Commenting on the launch of the Innovative Finance ISA, Louise Beaumont, Head of Public Affairs & Marketing at GLI Finance said:
“The launch of the Innovative Finance ISA is a watershed moment for the alternative finance industry and is a further indication that the industry is increasingly becoming part of the mainstream financial services sector. The IFISA will provide a new option for millions of savers looking for returns in the current low-interest rate environment.
Its introduction is further proof of the support provided by the Government towards the development of the alternative finance industry and, coupled with the recent introduction of the Bank Referral Scheme, recognition of the vital role it has played in supporting SMEs at a time when they have been consistently failed by traditional banks.
As a next step the industry must redouble its efforts to increase awareness amongst SMEs and consumers of the benefits alternative finance provides, and to work with the FCA to implement a regulatory framework that protects all stakeholders, fostering effective competition within the IFISA market in the process.”