Rob McCorquodale

 

14 thoughts on “Funding Circle ISA Survey Results

  1. “Can I open an IFISA with more than one provider? No…”

    Other ISA types allow for opening an ISA account without subscribing to it in that year, allowing still ISA transfers. The rule for them was as long as you don’t “subscribe” to the ISA with money from the current year, you can open another ISA of the same type.

    I’m hoping this will be the same case for IFISAs.

    It might be an idea to change the answer to say “investors are only able to subscribe to one per tax year”

  2. This is great news. I’m looking forward to the new ISA. Its a shame you can’t move your loan parts across but hey ho. Love the service Funding Circle. Thanks!!

  3. “Due to regulatory restrictions we will not be able to allow investors to directly transfer existing loan parts into a Funding Circle ISA.” – Is this something that you are looking to address in the future?

    • I am afraid that as this restriction is regulatory, we do not anticipate this changing for the foreseeable future. If it does, we will of course update all investors.

    • Yes, you will be able to purchase loan parts on the secondary market with your Funding Circle ISA.

  4. My existing ISA provider has said that to transfer funds to your new ISA fund, the request must come from you. Are you prepared to handle such requests?
    Ruth

    • Yes, we will be able to process transfer requests. We will release more detail on exactly how this will work closer to the time.

  5. When I invest into ISA can i buy all my current loans so transfering that money into an ISA and have the money I paid for my current loans paid back to me so all my investments in Funding circle will be in an ISA. I will be at leased doubling my investment in Funding circle

    • Hi Allan, great to hear you are planning to use the Funding Circle ISA. I am afraid this is something we are not able to facilitate due to regulatory restrictions. Loan parts can’t be transferred – they must be sold on an open market, which means loan parts must be traded on the secondary market. To transfer funds, you will need to sell your loan parts and withdraw the funds out of your Funding Circle account. You will then need to open a Funding Circle ISA, deposit funds, and use those funds to purchase loan parts.

  6. Above you have highlighted that the IF ISA will be implemented by the UK government effective 6th April 2016. Will Fundingcircle.com be launching there IF ISA in line with the launch date issued by the government or will it be later in the year??? If it is later do you have an idea of when FC will be able to offer IF ISA??

    • All platforms are required to receive full FCA authorisation before launching as an ISA manager, and although we expect to receive this in time for the next tax year on April 6th, timing will depend on receiving full authorisation from the FCA. We will update investors as soon as we are able to confirm the launch date.

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