This reached the office this morning. The team at the fourth largest P2P platform by investor numbers, said that they have gained the necessary sign-off from the FCA in time to start selling their Innovative Finance ISA (IFISA) on 6 April.
They point out that some of the of the biggest P2P finance platforms have not gained the necessary sign-off from the FCA (but, they didn’t elaborate any further).
Cofounder and MD of Abundance Bruce Davis said: “Being open for ISA business on day one is very exciting for us, and is a function of Abundance having been authorised as the first regulated p2p investment platform in 2011 by the FSA, and later the FCA when they took over. It is one of the things that makes us unique. It is also the reason we were able to launch the UK’s very first dedicated P2P Pension last year.
“The Innovative Finance ISA is a refreshing new opportunity for British savers and investors looking for higher returns than cash ISAs but less volatility and risk than equities. The Abundance IFISA will pay investors an effective rate of return of between 6 and 9% depending upon which projects they choose, and through the new ISA status, these twice yearly cash payments will be tax free.
“The other big advantage of the Abundance IFISA is that although it is designed to offer strong steady returns over the long term (typically 20 years), your holdings can be traded to others at any time on the website, free of any additional charge.”
So, there you are.