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The Zopa ISA – an update

Posted on 02 Jun 2016 by Emma Boswood

Earlier this year, we let you know about our new Innovative Finance ISA (IF-ISA). It’s now June, and many of you, quite rightly, are asking: where’s our ISA?

Our full approval from the FCA is still pending, which we need in order to offer an ISA. The process can take up to a year, and since we submitted our application in autumn 2015, we’re still within the normal timeframes.

We, like the majority of peer-to-peer firms in the UK, are working closely with the FCA to progress our application, and we’ll let you know as soon as we get the nod.

The good news is, pending approval, our ISA is ready to go. In the meantime, you can already benefit from tax-free earnings across all our lending products with the Personal Savings Allowance.

Here’s a little reminder of what you can expect from our ISA:

  • Our ISA is flexible
  • You can transfer in current year and / or historic ISAs
  • You get the same great rates currently available for Access, Classic, and Plus

Due to HMRC restrictions, you won’t be able to move your existing Zopa loans into the ISA wrapper. Instead, you’ll be asked to sell your loans and use the cash to buy new loans for your ISA. We’re working on ways to make this process as simple as possible.

We’ll keep you updated as things progress. In the meantime, you can register your interest in our ISA and be among the first to apply when we get the green light.

Happy lending!

Category: Lending
Tags: lenders, isa, innovative finance isa

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