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Post by Landbay on Dec 22, 2016 11:59:47 GMT
As you may know, many peer-to-peer platforms have been working in collaboration with the Financial Conduct Authority (FCA) to move from a regulatory standpoint of interim operating permissions to full permissions.
Today we are pleased to confirm that, after 18 months of working closely with the FCA, Landbay has been granted its full authorisation for peer-to-peer lending. This is a significant milestone and it takes us one step further to launching our Innovative Finance ISA by the end of the 2016/17 tax year.
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Post by Deleted on Dec 22, 2016 12:55:23 GMT
This is very welcome news, do you anticipate allowing transfers of old ISA money as well as new current tax year money?
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Post by Landbay on Dec 22, 2016 13:54:01 GMT
Hi keystone Thanks for the enquiry. ISA rules, as set out by HMTreasury, do not allow direct transfers of existing loan investments into an Innovative Finance ISA. However, you will be able to sell their existing loan parts on the secondary market, assuming that there are other investors willing to replace their investment. Once the sale has taken place you can then deposit your money into the Landbay Innovative Finance ISA and invest it. As soon as we have our firm launch date in place we will be able to share additional information with you.
Best wishes,
Landbay |
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Post by Landbay on Dec 22, 2016 13:55:22 GMT
Hi @nirish
Yes, you will be able to transfer existing ISA money into your Landbay ISA.
Best wishes,
Landbay
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Post by pepperpot on Dec 22, 2016 14:02:32 GMT
Congratulations, fantastic news! Just need a few more borrowers to soak up all that juicy ISA money.  I note there still doesn't seem much progress in Dec, what's the outlook? |
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Post by Landbay on Dec 22, 2016 14:20:52 GMT
Hi pepperpotWe have a strong mortgage pipeline with a fair few completions set for January. Best wishes, Landbay |
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jmde
New Member
Posts: 4 
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Post by jmde on Jan 5, 2017 10:11:20 GMT
Hi, do you have any update on when you will be able to offer the IFISA please? thanks
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Post by landbayceo on Jan 6, 2017 18:48:54 GMT
We expect to launch the IFISA at somepoint in February. It is likely that it will be initially offered to current lenders on the platform. As soon as we are able to announce more details (including exact date) we will.
John
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I note there still doesn't seem much progress in Dec, what's the outlook?