Ratesetter close account and withhold funds

Alexland

I suspect if they told you that they cannot give you information then your pattern of large deposits has caused them to refer the case to the National Crime Agency as described in that Monzo blog and they are awaiting instruction on how to proceed.

During this time I can see why they would need to restrict your access although I am unclear why they would need to uninvest your money early. I am also unclear why they told you they would return it to your bank account.

If you have all the evidence required to prove the source of funds then hopefully everything will be ok but I appreciate that it may be distressing in the meantime while you wait for feedback.

Although this could have happened with any financial institution P2P is an especially risky area and several platforms have gone bust recently causing very high losses for investors so it's not really suitable for investing money that you cannot afford to lose.

Having said that RateSetter are hopefully a stable platform and hopefully your money will be returned eventually. In the meantime there is no harm in raising a complaint as they probably expect to get one in these circumstances.

Alex