View more on these topics

FCA eyes commission ban for P2P Isas

FCA interior logo 620x430

The FCA is considering whether to ban commission on peer-to-peer lending within Isas.

Under Government plans, peer-to-peer lending agreements will be allowed within Isas from April 2016. Advising on these products will become a regulated activity from the same date.

In a discussion paper published today, the FCA says it is considering whether to ban commission for peer-to-peer Isa advice.

If commission is banned, this would also prevent the payment of commission to platforms such as those run by Sipp operators.

The regulator is considering whether its rules on the suitability of advice should apply to firms advising on the products.

But the FCA says it would not be proportionate to make advice on peer-to-peer lending subject to all the requirements of the RDR. It says it would not be appropriate for independent advice firms to consider peer-to-peer investments.

In addition, the FCA is asking for views on whether investors should be given information on: the tax consequences if the peer-to-peer loan is not repaid; the tax consequences of withdrawing a peer-to-peer agreement from an Isa; and the procedure for switching Isa manager.

The FCA is asking for responses to the paper by 31 December. It will then consult on any changes.



EU unveils investment costs disclosure overhaul

Policymakers are consulting on the detail underpinning disclosure documents being brought in under new European rules. Key Information Documents, known as KIDs, are being introduced as part of the packaged retail and insurance based investment products regulation, or Priips, which comes into force on 31 December 2016. KIDs aim to make costs and product details […]


Footballers in misselling claim over £100m film investments

Two financial advisers are in the spotlight after reports they earned more than £5m from recommending film scheme investments worth a total of £100m to some of the biggest names in British football. The Sunday Times reports that David McKee and Kevin McMenamin of Kingsbridge Asset Management invested almost £400m of their client’s money over […]

Fidelity recruiting for UK robo-advice push

Fidelity’s UK business is recruiting a new programme manager to drive the launch of a robo-advice service. In a job advert on the firm’s careers site, the firm says it is developing a portfolio management service to be used by both advisers and clients building portfolios with specific goals. Fidelity says: “This will be a […]

Tony Wickenden: The truth about death benefits

Last week I ranted about the difference between the headlines ascribed to financial changes announced by the Government and the detail set out in resulting legislation. I picked on the ‘abolition’ of tax on death benefits, the residence nil-rate band and the reduction in tax-relievable pension contributions made by high earners. All these gave rise […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm