wapping35
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Post by wapping35 on Mar 31, 2016 16:14:24 GMT
From the Blog today... "ISA in the next few months" blog.zopa.com/2016/03/31/zopa-isa-status-update/We would like to update you on the expected launch date of the Zopa ISA. In September 2015, we submitted our application for full authorisation to the FCA and have been working closely with them to progress our application. We will only be able to offer the Innovative Finance ISA after we have gained full authorisation. Given the volume of P2P platforms requesting authorisation and a number of recent legislation changes, the majority of P2P platforms, including Zopa, will not complete the process before April 6th.We are working with the FCA to be fully approved and ready to launch ISAs in the next few months. We’ll let you know as soon as we have further news around the date of our ISA launch. Whilst we know that this delay is disappointing, the good news for lenders is that from April 6th this year you will be able to earn tax-free interest of up to £1000 on your P2P investments as part of the Personal Savings Allowance depending on your income tax level. |
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Post by GSV3MIaC on Mar 31, 2016 18:29:00 GMT
No surprise there then. I expect 'the majority of' probably turns out to be 'all', unless Financial Clowns pulled a rabbit out of the hat. 8>.
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momac
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Post by momac on Mar 31, 2016 18:29:31 GMT
Zopa are not alone in this delay.
I have received notifications from other P2P platforms indicating much the same thing.
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Post by lb on Mar 31, 2016 19:10:03 GMT
surely all platforms that have applied in time have to be authorised simultaneously
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Post by fuzzyiceberg on Mar 31, 2016 19:33:10 GMT
FC says 'a few weeks'
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wapping35
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Post by wapping35 on Mar 31, 2016 20:10:54 GMT
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stevio
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Post by stevio on Mar 31, 2016 20:15:45 GMT
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wapping35
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Post by wapping35 on Mar 31, 2016 20:25:15 GMT
To be honest I had never heard of them until I read the FT article. I guess it does get them on the radar screen, albeit 2% tax free for non-guaranteed lending is pretty unattractive. ======== And an update from the FT on the ISA backlog.. www.ftadviser.com/2016/03/31/investments/savings-and-isas/only-of-p-p-platforms-fully-regulated-0XXOm36Fl0WI4ywmZ5cyQK/article.htmlOnly eight firms are fully authorised to operate peer-to-peer lending platforms in the UK, meaning most are unlikely to be able to offer the Innovative Finance Isa in time for its launch next week. In a statement published today (31 March), the Financial Conduct Authority revealed 86 firms are still waiting for approval under its P2P framework, meaning only 9 per cent have been granted the necessary permissions to offer the new Isa. |
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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 31, 2016 20:47:45 GMT
Pop over to the general thread for further discussion p2pindependentforum.com/post/104533/threadThere's no lending involved in the Abundance ISA as far as I can tell as their products arent authorised to be included yet, so it'll just be cash under a IFISA umbrella presumably without FSCS protection. Like the way they are claiming to have beaten the big boys, not hard as they were authorised in 2011 so just had to get ISA manager status which takes 2 weeks. Complete lack of any info on the ISA on their site, other than blogs, isnt exactly going to pull in the punters. Is it Flexible, whats the term, fixed, transfers in/out? Had more info from the platforms that cant launch. |
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Post by wyndstryke on Apr 7, 2016 15:02:55 GMT
... We are working with the FCA to be fully approved and ready to launch ISAs in the next few months. We’ll let you know as soon as we have further news around the date of our ISA launch. ... What are the thoughts on this? I have a regular-payment style ISA @ 1.75% (where the rate drops significantly if the regular payment is not kept up), should I just keep paying into it until the Zopa one appears, then do a transfer-in? I'd turned them off in the run-up to the new financial year. PS Hi to all the familiar names I see from the old Zopa forum :-)
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momac
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Post by momac on Apr 7, 2016 21:53:58 GMT
Good to see you too:-)
I couldn't possibly comment on your ISA question though.
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Post by Ton ⓉⓞⓃ on Apr 8, 2016 21:53:26 GMT
... We are working with the FCA to be fully approved and ready to launch ISAs in the next few months. We’ll let you know as soon as we have further news around the date of our ISA launch. ... What are the thoughts on this? I have a regular-payment style ISA @ 1.75% (where the rate drops significantly if the regular payment is not kept up), should I just keep paying into it until the Zopa one appears, then do a transfer-in? I'd turned them off in the run-up to the new financial year. PS Hi to all the familiar names I see from the old Zopa forum :-) Just before the start of the new tax year I set up a small ISA that I intend to transfer over to p2p when they're live. I only set it up for the status not the rate, apparently if my current accounts in flows drop below a certain level they say they can convert it to a less 'generous' rate ISA. I really don't mind... Only thing that strikes me about your ISA is; are you using up the new tax years allowance if you are to make regular payments? That's something I've avoided, perhaps I misunderstand. And Welcome to the Forum!!!
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Post by wyndstryke on Apr 11, 2016 0:25:25 GMT
... Only thing that strikes me about your ISA is; are you using up the new tax years allowance if you are to make regular payments? That's something I've avoided, perhaps I misunderstand. ... At least for pre-2016 ISAs... Well, say the annual allowance is 15k, the original ISA already contained 10K from the previous year, and you make 3 monthly regular payments of 1k into the original ISA in this tax year, and then do a transfer into a new ISA. There are now two alternatives. Either you can then do another 12k payments during the remainder of the tax year into the new ISA that you transferred into, and the 10K it had already contained doesn't come out of your allowance. But the regular payments into the original ISA have to stop because only one ISA can be paid-into at one time. Alternatively, I think you can continue regularly paying into the original as long as you don't make any payments other than the transfer into the new one. But this I'm uncertain about. For the ZOPA ISA, I suspect that existing ZOPA funds would count as cash and would count against your allowance. If it's still the case in 2016 that you can only have one ISA at a time permitting cash payments then this would be a factor. I'm not sure what rules are changing with the 2016 ISAs.
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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 Apr 11, 2016 7:26:42 GMT
... Only thing that strikes me about your ISA is; are you using up the new tax years allowance if you are to make regular payments? That's something I've avoided, perhaps I misunderstand. ... At least for pre-2016 ISAs... Well, say the annual allowance is 15k, the original ISA already contained 10K from the previous year, and you make 3 monthly regular payments of 1k into the original ISA in this tax year, and then do a transfer into a new ISA. There are now two alternatives. Either you can then do another 12k payments during the remainder of the tax year into the new ISA that you transferred into, and the 10K it had already contained doesn't come out of your allowance. But the regular payments into the original ISA have to stop because only one ISA can be paid-into at one time. Alternatively, I think you can continue regularly paying into the original as long as you don't make any payments other than the transfer into the new one. But this I'm uncertain about. For the ZOPA ISA, I suspect that existing ZOPA funds would count as cash and would count against your allowance. If it's still the case in 2016 that you can only have one ISA at a time permitting cash payments then this would be a factor. I'm not sure what rules are changing with the 2016 ISAs. You can only pay new subscriptions into 1 ISA of each type per financial year. Assuming the ISA you transferred to is an IFISA & you transferred from a cash ISA you would be able to subscribe the remainder of your current year allowance to either ISA. Existing Zopa funds dont count towards your allowance if they arent in an ISA, only if you move them to the ISA and you would have to sell any loans first to do this as you can only move cash. The basic ISA rules are unchanged bar the extra type of ISA. Big change is the Flexible ISA allowing money to be withdrawn and then replaced within a financial year. Lots of threads on various aspects of ISA on the general board. If you're unclear I would seek advice as its not worth the risk of an error
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Post by wyndstryke on Apr 11, 2016 12:57:53 GMT
Great detail, thanks :-)
I've only ever used cash ISAs so missed the significance of the IFISA being different to a cash ISA.
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