Marcus to launch S&S ISA

MDMD

Article in FT saying Marcus to launch S&S ISA.

https://www.ft.com/content/145467d6-da1b-11e9-8f9b-77216ebe1f17 (paywall)

Also mentioned on this Reuters article
https://uk.reuters.com/article/britain-press-ft-idUKL3N26E0G7

Nothing about any cash ISA products

The FT article also suggests that they are approaching the £25bn limit when the UK ringfence rules kick in, and they would need to separate retail and investment bank operations, which they say may have partly contributed to the bonus rate cut

bowlhead99

Always interesting to hear about what new entrants might come into the S&S space, though the article doesn't speculate on what S&S products might be made available inside their ISA, or when it would be ready for launch; in the US, they only use the Marcus brand for savings and loans.

FT_article wrote:

A stocks and shares Isa is the “logical next step” for Marcus, according to two people briefed on the plans. They added that the plan was in its early stages and it was not clear if the product would be ready for the UK “Isa season” next spring when consumers’ annual £20,000 tax-free savings allowance resets and money typically flows into such accounts.

jamei305

Sounds like speculation to me. There were articles back in May suggesting they planned to launch a cash ISA as the "logical next step" i.e. complete guess as to what they might reasonably be expected to do next.

Alexland

I still believe this will be via Nutmeg, see below prediction:
https://forums.moneysavingexpert.com/discussion/5954236/nutmeg-and-marcus-collaboration

Nutmeg were recently advertising a job for a director of B2B for white labeling their product.

Thrugelmir

MDMD wrote: »

which they say may have partly contributed to the bonus rate cut

Launching a new retail bank requires a high marketing spend. Offering a market leading rate initially guarantees the headlines. To make further inroads other consumer products will have to be added to the range.

tin586

Thanks for the warning!:D

Some interesting below the line comments on the FT piece, including this gem:
“Wonderful. Crass capitalism should be open to all.”

More seriously, competition is welcome.

isasmurf

They became authorised to manage cash and S&S ISAs a couple of months ago.