FOR IMMEDIATE RELEASE
Innovative Finance ISA’s: What’s The Deal?
If you are like us, you have been anticipating the launch of alternative P2P ISA’s (innovative finance ISA). There are plenty of questions to be asked; when are they being launched? Where are they being launched? Can I get involved? Don’t worry; we are going to cover all these questions and get you up to speed
When are they being launched?
The deadline of course was the 6th of April however delays were extremely likely due to high number of P2P applicants with the FCA. This of course is understandable however the FCA could be under fire if delays continue. With only 2 platforms at this current point in time with accepted permissions that we know of (Crowdstacker and Abundance), investors will be waiting for other platforms to be live before they can make a decision on which provider suits their needs best. The authorisation process is very long winded and it’s important to make sure it is done correctly for customer’s financial safety. We should be expecting authorisation for these firms anytime soon.
Where are they being launched?
The innovative ISA will be launched on various P2P lending platforms. So far this consists of Ratesetter, Crowdstacker, Zopa, Funding Circle, Thincats, Wellesley, Crowd2Fund and Abundance. Business Agent will also be working with various partners and providing statistics and information on the various products offerings to help give investors and savers a more informative experience when making investment decisions. Business Agent does not offer advice, investors should always seek independent professional advice before they make any investment.
Can I get involved?
Yes, anyone can get involved. With providers looking to offer competitive rates you could be looking to earn 6-7% tax free from your ISA. Of course these are more risky than your traditional ISA’s and investors should always bare that in mind, however the benefits can be greater. Some providers boast a zero per cent loss on investors’ money which of course indicates them to be competent.
The ISA limit will be £15,240 per year; investors can transfer in money from another ISA also.
The Government also announced a new “Personal Savings Allowance” that will be launching alongside the IFISA. The PSA means that every basic rate taxpayer can earn £1,000 per year in interest without being taxed (higher rate payers are limited to £500).
Remember that these ISA’s are essentially investments and are of high risk, you could lose all capital invested. Be sure to know the risks before you decided to go ahead and make sure you have checked the whole market to help you make an informative decision.
Tel: 01920 486440
18 Aug 2016 15:15
09 Aug 2016 14:30
08 Aug 2016 12:00
02 Aug 2016 12:30
27 Jul 2016 16:30
For more information on JournoLink and how to receive more content like this, please visit https://journolink.com/journalists.