The latest news from the world of Alternative Finance and FinTech
In the news this week
The FCA warned customers this week about investing in peer-to-peer lending through Innovative Finance ISAs. In a statement, the UK financial watchdog said: “Investments held in IFISAs are high-risk... anyone considering investing in an IFISA should carefully consider where their money is being invested before purchasing an IFISA.” Suffice to say the P2P lending industry didn’t take this lying down, arguing the FCA’s comments did not differentiate between the various types of peer-to-peer lending. Frazer Fearnhead, founder and chief executive at the House Crowd, called the FCA’s warning a “knee-jerk reaction” citing losses suffered by listed companies can be far greater than those from the P2P sector.
City watchdog issues warning on investing in peer-to-peer loans
The UK financial watchdog has warned customers about investing in peer-to-peer lending through innovative finance ISAs (IFISAS). The Financial Conduct Authority (FCA) said it had seen “high-risk” IFISAS, which invest money into products such as mini-bonds or peer-to-peer investments, being advertised alongside cash ISAs. (City A.M.)
The peer-to-peer lending industry has hit back at a warning from the financial regulator to consumers about the risks of the Innovative Finance ISA (IFISA). The Financial Conduct Authority (FCA) said it has seen evidence that IFISAs are being promoted alongside cash ISAs and has urged consumers to... (P2P Finance News)
Sesame Bankhall and Aviva in £5m fintech investment
Sesame Bankhall Group (SBG) and Aviva today revealed a £5m investment in new technology start-up firm Acre Software. The firms say the exclusive arrangement between SBG and Acre “will help to transform the way mortgage and protection advisers process business and service their clients”. (Financial Planning Today)
Revolut calls in ex-Daily Mail editor and hunts defamation lawyer as negative headlines continue
Buzzy, billion dollar fintech startup Revolut has hired a PR firm with a specialism in crisis communications and is recruiting an in-house defamation lawyer as negative coverage of the company continues. (Yahoo Finance)
RCI Bank, a new savings bank based in the UK’s county of Hertfordshire, has obtained a full banking licence. “As a French bank with a British home, we’re extremely proud of this milestone because we’re committed to being here for the long term, offering our customers competitive rates and great customer service for many years to come,” states the bank’s CEO, Jean-Louis Labauge. (FinTech Futures)
From 219,000 in 2010/11 to 157,000 in 2015/16, there has been a 28 per cent decrease in the number of cash ISA holders in Northern Ireland
Canada Life moves to UK with Temenos’ tech support
Canada Life has picked Temenos’ Multifonds Global Accounting platform to support its UK investment accounting operations. Under this new agreement, Canada Life will upgrade from its legacy ICON platform migrating over 700 funds in over 2,000 unique share classes and consolidate the investment assets for the UK and Canadian business onto a single technology solution. (FinTech Futures)
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