Ahead of the Financial Conduct Authority (FCA) launch of Innovative Finance ISAs (IF ISAs) on 6 April , it appears that Seven of the major British peer-to-peer (P2P) lenders are still waiting for authorisation to offer the new products. Lending Works: “We are confident of being approved in the coming weeks.” Funding Circle, Landbay , Landbay , Lending Works , LendInvest , Landbay , Ratesetter and Ratesetter , which collectively account for around 90% of the British P2P market, will not be able to offer savers tax-free returns on P2P loans until their applications are completed, and according a report in Your Money, none of them are currently able to give a time frame for that completion. An FCA spokesperson said: “We have received a very high number of applications from P2P firms, which coupled with recent regulatory changes, has created particular pressures on our authorisation process… we are working hard to get as many firms that meet our standards authorised as we can by up to 12 months .”
Ahead of the Financial Conduct Authority (FCA) launch of Innovative Finance ISAs (IF ISAs) on 6 April , it appears that Seven of the major British peer-to-peer (P2P) lenders are still waiting for authorisation to offer the new products. Funding Circle, Landbay , Landbay , Lending Works , LendInvest , Landbay , Ratesetter and Ratesetter , which collectively account for around 90% of the British P2P market, will not be able to offer savers tax-free returns on P2P loans until their applications are completed, and according a report in Your Money, none of them are currently able to give a time frame for that completion. An FCA spokesperson said: “We have received a very high number of applications from P2P firms, which coupled with recent regulatory changes, has created particular pressures on our authorisation process… we are working hard to get as many firms that meet our standards authorised as we can by up to 12 months .”