The House Crowd, a UK property crowdfunding platform, announced on Friday it has received full authorization from the Financial Conduct Authority (FCA). Frazer Fearnhead, founder and CEO of The House Crowd, revealed more details by stating:
“We are extremely pleased to announce that after (a very long) 27 months from applying, we have finally received our direct authorizations from the FCA. It’s been a long drawn out and complicated process, partly because of the different types of products we offer (both equity and peer to peer), and partly due to shifting regulatory goal posts.”
Fearnhead also reported that the direct authorization will give The House Crowd greater credibility, which will give investors greater reassurance and opens up the way for us to grow the company by attracting more funding.
“In particular for you, our members, it means we can now start the ball rolling to set up our Innovative Finance ISA (IFISA) which will enable you to invest up to £20,000 a year in our development finance and peer to peer products and earn attractive returns – all in a tax-free wrapper.”
Fearnhead then noted that he and his team will do their best to get the IFISA up and running before April so that those who may want to transfer funds from any existing ISA or make sure use for annual allowance for 2017-2018. He then added:
“Look out this month for news on our new Auto-Invest product which will be launched to coincide with our new website.”
Founded in 2011, The House Crowd states it offers simple, transparent property investments that remove the uncertainties usually faced by small investors and enables anyone to build a property-based investment portfolio that delivers predictable, consistent returns.