RateSetter to Reportedly No Longer Process New Transfer-in ISAs Requests From Other Providers; No New IFISA Accounts Will be Opened for Existing Customers

 

RateSetter, a leading UK based peer to peer lender, is reportedly telling investors that starting at the end of January 2021, it will no longer process any new transfer-in ISAs requests from other providers. According to P2PFinance News, the online lender stated it will also no longer open new Innovative Finance ISA (IFISA) accounts for existing customers at the same time.

The media outlet further noted that there will not be any changes to other RateSetter ISA investments and the lender will complete any in-bound ISA transfers that are already in progress.

The latest news comes less than a month after RateSetter sold its £120 million portfolios of property development loans to Shawbrook Bank. According to RateSetter, the acquisition follows the announcement in August that the lending platform was focusing on consumer finance. Peter Behrens, RateSetter’s Chief Commercial Officer, spoke about the sale by stating:

“This transaction demonstrates the enduring quality of RateSetter’s loan assets. I am pleased that our property finance team can go to a new home where they will complement the Shawbrook team and continue to grow the franchise they have built.”

RateSetter went on to add that following the sale, the lender’s 1 Year market, which was primarily used to fund property development loans, will close on January 15th. Since launching in 2013, RateSetter has provided more than £500 million of finance to property developers, helping improve the quality and quantity of the UK’s housing stock through the renovation and construction of 2,300 homes across the country.

The terms of the sale have not been disclosed at this time.

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