Specialist lender Folk2Folk has reported year on year growth for its Innovative Finance ISA (IFISA), with 44% more ISA funds received than in the previous year.
With several peer-to-peer platforms closing to retail investors, Folk2Folk says it has seen an inflow of new customers from Funding Circle, Ratesetter and Zopa, along with a transfer of their IFISA. Investors may transfer their ISA funds from one ISA provider to another by completing a Transfer Authority Form to ensure the funds remain within an ISA tax wrapper.
Folk2Folk MD Roy Warren said: “In recent times investors haven’t seen any benefit from their ISAs unless it has been with a firm like us paying a generous return. Now, as inflation creeps up, people still value a property-backed investment that offers a fixed return outside the volatility of the stock market.
“An IFISA provides the opportunity to build up investment over time, and this is the time of year when we see people shopping around for a better deal.”
