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Octopus Choice secures FCA authorisation and eyes move into ISA market

by: Edward Murray
  • 09/01/2017
  • 0
Octopus Choice secures FCA authorisation and eyes move into ISA market
Peer-to-peer lending platform Octopus Choice has secured full authorisation from the Financial Conduct Authority (FCA), opening the door to an Innovative Finance ISA version of its product.

Launched in April 2016, Octopus Choice has facilitated almost £45m worth of borrowing across more than 75 deals. It is part of the Octopus Group, that also includes bridging lender Octopus Property.

Every loan completed over the Octopus Choice platform is secured against residential property at loan-to-values averaging 60%, and is underwritten by Octopus Property. Since its launch in 2009, Octopus Property has lent over £2.2bn with a default rate of less than 0.1%.

Octopus Group also invests 5% in each loan on a first loss basis, meaning it would lose its own money first in the event of a problem.

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

She added: “While we’re currently working on an ISA version of the product that will be made available later this year, our primary focus is on giving the best possible service to the thousands of financial advisers and investors we’ve already attracted.”

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