Peer-to-peer lending platform Assetz Capital has received full authorisation from the Financial Conduct Authority (FCA).
To date it has lent more than £316 million to businesses nationwide. Following its successful FCA application, Assetz Capital is now in the final stages of completing its work on its Innovative Finance ISA (IFISA), which the firm says will be ready for roll out in Q4 2017.
Assetz Capital’s secured loan model, which has earned investors in excess of £26 million in its first four years, was approved by the FCA following a detailed assessment. The company plans to continue with its existing investments, including its Access Accounts, the Manual Lending Investment Account and the Property Secured Investment Account, as well as adding to this portfolio in the future.
Stuart Law, CEO of Assetz Capital, said: “We are pleased to have been granted full authorisation by the FCA in the last few days, and as a result we will shortly be revealing plans for our highly anticipated IFISA as the next step of our mission to deliver secured peer-to-peer loans to all. Providing our investments within a tax free wrapper will help bring further respite to the income-starved investor.
“Our cautious approach of employing a world-class credit underwriting team and taking realisable security on loans is essential for our investors’ peace of mind. Our focus remains to ensure the growth and security of our lenders’ investments, as well as the success of our borrowers’ businesses.
“Our team has done fantastically well to deliver such success to all of our stakeholders over the last few years and yet there is also so much more to achieve ahead of this milestone and we are all excited about the continuing journey.”