Octopus is to launch an Innovative Finance ISA on its peer-to-peer (P2P) platform Octopus Choice, after receiving full authorisation from the regulator.
Coming to market later this year, the ISA will initially be available for new subscriptions only, before being opened up to ISA transfers later down the line, platform head Richard Wazacz said.
The P2P market has grown exponentially in recent years. But in order to be able to provide the government's new Innovative Finance ISA (IFISA), which offers tax free interest, a company must first obtain Financial Conduct Authority (FCA) authorisation.
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