Lendy Wealth website reopens but fund access still restricted
THE LENDY Wealth website has been reopened for investors but they are still unable to withdraw funds.
A message from the collapsed peer-to-peer lender’s administrator, RSM, said users can now access their accounts but no money can be withdrawn until its anti-money laundering (AML) checks are complete.
RSM said its AML checks are now taking place after asking investors to update their details and are due to complete in October.
Read more: Lendy collapse: Who’s to blame?
Investors will be updated on when they can access their accounts and withdraw funds once accounts are verified.
RSM said last month that investors will have to go through AML checks again before they receive any money back after uncovering “certain deficiencies” in Lendy’s AML procedures.
Lendy Wealth was launched by Lendy in 2018 as an auto-investment product aimed at high-net-worth investors.
Lendy fell into administration in May, following months of speculation about mounting arrears and a legal dispute with a defaulted borrower.
The Financial Conduct Authority had slapped an asset restriction on Lendy earlier in the year, preventing it from releasing client money without the regulator’s written consent.