Neobroker Lightyear announced on Monday that it has received approval from the Financial Conduct Authority (FCA) to offer products directly in the UK.
The firm, which was set up by ex-Wise executive Martin Sokk, has been active in the UK for a couple of years now.
However, the broker has been operating under an appointed representative agreement with compliance services provider RiskSave until now.
The new approvals mean the company can offer products itself, without having to use RiskSave’s regulatory umbrella.
In a statement today, Sokk said that the company would be launching cash and stocks and shares ISAs next year. These are tax-efficient accounts available in the UK, which allow clients to invest a certain amount annually, with no capital gains on any returns generated from that activity.
Lightyear is the second ‘neobroker’ type firm to get approvals from the UK regulator this month. Revolut also received approvals to offer investment products last week.