FCA grants Octopus Choice full authorisation

Peer-to-peer (P2P) lending platform Octopus Choice has secured full authorisation from the Financial Conduct Authority (FCA).

Octopus Choice claims to be the first adviser-focused P2P platform to be granted such permissions.

The authorisation has now enabled Octopus Choice to begin developing an Innovative Finance Isa (IFIsa) product, which it hopes to launch later this year.

Richard Wazacz, head of Octopus Choice, said: “We’re delighted that the FCA has decided to grant Octopus Choice full authorisation.

“It’s the culmination of some really positive dialogue with them over the past few months, and a hugely important milestone that will give renewed confidence to our fast-growing base of advisers and investors.”

Octopus Choice has facilitated nearly £45m of borrowing across more than 75 deals since its launch in April 2016.

Each loan is secured against residential properties at an average LTV of 60% and is underwritten by specialist lender Octopus Property.

The incredible demand we’ve witnessed in the nine months since launch underlines the level of interest that financial advisers and their clients have shown for this type of solution, especially at a time of low interest rates and rising inflation,” Richard added.

“We’ve achieved a huge amount in a very short time, but there’s still plenty we’d like to do to ensure Octopus Choice remains the simplest, safest and most transparent P2P product in the market.”

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