Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
Stuart Law
November 2 2020

Assetz hopes to resume lending in access accounts by end of 2020

Michael Lloyd Industry News, News, Property, Top 3 access accounts, Assetz Capital, lender fee, Stuart Law

Assetz Capital’s chief executive Stuart Law hopes to resume lending in the access accounts and remove the lender fee by the end of the year.

The 0.9 per cent annual lender fee and the pause on lending in the access accounts have been in place for several months.

In March, the peer-to-peer lending platform temporarily paused payments to investors from its automated lending accounts after being hit by increased withdrawal requests at the height of the Covid-19 pandemic.

Then at the start of May, Assetz Capital introduced the temporary fee, after experiencing a substantial drop in its income as a result of the pandemic. This has been extended a few times and remains in place.

Law (pictured) said by the end of the year, he hopes that the platform would have introduced something to improve the liquidity in the access accounts and as a result when lending resumes in these automated lending accounts, it will be able to remove the lender fee.

Read more: Assetz expects to match 2019 lending volumes in the next six months

“We’re working on a final plan,” said Law.

“The next stage is getting the access accounts back up and running as intended. Many investors want to carry on lending and want a healthy return.

“There is no change with the lender fee, but it’s all one plan. We’re aiming to remove the fee by the end of the year.

“Hopefully, we can get the access accounts working by the end of 2020 and when we can lend again on the access accounts and they have improved liquidity, we can remove the fee.

“If the access accounts are not lending then we have all the running costs of the platform with no income from lending, which is partly why we introduced the fee.”

Read more: Assetz Capital chief “fully expects” to take part in CBILS replacement scheme

Last month, in a Q&A with investors, Assetz Capital’s management team revealed it is working on something to improve the liquidity in the access accounts and expects liquidity will return in the future once investor appetite to deposit funds into the accounts returns.

Meanwhile, the lender fee has been extended several times since it was introduced in May.

In June it was extended for three more months, then again in September and at the beginning of October.

Selling your platform or portfolio? Analyst speculates Metro Bank could become the target of an acquisition

Related Posts

ThinCats John Mould

Industry News, News, Property, Top 3

CrowdProperty unveils board changes and hunt for CFO

Business Analytics and Data Management System (DMS) giving key insights for corporate strategy. Concept with expert analyst building visualization with KPI and metrics from database information

Industry News, News, Top 3

4th Way gives its views on Zopa and Funding Circle returns

geld

Global News, Industry News, News, Top 3

October heralds record December despite Covid-19 crisis

Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by