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 26, 2017 14:51:32 GMT
Here's the specific section from the Guidance for managers 9A.8 Peer-to-peer loans held outside of the ISA wrapper cannot be sold, and repurchased inside an innovative finance ISA except where the loans are sold and are made available for purchase (using cash held by the ISA manager), at the same price, by any lender in the open market. That is, the loans must be available for purchase by more than one prospective purchaser. It will not therefore usually be open to a platform to purchase a lender’s portfolio of loans and for the proceeds to be used to reacquire the same loans inside the ISA wrapper. Any purchase would need to be of loans made openly available to any prospective lender.ISTM rollovers would not be transferable as they would not be 'available for purchase by more than one prospective purchaser' even if it is effectively a new loan as that part of the loan is never made available on the open market. For completeness here is the second paragraph of the relevant (or not) clause quoted above It will not therefore usually be open to a platform to purchase a lender’s portfolio of loans and for the proceeds to be used to reacquire the same loans inside the ISA wrapper. Any purchase would need to be of loans made openly available to any prospective lender.
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elliotn
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Post by elliotn on Mar 26, 2017 17:39:28 GMT
I'm interested hear other's views, but it seems like no minimum length of time is specified for the loan parts to be made available on the SM before they can be repurchased. MT would need to seek guidance, but an automated service utilising the existing SM might be permissible. Gather together everyone's bed & ISA requests, dump them all on the SM at the same unspecified moment, and some fractions of a second later process the purchases. Perhaps one or two might be lost to the bots, but I'd be willing to take that risk. Or pair us up so we can trade with one another. In reality, it is not hard to sell a loan-part in one MT account and re-buy it in another, provided that you've both account windows open at the same loan and enter your buy instruction quickly. I've done it on quite a few occasions, for one reason or another, and have yet to lose anything to the mythical "bots". Between a personal and business account this may work but between accounts in different names without platform agreement to be operated by the same person (per t&c) this would be - to state the obvious - a "greyer" area.
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stevio
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Post by stevio on Mar 26, 2017 17:51:03 GMT
In reality, it is not hard to sell a loan-part in one MT account and re-buy it in another, provided that you've both account windows open at the same loan and enter your buy instruction quickly. I've done it on quite a few occasions, for one reason or another, and have yet to lose anything to the mythical "bots". Between a personal and business account this may work but between accounts in different names without platform agreement to be operated by the same paerson (per t&c) this would be - to state the obvious - a "greyer" area. Why?
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Post by GSV3MIaC on Mar 26, 2017 19:51:41 GMT
Because IRC the T&Cs say you can't operate someone else's account. However SteveT just said "two windows", he didn't say it was the same person's fingers working both of them .. indeed it'll work better with two players.
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