Skip to content
International Adviser
  • Contact
  • Login
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • My IA
    • Events
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

SIGN IN INTERNATIONAL ADVISER

Access full content on the International Adviser site, access your saved articles, control email preferences and amend your account details

[login-with-ajax]
Not Registered?

Isle of Man opens the door to crowdfunding platforms

By , 17 May 16

The Isle of Man has introduced new legislation to regulate crowdfunding platforms in a bid to attract more of the peer-to peer lending startups to the island.

The Isle of Man has introduced new legislation to regulate crowdfunding platforms in a bid to attract more of the peer-to peer lending startups to the island.

Working closely with regulator the Financial Services Authority (FSA), the island’s department for economic development said the new regulatory framework has been designed to attract startups specialising in investment and debt crowdfunding.

“The Isle of Man is the first international business centre to introduce this type of legislation and we believe it will support the creation and growth of new businesses on the Isle of Man.” said John Garland, head of corporate financial services for the Isle of Man’s government.

Existing platform firms and those looking to set up business on the crown dependency will now be required to apply for a Class 6 Crowdfunding License from the FSA.

“We have been working very closely with the Isle of Man FSA and local industry to develop a robust and business friendly licence that can support new and exciting business on the Isle of Man,” Garland said.

Crowdfunding in financial services

Debt crowdfunding, also known as peer-to-peer (P2P) lending, allows investors to bypass traditional banks and put their money into projects that usually pay their money back with interest.

Popular platforms include LendInvest, which specifically invests in residential and commercial mortgages and Funding Circle, aimed at providing loans to small businesses.

Meanwhile, Dutch platform Symbid, one of dozens of equity crowdfunding platforms sees people invest in opportunities in return for shares, or a small stake in the business, project or venture where if successful the value will go up.

Tags: Isle Of Man

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Latest news

    BBY former executive chairman charged over ‘dishonest use’ of $1.95m client money – ASIC

    ISA - acronym from wooden blocks with letters, ISA Individual Savings Account concept (Industry Standard Architecture ), top view on grey background

    Financial planning

    Titan Wealth study highlights need for UK ISA reform

  • Latest news

    UK financial services revolution predicted after FCA reforms released today

    Latest news

    TISA and industry urge UK government to rethink IHT on pensions


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.