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Peer2Peer Finance News | August 17, 2017

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Investors remark on “disappearing capital” from Zopa IFISA due to IT glitch

Investors remark on “disappearing capital” from Zopa IFISA due to IT glitch
Suzie Neuwirth

SEVERAL lenders who invested through Zopa’s Innovative Finance ISA (IFISA) have complained that small amounts of money were disappearing from their account.

The issue occurred when funds were invested in the ISA Plus product and appeared to be missing capital rather than negative interest, investors on the P2P Independent Forum said.

“I opened my ISA with £2,000 on the launch day, and over the course of the last couple of weeks, pennies have constantly been disappearing while it’s been moving from ‘New Money’ to actually being invested,” said one user on the forum, named elpasi. “It went to £1,999.  Then £1,998.  Now it’s at £1,995, but still moving downwards very gradually.”

Read more: Zopa completes fundraising ahead of bank transition

Zopa is understood to be rectifying the technical issue.

The world’s oldest peer-to-peer lender launched its tax-free wrapper in June, offering target returns up to 6.1 per cent. It was initially opened purely to existing investors to avoid an imbalance between lenders and borrowers.

The consumer lender is not the only platform to have experienced IT glitches in recent times. Investors in P2P pawnbroker Collateral were not able to log in to their online bank accounts last month due to an issue with its bank partner Santander.

And property platform Lendy experienced an IT problem earlier this year which stopped new deposits showing up on certain accounts.