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The Assetz Capital platform is no longer open to investment from individual investors. No new investments into peer-to-peer loans are possible and, as a result, no new funds should be deposited. The existing loan book relating to the Retail platform is now in run-off and this will, over time, deliver the return of capital to investors. Full information can be found here . Existing Retail lenders can still log in, view information regarding their account and loan holdings and operate their account in accordance with the information regarding the run-off provided on the link above. Please see this important message regarding the currency of the information on the pages on this website.

An important update regarding the Access Accounts

Whilst we had anticipated restarting retail loan origination in May, it is slightly behind schedule, which has contributed to a substantial growth in uninvested cash held in the accounts. The pace of retail origination is largely a result of the closure of the Coronavirus Business Interruption Loan Scheme (CBILS) to new applicants after 31st March 2021, which caused a surge in last-minute applications. We have needed to prioritise our efforts to process these applications before the deadline, to ensure that borrowers receive the financial support needed to keep moving during the pandemic.

As a result of the above, the Access Accounts are now over-funded temporarily and currently do not have the capacity for new investment. This was very common in the early days of the Access Accounts and is the case again for now as we restart lending. Therefore, it is now necessary for the accounts to operate a temporary queuing system for new investment, as well as to taking steps to reduce the uninvested cash balance as outlined in our Automatic Operating Level webpage.

What does this mean for my investments?

Whilst the Access Accounts are over-funded, any new money destined for the Access Accounts will not be immediately invested or become interest-bearing until the accounts have the capacity to accept new funds. You will still be able to set new investment instructions which will then join the queue to be invested. However, it is likely that investment into new loans will be operating at a slower pace in the short term as the accounts get back up to full speed of funding the new lending that's in the pipeline.

Also, as described on our Automatic Operating Level web page, the Access Accounts will take steps to reduce any excess amount of cash they hold. This will be done by returning a proportion of the cash held by each investor as part of their Access Account investments. The amount will be calculated on a pro-rata basis of the total holdings in each Access Account for both standard and IFISA and will be returned to the investors’ respective cash accounts, where it will be automatically queued for reinvestment. Please note that this does not involve the sale of any of your loans: this is the return of part of the surplus cash held within the Access Accounts at a time when that cash cannot be invested due to a temporary lack of loans.

It’s important to understand that this return of cash will slightly reduce your total Access Account investments and any funds returned to your cash account will no longer be interest-bearing until such a time as the Access Accounts can accept new funds. In order to help minimise the time funds are uninvested, all returned cash will be automatically queued and prioritised for reinvestment ahead of any new investments. We’ll also send you an automated email to let you know when funds have been returned to your cash account to ensure you are kept informed of changes to your investments.

We are making every effort to speed up our retail loan origination and we now expect to see new loan flow in the coming weeks. We want to thank you for your patience as we move back towards normal retail lending.

We’ll keep you updated with our progress over the coming weeks, however if you have any questions please contact our Investor Team on 0800 470 0430 (Option 1), via Live Chat or email enquiries@assetzcapital.co.uk. 

- June 7, 2021

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