Access Accounts 'non-normal-market-conditions' fee explained

I note that there are a couple of references in the text to the Exit accounts, which were flagged a little while ago but whose details we've not AFAIK seen yet.

I guess the basic idea is to try to stop the current default behaviour in the AAs, which is to have everything up for withdrawal all of the time (and then put it back if you feel so inclined, ideally though not recently at a discount).

One of several steps towards the New Normal, whatever that might be.

what's clear is that they will charging this on the Access accounts, whereas the lender fee was included in the monthly interest. So it's a de facto interest rate cut.

Some concerns:

1.  T&C's give them free reign to change the fee level (and pretty much any of the T&C's) as they see fit with the only requirement to provide 30 day notice to affected lenders and only then if they believe it may disadvantage lenders.  Fine when things are hunky dory, but a free pass to gouge lenders if the ship sinks (Lendy was a real eye opener!).

2.  It appears that the fee is chargeable to lenders for facilitating exit and therefore, notwithstanding that it is charged against interest before the net is credited to lenders, I struggle to see how it can be deductible for income tax purposes (in respect of individuals).

How platforms reacted to changes in market conditions as a result of the pandemic was insightful.  Unfortunately, I think AC's response as woeful.  It is clear that they had not planned for anything but 'normal market conditions' despite liquidity crunches such as those brought about by the pandemic being completely foreseeable and expected time to time, even if the specific cause itself wasn't.  What irritated me most was not the delay/freeze in withdrawals (I understood this always to be a risk), but the way they unilaterally changed the rules without notice.  In particular, the way they allocated withdrawals to a fixed amount rather than a pro-rota basis felt complete inequitable and self serving (to keep the many happy to at expense of the few - I'm sure you can detect my bias).  To their credit, they did belatedly implement the discount mechanism and pro-rota withdrawals to successfully address liquidity.  However, my confidence in the platform yet to recover from their initial actions. 

90% of my funds in this platform are sitting in the ISA waiting for a transfer out, the other 10% drawing down out of the 90DAA. I am glad 60 days ago I called it quits because I did not understand the exit or future plans of the access accounts. I now understand it even less!

The announcements strike me a sensible moves towards “reactivating” the Access Accounts as they were conceived originally. By starting to charge a 1%pa fee on queued withdrawals, only those who really wish to withdraw their funds will stay in the queue (rather than many doing so by default). This should see a much faster return to “normal conditions” and facilitate the restart of new lending.

And, by providing a permanent exit option for those who never understood the accounts properly and have been complaining at the prospect of new lending, the rest of AC’s lenders are no longer held back.

i.e. it isn't an "access" account anymore.
best rename it.