19 March 2013
The Peer-to-Peer Finance Association (P2PFA) today welcomed the announcement in the Budget that P2P lending will be brought within the scope of ISAs. That means that from the next tax year, consumers could in future invest up to £15,000 via P2P lending platforms without having to pay tax on any gains.
Christine Farnish, Chair of the P2PFA, said: “This is a great day for consumers who want a better deal from the financial services market. It shows that peer-to-peer lending is moving into the mainstream and is here to stay.”
About the Peer-to-Peer Finance Association
The Peer-to-Peer Finance Association (P2PFA) is the industry association representing debt based alternative finance providers operating electronic platforms. The P2PFA’s membership covers over 95% of the peer-to-peer lending Market and most of the invoice trading market. Current members include: Zopa, RateSetter, Funding Circle, Thin Cats, LendInvest, Madiston LendLoanInvest, Wellesley & Co and MarketInvoice.
The P2PFA works to promote high standards of business conduct and consumer protection across the sector and requires members to abide by a set of P2PFA rules and operating principles. The Association also represents the sector to regulators, policy makers and other interested parties.
In 2012 the Association appointed Christine Farnish CBE as the P2PFA’s Independent Chair. Christine has extensive experience of financial services regulation and consumer protection having in the past been the FSA’s first Consumer Director, an OFT NED, CEO of the NAPF, an ASA Council Member and Chair of Consumer Focus.
The Peer-to-Peer Finance Association welcomes the FCA new regulatory regime for peer-to-peer lending starting in April 2014 and believe it is important that all firms entering this important new market should behave responsibly, treat their customers fairly and manage their risks.