Landbay looking to become the first major P2P player to launch P2P ISA
LANDBAY may become the first major P2P player to release the Innovative Finance ISA (IFISA), having been granted full Financial Conduct Authority (FCA) authorisation over the festive period.¹
The buy-to-let P2P lender has now become the fourth property-backed P2P platform to get authorisation following LandlordInvest, Folk2Folk and CapitalStackers, who all gained authorisation in December also.¹
It is now thought that the platform will now apply to HMRC for approval for the IFISA within the first half of 2017.
Landbay CEO, John Goodall, said: “This is a significant milestone for Landbay and we look forward to launching our property-backed ISA before the end of the tax year.
“As our industry continues to grow and mature, it is only right that regulation should evolve in line, and we welcome the detailed approach the regulator has taken throughout the process.”
In line with UK law, P2P lenders must have authorisation by the FCA before they can apply for ISA status from HMRC, as the ‘big three’, RateSetter, Funding Circle and Zopa still are operating under interim permissions.