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Tisa lobbies Govt to allow peer to peer lending in Isas

Industry body will push for the Government to include peer to peer lending in Isas ahead of the Autumn Statement.

The Tax Incentivised Savings Association is lobbying the Goverment to allow investments in peer to peer lending to be held in Isas.

Peer to peer lending will be regulated by the FCA from next April when it takes over consumer credit regulation.

The Treasury has been in talks with the industry over the summer about including peer to peer lending in Isa.

Tisa’s submission for the Autumn Statement, sent this week, calls on the Government to investigate how peer to peer lenders can be included in stocks and shares Isas from April.

Speaking to Money Marketing, Tisa chairman Tony Vine-Lott says: “The Government could make some indication in the Autumn Statement such as carrying out a review or issuing a consultation but I would be very surprised if it actually had something in place by next April.

“In the meantime Tisa will definitely be inviting the savings and investment and peer to peer industries to join us in a project to look at what and how such an initiative could best achieve good outcomes for the Government, lenders and borrowers.”

Peer to Peer Finance Association chair Christine Farnish says: “Consumers can put money into cash or investment products as part of their Isa, so why not peer to peer lending?”

Speaking at the Future for Regional Banks conference in London, Treasury financial secretary Sajid Javid said: “Peer to peer lending is unregulated at the moment and it will be regulated going forward and we will make further announcements on the sector shortly. 

“It is also important to look at what else can help the industry as there are some tax issues and other issues about making it more attractive.”

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