P2P lender LandlordInvest gains full FCA authorisation
London-based LandlordInvest has become one of the first peer-to-peer (P2P) lenders to gain full authorisation from the Financial Conduct Authority.
The platform, which offers buy-to-let and bridging loans, has gained full FCA authorisation after a 24 month application process, and will mean the firm will be able to start offering the Finance ISA (IFISA) to investors.
Launched in April this year, the IFISA allows P2P investors to get a better return on their alternative finance investments by enabling them to earn interest free of income tax.
However, alternative lenders must have obtained full FCA authorisation before they are able to offer the IFISA, meaning LandlordInvest joins a very select group of lenders, which includes Crowdstacker and Crowd2Fund, who have currently obtained full authorisation.
LanlordInvest has also said it is applying to the HMRC to become an ISA manager, the final barrier before it can begin offering the new ISA.
Filip Karadaghi, LandlordInvest’s Chief Executive commented: “We have after a long and rigorous process finally been authorised by the FCA. 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.
“Full FCA authorisation 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.
Other big name P2P lenders include Zopa and Ratesetter are expected to obtain FCA authorisation soon, after the FCA’s ‘rigorous’ application process has meant only a small handful of P2P lending platforms have gain full approval thus far.
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