The UK’s alternative finance sector has some important clarifications and a surprising omission to contend with in the Chancellor’s Autumn Statement.

HM Treasury’s “Spending Review and Autumn Statement 2015” promises an update on the functionality of bad debt relief for investors in peer-to-peer lender platforms, but the document does not refer to a specific time frame for any new legislation. The Statement does, however, confirm that the list if qualifying investments for the forthcoming Innovative Finance ISA (IFISA) has been expanded to encompass “debt securities.” This means that a variety of bond and mini-bond offerings are now in, although not those that have appeared on some equity crowdfunding sites because these are non-transferable.

Commenting, the Chair of the p2PFA, Christine Farnish, said: “This decision is welcome. We believe the risk of this asset class is closer to stocks and shares than a peer-to-peer loan. It is important that consumers are not confused by mixing up equity-based products to debt-based products.”

Ominously, there was no reference whatsoever in the fine print to 6th April 2016 – the date that has been earmarked for peer-to-peer lender platforms to become eligible for ISA investment. An assurance from HMT that this date would be honoured has been widely anticipated by industry participants. While there is no sign of a government backtrack, the silence is disquieting.

The Statement also states that a number of key Credit Reference Agencies (Experian, CreditSafe and Equifax) are to provide “equal access” to all SME credit information received from designated banks to “all finance providers.” The move has been seen as a key milestone in levelling the playing field between traditional lenders and alternative finance providers.