The House Crowd receives FCA authorisation
Crowdfunding platform The House Crowd has received full authorisation from the Financial Conduct Authority (FCA) as a P2P firm.
This means that The House Crowd is now able to launch an Innovative Finance Isa (Ifisa), which allows investors to earn tax-free income on peer-to-peer lending activities and invest up to £20,000 a year in its development finance and peer to peer products.
On the accreditation, Frazer Fearnhead, founder and CEO of The House Crowd, said: “We are extremely pleased to announce that after a very long 27 months from applying, we have finally received our direct authorizations from the FCA. It’s been a long drawn out and complicated process, partly because of the different types of products we offer (both equity and peer to peer), and partly due to shifting regulatory goal posts.”
Fearnhead also reported that the direct authorization will give investors greater reassurance and open the way for his business to grow and attract more funding.
The House Crowd plan to get the IFISA up and running before April to support investors who may want to transfer funds from any existing ISA or make sure use for annual allowance for 2017-2018.
“Look out this month for news on our new Auto-Invest product which will be launched to coincide with our new website.” Fearnhead added
Founded in 2011, The House Crowd offers simple, transparent property investments that remove the uncertainties usually faced by small investors and enables anyone to build a property-based investment portfolio that delivers predictable, consistent returns.