This is in part, as reported, because of "the Enhanced Cooperation Agreement, signed in March 2018 by the UK and Australian financial regulators, aims to make it easier for regulated fintech firms to trade in both countries. The regulators have agreed to explore the regulatory approval process for innovative businesses that have already been authorised in the other jurisdiction." More on this later. Meanwhile, the latest offering on site, risk-rated at B+ with an indicative gross yield of 9 per cent, is doing well After just a day, Elliotts Hair hairdressing has raised 47 per cent of the £200,000, repayable over five years, that it is seeking.
The other offering on site is a fixed-rate loan at a yield of 8 per cent, rated A. It is property-backed, and has an A+ rating from our credit committee. A gross yield of 8 per cent equates to a return of 7 per cent net of our fees. If you invest via our Innovative Finance Individual Savings Account (ISA – see below for a step-by-step guide to how this works) you will receive the income tax-free. All loans on site are eligible for inclusion in a Money&Co. ISA. If you do not have a Money&Co. ISA yet, please click on the ISA application tab on the Home page and fill in the form. You will need your National Insurance number. The ISA allowance for 2017/18 is £20,000 and you must commit funds by midnight on 5 April or you will lose your ISA allowance for this year. For full detail on the process, see below.
A Process Guide To Innovative Finance ISA InvestmentOur offering is an Innovative Finance ISA (IFISA) that can hold the peer-to-peer (P2P) business loans that Money&Co. facilitates. For the purposes of this article, the terms ISA and IFISA are interchangeable. So here's our guide to the process:
Risk: Security, Access, YieldDo consider not just the return, but the security and the ease of access to your investment. We write regularly about these three key factors. Here's one of several earlier articles on security, access and yield. It's relatively easy to logon to our site and register to become a lender. But if that's all too new-fangled, you can call us on 020 3143 4004 or write to Money&Co., 58 Glentham Road, London SW13 9JJ. We'll then send you an ISA Brochure, and ISA Transfer Authority form (if you want to transfer monies from a Cash ISA) and a Freepost envelope. Then it's just a question of following your nose to get that income...