Assetz pauses withdrawals from Access Accounts

Assetz Capital has temporarily stopped allowing investors to make withdrawals from its popular Access Account, citing coronavirus concerns.

A note on the platform’s website this morning read: “Withdrawals from our Access Accounts are currently paused as we are no longer in normal market conditions as a result of coronavirus. We expect this to be a short-term measure and will provide regular updates.”

Read more: Assetz Capital receives £15m funding from BBB

Peer2Peer Finance News understands that the measure was put in place yesterday evening. Investors were not contacted directly, but Assetz Capital’s chief executive Stuart Law addressed investors on the P2P Independent Forum to allay their concerns and explain the platform’s position.

“We expect the Access Account withdrawals to continue again as the queueing system starts up in the next few days,” said Law.

“We will advise more tomorrow.

Read more: Assetz Capital changes how investors deposit funds

“This is just a move to withdrawals being connected more to deposits, something all our peers use in normal market conditions and we only intend to use in more interesting markets that we have temporarily today.

“And this doesn’t affect rates of return, withdrawal of cash from your cash account nor any secondary market trading – it is solely how the Access Account withdrawal process will work in these temporary market conditions.”

Fears and uncertainty surrounding the coronavirus pandemic have led to dramatic falls in the stock market, but P2P platforms have been quick to reassure investors that they expect to be largely unaffected by market panic.