Following the conclusion of HM Treasury’s consultation ‘ISA qualifying investments: consultation on including peer-to-peer loans’, Christine Farnish, Independent Chair of the Peer-to-Peer Finance Association, said:

“We are looking forward to seeing the Government’s response in the New Year and hope it brings greater clarity to how savers can use Peer-to-Peer lending as part of their ISA wrapper.

“We strongly urge Government to set up a new category of ISA – a Lending ISA – rather than try and shoe horn peer-to-peer lending into either a cash or a stocks and shares ISA.

“In his recent Autumn Statement, Chancellor George Osborne endorsed our industry and I hope the ISA reforms will allow many more to benefit from our sector. Eventual inclusion in the ISA wrapper will enable millions of people to benefit from more competitive returns on their money. Using a P2PFA-registered member they will be able to do this in a way that is clear, fair and not misleading.”

ENDS
For further information please contact:
Adam Taylor, adam.taylor@cicero-group.com, 0207 297 5971

Notes for Editors:
HM Treasury’s consultation can be found here. The consultation closes at 12am on 13 December.

About the P2PFA:
The Peer-to-Peer Finance Association is a UK trade body that maintains Rules and Operating Principles that must be followed by all Member organisations to protect the interests of all their consumer and small business customers. The P2PFA publishes quarterly figures showing industry data and the cumulative lending. On April 1 2014, peer-to-peer lending became regulated by the Financial Conduct Authority.
The P2PFA’s current membership includes Funding Circle, RateSetter, Zopa, ThinCats, LendInvest, Madiston LendLoanInvest, MarketInvoice, Lending Works and Landbay.