pindependentforum.com/thread/4135/saving-stream-p2p-isa?page=3
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registerme
Member of DD Central
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Post by registerme on Aug 17, 2016 23:40:53 GMT
Moved, merged and bumped.
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