MoneyThing to waive transfer fee for full IFISA withdrawals

MONEYTHING has said it will waive its transfer-out fee for investors who withdraw all funds from their Innovative Finance ISA (IFISA) on the closing-down platform but not for partial amounts.

The P2P lender announced earlier this month that its platform was winding down, blaming lower investor confidence and fierce competition in the lower-risk business loans market.

It is still technically solvent so has not appointed administrators, but has chosen to wind down its loanbook to ensure the best possible outcome for its investors.

MoneyThing still has its ISA manager permissions while it is in wind-down but investors have been told they must still pay a £50 transfer out fee to move their money from the tax wrapper, although this won’t apply if the full amount is transferred.

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“The transfer out fee will remain in place,” MoneyThing said.

“Transfer-outs are a manual process, take considerable time and the fee is commensurate of the work involved. It is also in place to discourage lenders from making multiple transfer-out requests for small amounts as this will become an unnecessary administrative burden.

“However, we will not be unreasonable on fees and if lenders elect to transfer-out in one single amount we will waive the fee.

“Lenders that want to make a request for fees to be waived will need to email support just before they make the transfer-out request so that we pick this up, it will not be applied automatically.”

Sophie Pearce, managing director of the platform, said investors have been supportive about the decision to wind down in an orderly manner.

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