‘Significant’ IFISA funds left in ArchOver wallets

ArchOver has urged investors to transfer money from its platform after revealing there is a “significant amount of funds” still being held in both its primary and Innovative Finance ISA (IFISA) wallets.

The peer-to-peer lending platform exited the market at the start of 2023 citing rising costs, tightening regulation, and ongoing economic volatility for the decision.

“As there will be no new investment opportunities for lenders to invest in, we would encourage lenders to start withdrawing their funds, especially as these un-deployed funds earn no interest,” ArchOver said in a note to investors.

Any funds held in primary wallets as at July 31 will be automatically transferred to the bank account details listed on the lender’s profile, the platform said.

Read more: ArchOver investors earned £13.5m in interest before P2P exit

But lenders with an ArchOver IFISA need to arrange a transfer to a new provider of their cash balance, which the platform said can take up to 30 days.

“We will not be accepting any new cash in to the ISA wallets so please do not credit any further funds in to your ArchOver ISA wallets,” the platform added.

“This is particularly important if you wish to use an IFISA with another provider in the current tax year, as you can only subscribe to one IFISA per tax year.

“For lenders that have an ISA wallet balance and no live investments – we kindly request that the withdrawals or transfers are initiated by July 31 2023.”

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