I believe LI is complying with the FCA with this new eligibility requirement. When I got the notification, I selected I was a high net worth investor, took a simple quiz then my account was just as normal. Not sure why people are exiting because of this?
...because not everyone has an income over £100,000 or £250,000 in liquid assets!
I'm not a HNW investor. I could have picked any of the three options, results would have been the same. You don't even have to verify this status. It's purely a formality.
Just Spotted (in my Junk email) an email from Lendinvest. They have just changed their criteria, and i dont qualify (without lying) on any of them. The rules are fairly tight and even as a recently retired accountant i fall short. I was withdrawing funds anyway as i couldn't also reinvest my repayments at an acceptable interest rate. With FC stopping property loans, my platform diversity is struggling a bit. Just hope that all the platforms dont go down this route.
Hi, I don't like the changes as well.
It seems the recent change is about selecting customers who understand their capital is at risk and cannot be compensated when the load is defaulted or Lendinvest goes bust.
I am completely out. I am a HNWI investor in P2P but I EXPECT the same treatment whether I have £100 or £150,000 invested.
I wish them all the success they deserve based on their new terms.
For the record, I am now with:
Assetz Funding Secure ABLrate
Disgruntled ex-LendInvest champion.
“Bull markets are born on pessimism, grown on scepticism, mature on optimism and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” – Sir John Templeton