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Applications for P2P platforms rise ahead of launch of Innovative Finance ISA, UK FCA says

The U.K. Financial Conduct Authority said March 31 that itreceived numerous applications from companies for authorization to operate apeer-to-peer platform, but it could take up to 12 months to reach a finaldecision.

The news comes ahead of the launch of the Innovative FinanceISA, which, according to Reuters, is a tax-free savings product created with aview to boost investment in technology start-ups.

The FCA fully authorized eight entities to operate P2Pplatforms, while 86 firms are awaiting approval, out of which 44 were grantedinterim permission. Firms with interim permission are able to continue carryingout consumer credit activities until a decision is made on their fullauthorization.

Only P2P loans on platforms operated by firms with fullauthorization will be eligible investments for the Innovative Finance ISA.