2016 Government Draft Regulation (Innovative Finance ISA)
The first draft of Government regulation pertaining to the 2016 Innovative Finance ISA was released to the public in early December 2015. This has been a much-awaited release and is expected to herald the dawning of a new age of peer-to-peer lending. Some industry analysts are estimating that the regulations could create up to 400,000 individual Innovative Finance ISA lenders.
One of the key questions on everybody’s mind presently is – with draft legislation only released in December 2015, which (if any) peer to peer lending platforms will be ready to go from April 2016?
Some expect that perhaps only 10-20% of the current UK peer to peer lending platforms will be ready to run straight after the launch of the platform; those with interim permissions are expected to fall outside of the new regulation. Watch this space!
Updated: Monday, February 18th, 2019