LENDING Works has been authorised as an ISA manager by HMRC and plans to launch the Innovative Finance ISA (IFISA) early next year, Peer-to-Peer Finance News has learnt. The peer-to-peer lender announced in October that it had received full Financial Conduct Authority (FCA) approval after a lengthy application process. Once approved by the City watchdog, […]
FOLK2FOLK has become the latest peer-to-peer finance platform to win full authorisation from the Financial Conduct Authority (FCA). The Cornwall-headquartered business lender now hopes to be able to offer its Innovative Finance ISA (IFISA) before the end of the tax year, pending HMRC approval. “We are delighted that the FCA has granted Folk2Folk its full authorisation for peer-to-peer […]
THE FINANCIAL Conduct Authority (FCA)’s approval of peer-to-peer lenders is gathering pace, with CapitalStackers the latest platform to get the regulatory green light. The Stockport-based lender matches property developers seeking finance with investors, who will receive returns of up to 20 per cent. “We have always had a strong commitment to compliance, abiding by strict […]
RATESETTER’S Australian subsidiary has just hit a milestone of 5,000 investors and expects to double this figure over the next six months, as consumers eschew banks for alternative finance options. The platform, which recently celebrated its two-year anniversary, is currently funding around AUS$2m (£1.18m) in loans per week and its loan book has grown by […]
PEER-TO-PEER lender Wellesley & Co has avoided being struck off the Companies House register after filing its late accounts at the eleventh hour. Last week, the firm received a First Gazette notice for compulsory strike-off from Companies’ House, giving it two months to file its accounts before being struck off the register and dissolved. However, […]
FORTY five per cent of Brits do not know where to turn for business funding, and 64 per cent do not have the financial means to support their business ventures, according to a new survey. Just over a third (35 per cent) of Britain’s entrepreneurs would resort to personal savings if they wanted to start […]
UK CONSUMER lending will remain stable next year despite the Brexit fallout, Fitch has predicted. “In 2017, uncertainty about the UK’s economic outlook will weigh on corporate investment, while sterling’s depreciation will result in real wage falls, cutting consumer confidence,” said the ratings agency on Tuesday. “Thereafter, Fitch expects modest unemployment increases and low, but […]
ASSETZ CAPITAL has hired former RBS executive Rob Pailin (pictured) as its chief commercial officer and to join the board of directors to help drive the peer-to-peer lender’s growth. Pailin was previously managing director of RBS corporate, where he was in charge of the bank’s business in the north and helped to prepare for RBS’ upcoming rebrand […]
ZOPA, the UK’s oldest and largest peer-to-peer lender, has had a re-brand. Gone are the overlapping circles on the logo, as are the yellow and orange, replaced with a cleaner, more minimalist logo. The website has also had an overhaul, making it sleeker with lots of calming blue. More modern, more fintech, courtesy of design […]
BUY-TO-LET lender LandlordInvest has become the latest peer-to-peer finance platform to gain full authorisation from the Financial Conduct Authority (FCA), following a 24-month application process. The platform has now applied to HMRC for approval to offer the Innovative Finance ISA (IFISA) and expects to be able to sell the tax-free product within the next few weeks. At […]
GROWTH Street has received appointed representative (AR) status, meaning it can now accept retail investors on its platform. This will transform the company from a business-to-business lender into a peer-to-peer finance platform that is open to consumers, as it is now on the Financial Conduct Authority (FCA)’s financial services register. As Peer-to-Peer Finance News previously […]
MORE than 1.6m Brits have lent money to a loved one to help them start or grow a business, as it is revealed that UK banks turn down 26 per cent of business funding applications. According to new research by ThinCats, at least £7.2bn has been lent by family and friends, with an average loan […]
THE average cash ISA is paying below one per cent for the first time ever, putting even more pressure on savers who can no longer find inflation-beating returns on the high street. According to new data from Moneyfacts, the average easy-access ISA rate is now just 0.73 per cent, down from 1.09 per cent a […]
ONLY one lender made use of the Bank of England’s Funding for Lending Scheme in the third quarter of this year, new records have revealed. Aldermore, the Reading-based bank which specialises in small- and medium-sized enterprise (SME) lending, was the only lender to make use of the scheme between July and September of this year, withdrawing […]
THINCATS has partnered with a software developer to improve its management of client money, amid regulatory scrutiny of the peer-to-peer finance sector. The Midlands-headquartered P2P finance platform, which originates secured business loans, is now using Watson Wheatley Financial Systems (WWFS)’ iRecs reconciliation solution to improve its operational control processes. This is the first time that the […]