easyMoney calls for transparency over P2P withdrawal wait times
(Capital at risk - Past performance does not guarantee future results)
easyMoney has called on peer-to-peer lending platforms to tell their investors how long it will take to withdraw their money. The P2P property lender said investors’ confidence in the P2P sector would improve if platforms should become more transparent and publish this information as standard.
“The P2P industry needs every platform to work together to raise standards. Greater transparency leads to greater trust, which will grow the market for everyone,” said Andrew de Candole, chief executive of easyMoney
easyMoney said that it has returned investors’ money in an average of 2.4 days over the past 12 months, even if the money has already been invested in a loan.
Even if a platform takes weeks or even months to return cash to investors, reporting this in a transparent manner is beneficial for investors, the platform and the industry overall, the platform said.
“P2P platforms should be clear with their investors over how long it takes to withdraw cash to increase investor confidence in our industry,” said Andrew de Candole, chief executive of easyMoney.
“Every investor wants to make an informed choice over what they do with their money. Without key information like the wait time for a withdrawal, that’s very difficult.
“The P2P industry needs every platform to work together to raise standards. Greater transparency leads to greater trust, which will grow the market for everyone.
“We understand that not every platform will be able to report good news to their investors on waiting times. However, even those who have to give investors bad news will find their investors prefer them to be transparent.”
Original article available on Peer2Peer Finance News
easyMoney is not a cash savings account. You may not get back the full amount you put in. Your capital is at risk if you invest. Peer-to-peer investments are eligible for an Innovative Finance ISA which is not a Cash ISA. They are not protected by the Financial Services Compensation Scheme (FSCS). Money invested through easyMoney is concentrated in property and could be affected by market conditions. For the same reason, instant access cannot be guaranteed. We do not offer investment or tax advice.
easyMoney is the trading name of E-money Capital Ltd, a company incorporated in England & Wales. Registered office is 5 Fleet Place, London, England, EC4M 7RD (Company No. 04861007). E-money Capital Ltd is authorised and regulated by the Financial Conduct Authority (FCA) #231680.