HMRC amends IFISA rules after industry pressure

IFAs will now be able to build a balanced IFISA portfolio across a range of platforms, as opposed to being limited to invest in a single platform.

Members of the peer-to-peer industry believe the move will increase competition and accessibility to the P2P market for a wider pool of investors, and create a level playing field for P2P platforms.

Jake Wombwell-Povey, CEO and co-founder of Goji, said:

"With a matter of weeks until the IFISA goes live, the news that HMRC has amended draft legislation to allow aggregator platforms could not be more welcome. Goji has consulted with peer-to-peer lending platforms, run a sustained campaign on this issue, and applaud HMRC for being so open to counsel from the industry.

"This subtle difference in regulation will have a colossal impact on investors who choose to participate in peer-to-peer lending. It will widen the peer-to-peer lending industry's reach and appeal and solidify its reputation as one of the most exciting investment areas for retail investors right now.

"The credibility that the IFISA offers to peer-to-peer lending will prove crucial for sustainable, long term industry growth and diversifying platforms investor bases and sources of funding.  Of course the Chancellor's announcement in the Budget yesterday, that from next year the ISA limit will increase to £20,000, will also be a massive boost."