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Peer-to-peer lenders hopeful of ISA deal

Crowdfunders are hopeful that the Chancellor will allow savers to include peer-to-peer lending in ISA wrappers.

A consultation process has concluded and now those involved in this growing sector of the fund-raising sector believe that it should be part of the established savings industry.

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 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.”

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