mason
Member of DD Central
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Post by mason on Apr 21, 2017 11:25:54 GMT
i dont think you are allowed to sell then re buy your own loan. 6.14a For any acquisition of investments in an ISA, the conditions that must be satisfied are as follows. (a) The investments must not be purchased from the investor, or from the investor’s spouse or civil partner. taken from www.gov.uk/government/publications/guidance-notes-for-isa-managersThis condition is under the section "Generation of a cash subscription by the disposal of existing investments". What it describes is a situation where there is a sale of investments, followed by a cash subscription of the proceeds, followed by a purchase of the same investments. The more relevant guidance is: 10.5 Managers may not purchase investments from
- the investor, or
- the investor’s husband, wife or civil partner
so that they become investments in an ISA to which the investor subscribes or has subscribed.Discussed further here: p2pindependentforum.com/post/183799/thread
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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 21, 2017 11:51:14 GMT
Ah another can of worms. It isnt actually possible to buy your own loan on Lendy as the individual loan part is repaid and then reissued as a new loan part. P2P throws up some interesting issues not relevant in S&S and Im not entirely sure the legislation/guidance has fully covered them all. The key criteria will be what can be determined as a direct transaction between related parties I suspect. In the case of Lendy, I dont think it is an issue like it is on FS because it is much harder to identify individual loan parts in the queue. it is an issue specific to platforms that offer buying and selling at a discount/premium which allows the selection of specific loan parts & therefore related party transactions that can circumvent previaling market rates to some extent. Anybody wonder why it takes so long for the FCA to authorise all these platforms  |
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