United Kingdom-based P2P LandlordInvest has gained filled authorization from the Financial Conduct Authority (FCA) after a two-year process.
LandlordInvest is a marketplace lending platform for buy-to-let and bridging loans which are secured by property.
Now that it is FCA-authorized, LandlordInvest has applied to HMRC to become an ISA manager so it can offer the Innovative Finance Individual Savings Account (IFISA). Once approved LandlordInvest will offer the IFISA directly via its platform.
“We are delighted to have reached this important milestone, ahead of many larger peer-to-peer lending platforms that are still operating under an interim permission,” CEO Filip Karadaghi said. “Full FCA authorization means that we have proved to the regulator that we are able to meet its high threshold standards and have the appropriate regulatory and operational infrastructure in place.”
Mr. Karadaghi said the IFSA will provide annual tax-free returns of between five and ten percent.