ThinCats will be offering an Innovative Finance ISA once we are granted full FCA authorisation. We will be ready to launch as soon as this happens but in the mean-time we thought we would update you on timescales and the progress we have been making.
ThinCats submitted its application for full authorisation in by the deadline in October last year. We are presently working with the Financial Conduct Authority to help the regulator understand us and the sector. ThinCats, like the other large members of the P2PFA, has yet to receive authorisation.
All P2P platforms have interim FCA permission but we require full authorisation in order to offer the IFISA. We submitted our full application for authorisation by the required deadline of 31 October 2015 and we continue to work with the FCA in answering its queries and accommodating its site visits.
The FCA issued a Call for Input over the summer, where it issued questionnaires to about 30 platforms. It has visited seven of them to undertake site visits over several days. As one of the larger P2P platforms, the FCA chose to visit ThinCats. The purpose of the questionnaire and the visit was to enable the FCA to obtain a better understanding of the business models operated by the various platforms.
We can assure you that we are doing everything in our power to progress our application as expediently as possible, and will keep you informed of our progress and the availability of the IFISA when we are able.