Full FCA Approval For Money&Co. - IFISA Launch To Follow


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We've been promising readers and registered lenders exciting news for some time. Here it is: Money&Co. has now received its full Financial Conduct Authority approval. This means that we will be able to offer the Innovative Finance Individual Savings Account (IFISA) shortly.

This requires some systems work, and we are endeavouring to complete this as quickly as we can so that our lenders will be able to use some or all of their ISA allowance before the end of the tax year.

The ISA allowance for 2016/17 is £15,240.

Money&Co. recently added property lending to our offering and we believe that it will be particularly attractive to hold property-backed loans in an IFISA with an expected net tax-free yield of 7%. As soon as we have more information about our new IFISA, we will publish news here.

P2P Fin News Logo

Meanwhile, our frioends at P2P Finance News report on a new broadly similar offering from Lending works. "Lending Works' Innovative Finance ISA (IFISA) has hit its £1m limit within just 24 hours of its launch, due to 'unbelievable demand' from investors.

"The peer-to-peer lender had anticipated an influx of new customers eager to take advantage of tax-free earnings before the end of the tax year, so it had limited initial investment to £1m to avoid a mis-match between investors and borrowers.

"'We didn't want to take in £10m and leave the money waiting to be matched, or lower rates or credit criteria to lend the money out,' Matthew Powell, director at Lending Works, told Peer-to-Peer Finance News."

M&CLogo

P2P & Risk

Please bear in mind P2P is definitely not foolproof. Capital loaned is also at risk. Lenders should always scrutinise individual loans carefully before committing capital. Read warnings on site before committing cash.



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Disclaimer: Money&Co.™ is the trading name of Denmark Square Limited, Company Number 08561817, registered in England & Wales, authorised and regulated by the Financial Conduct Authority (FCA). The company is identified on the Financial Services Register under Reference Number 727325. The registered office is 58 Glentham Road, Barnes, London, SW13 9JJ where the register of Directors may be inspected. Denmark Square Limited (ISA manager reference number Z1932) manages the Money&Co. Innovative Finance ISA.