Peer-to-peer business lender, ThinCats, has outlined its plans for its forthcoming Innovative Finance ISA (IF ISA) which should be available next month, subject to achieving full FCA approval. Instead of moving towards homogenised savings products, ThinCats will apparently retain its auction approach, allowing investors to select their own ISA investments from a range of business types and bid for the interest rate they want to earn. An internal poll of ThinCats members has revealed that 98% are planning to take advantage of the scheme, with 68% of those members intending to commit their full ISA allowance. The new ISA is expected to offer an attractive return on investment compared to other products currently available, but it remains unclear how much this will translate into higher returns in practice. The huge influx of ISA money will more than double the size of the market within a few months and make this unique asset class a must-have component of any well balanced investment portfolio,” said Kevin Caley, founder and chairman of ThinCats.
Peer-to-peer business lender, ThinCats, has outlined its plans for its forthcoming Innovative Finance ISA (IF ISA) which should be available next month, subject to achieving full FCA approval. Instead of moving towards homogenised savings products, ThinCats will apparently retain its auction approach, allowing investors to select their own ISA investments from a range of business types and bid for the interest rate they want to earn. An internal poll of ThinCats members has revealed that 98% are planning to take advantage of the scheme, with 68% of those members intending to commit their full ISA allowance. “2016 is going to be a landmark year for the peer to peer industry. The huge influx of ISA money will more than double the size of the market within a few months and make this unique asset class a must-have component of any well balanced investment portfolio,” said Kevin Caley, founder and chairman of ThinCats.