P2P lender ThinCats outlines IFISA plans
Peer to peer business lender ThinCats has set out its plans for the Innovative Finance ISA which should be available in April, subject to achieving full FCA regulation.
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Instead of moving towards homogenised savings products, ThinCats will retain its auction approach, allowing investors to select their own ISA investments from a range of business types and bid for the interest rate they want to earn.
98% of ThinCats members plan to take advantage of the scheme, with two thirds (68%) saying they will be committing their full ISA allowance.
Kevin Caley, Founder and Chairman of ThinCats, commented:
“2016 is going to be a landmark year for the peer to peer industry. The huge influx of ISA money will more than double the size of the market within a few months and make this unique asset class a must-have component of any well balanced investment portfolio.
“Growth at such a rate is a serious but welcome challenge for the peer to peer sector and will require careful management to maintain loan quality and platform stability. The ThinCats ISA will be available to all UK taxpayers, but existing ThinCats members will be given priority if demand is very high.”
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