最有看点的互联网乐天堂娱乐门户

最有看点的互联网乐天堂娱乐门户
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英国从业者担心:P2P可能会毁掉ISA的好名声

随着1986年个人持股计划、1990年免税特别储蓄账户的推出,英国的投资和储蓄实现了跨越式发展。"股票"与"储蓄"二词表明了二者风险上的不同。

1999年4月6日ISA(个人储蓄账户)取代了这两个词,模糊了储蓄和投资之间的界限,如今,从理论上说股份投资、企业债券投资都使用储蓄账户。

18年后,我们仍会经常遇到潜在客户不知道ISA账户除了存钱外也可以投资。我们遇到的有些客户早已有储蓄-投资ISA账户,但却宣称自己极度谨慎,完全抵制风险,被问及投资遇险时回应:"啊,但它们在ISA账户里,所以它们是安全的。"

我们花了很多时间教育这些让政府很困惑的人。有风险警告时,我们会印刷张贴四英寸的画报。也就是说,ISA度过了过渡时期,没有遇到任何带来坏名声的大灾难。

但Innovative Finance ISA提供免税利息,吸引储户进入P2P借贷,模糊储蓄和投资之间的界限,这一步迈得过大。确实过于大。

2016年2月,今日BBC节目对前FSA(英国乐天堂娱乐服务管理局)主席 Lord Adair Turner 进行了采访,他在节目中预测P2P借贷将有重大亏损。实际上,他明确警告"P2P借贷让最差的银行家看起来也像借贷天才,但未来五到十年间P2P借贷将会出现亏损"。

他担心投资者会借款给被银行拒绝的借贷者,且P2P业对无法申请人进行恰当的风险评估。

他确实有理由担心。一项投资本身很糟糕,许多"投资者"实际上是规避风险的储蓄者,但却被"ISA"的标签迷惑,贪婪沉溺于高于安全ISA储蓄的高收益中。

我猜想,从未做过投资、也未想过要做投资的年长储蓄者将自动把宣传利率与安全的现金账户联系起来。同样对乐天堂娱乐不了解的所有年龄段的人都会有类似想法。

通常,直言某事包含风险的消费者利益维护者尤其会完全忽略这一危险。而乐天堂娱乐顾问反映类似,几乎缄口不言。P2P借贷还未被管控,但我们知道我们能够依靠乐天堂娱乐服务补偿计划(Financial Services Compensation Scheme)制定规则,相信P2P会规范投资建议。

所以,我认为政府和监管机构必须及时阻止可能由此产生的乐天堂娱乐危机,比如可以给予P2P和ISA类似的税收优惠,但不要让P2P挂着ISA的标签,禁止任何暗示ISA相关的促销文字。这个名字我已经取好。把"Innovative Finance ISA"改为"风险企业借贷账户(Risk Enterprise Lending Account)"。

Investment and saving took a great leap forward with the advent of the personal equity plan in 1986 and the tax exempt special savings account in 1990.

Peps and Tessas did what they said on the tin; the words “equity” and “savings” spelling out the difference in risk between the two.

The Isa, which replaced them on 6 April 1999, blurred the line between saving and investing, as an investment in shares or corporate bonds was now theoretically a savings account.

Eighteen years later, we still regularly meet prospective clients who do not know an Isa can hold investments other than cash. Some we meet, who already hold stocks-and-shares Isas but who profess to be ultra-cautious and completely risk averse, respond when challenged over their investments with: “ah, but they’re in an Isa so they are safe”.

We spend a lot of time educating those the Government has confused. When it comes to risk warnings, we paint them with a four-inch brush. That said, Isas have survived the intervening period without any major disasters to give the product a bad name.

But when it comes to blurring the line between saving and investing, the Innovative Finance Isa offering tax-free interest to tempt savers into peer-to-peer lending is a step too far. Way too far.

Innovative Finance Isas have yet to take off but, when they do, you can bet the advertising for them will lead with the high and juicy interest rates on offer.

Interviewed on the BBC’s Today programme in February 2016, former FSA Chairman Lord Adair Turner predicted big losses on peer-to-peer lending. In fact, he memorably warned that “the losses on peer-to-peer lending, which will emerge within the next five to 10 years, will make the worst bankers look like absolute lending geniuses”.

His worry was that investors would be lending money to borrowers rejected by the banks and that the peer-to-peer industry would fail to properly risk-assess the recipients.

He was right to be worried. That in itself is bad enough but many of those “investors” will, in reality, be risk-averse savers gulled by the “Isa” tag and sucked in by the greed for interest rates way above those on offer from safe cash Isas.

I foresee elderly savers who have never been, and who have never wanted to be, investors automatically associating the advertised interest rates with safe cash accounts. Likewise, the financially unsophisticated of all ages.

I find it extraordinary the consumerists who are normally so vocal on anything involving risk have completely missed this danger. Equally extraordinary is the near-silence of the adviser community. Peer-to-peer lending is unregulated but we know we can count on the Financial Services Compensation Scheme to game the rules, deeming peer-to-peer investment advice regulated. Chequebooks at the ready folks.

For once, the Government and the regulator have the opportunity to head off a disaster before it happens. Give peer-to-peer Isa-style tax breaks by all means, but do not let it use the Isa tag and ban any reference in promotional literature implying any resemblance to Isas.

To save the Treasury hiring brand consultants to come up with a new name, I have done it for them. Change “Innovative Finance Isa” to “Risk Enterprise Lending Account”. I am sure the product will do exactly what it says on the tin.


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