ArchOver launches IFISA to UK investors 24 May 2018 London Reporter: Jenna Lomax
Image: Shutterstock
ArchOver is to launch Innovative Finance ISA (IFISA), an initiative to help British investors make the most of their annual tax-free allowance.
ArchOver’s IFISA service offers investors credit control and security and the allowance to invest directly, earning tax-free interest of up to 10 percent per annum—far more than the average return on a cash ISA, according to ArchOver.
The UK government introduced the IFISA in April 2016. It allows investors to earn interest on peer-to-peer (P2P) investments without having to pay tax on their earnings.
According to recent research by ArchOver, over half (54 percent) of UK investors would put their cash into an IFISA if they had the money available, with nearly two thirds (63 percent) recognising that it would offer a higher return on their savings.
The ArchOver IFISA will be available to both existing and new lenders from 24 May 2018. Users will be able to invest their ISA allowance in all of the projects on the ArchOver platform, earning tax-free interest with a minimum investment of £1,000.
Investors can choose the security type depending on their needs, including investment models that provide protection measures like credit insurance, dispute resolution and controlled accounts and all-assets charges with Companies House.
Angus Dent, CEO of ArchOver, commented: “There’s a strong market out there for the IFISA, and we’re excited to get stuck in. Potential investors do need to be aware that the IFISA doesn’t work like a cash ISA— investment capital is always at risk—so it is essential that you work with a trusted and established partner.”
He added: “With our proven history of strong credit analysis and managing loans with extremely low default rates, we’re well placed to help people invest wisely and get the yield that they want on their cash.”
Ian Anderson, COO of ArchOver, said: “Our goal is always to work to our lenders’ and borrowers’ needs and provide them with the best service possible. This launch is an important part of the ArchOver story, as we continue to build an industry-leading investment platform that combines the best security with highly competitive interest rates.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 