By Daniel Lanyon on 4th March 2018
The largest UK p2p lender launched its Innovative Finance ISA back in November but only to existing investors.
New investors to Funding Circle will have to wait until the new tax year to open an Innovative Finance ISA as the firm prioritises existing investors within the current tax year.
The firm launched its IFISA back in November, becoming the first of the ‘big three’ to do so. It prioritised existing investors to help balance demand for tax-free exposure alongside the supply of lending following the model set out by most other firms. Now it has said in an update to its existing investors that it will not roll out to new investors until the new tax year in April.
A spokesperson for Funding Circle said: “This week all existing customers received their invitation email to open an ISA and it is now possible for new Classic account customers to also open an ISA account. In the new tax year it will be possible to open up an ISA account directly without having to open a Classic account.”
RateSetter meanwhile has opened up its own IFISA to new investors last week.
Find out more about the Innovative Finance ISA with our first IFISA Special Report.