What’s changing?
From the 31st May 2017, Wellesley will not be accepting any additional investment into the existing Peer-to-Peer lending product. Customers with products maturing before the 31st May will be able to re-invest their funds prior to the Peer-to-Peer lending product being removed from the site. Wellesley & Co will be launching its new Peer-to-Peer lending product in Q3 2017, and the new product will continue to service our customer base in the future.
Why is the Peer-to-Peer lending product being removed from sale?
Wellesley is currently working towards full authorisation by the Financial Conduct Authority (FCA). Presently we have sufficient lender funds available which allows us to pause the existing Peer-to-Peer product whilst we will be make a few changes to our product range over the coming months.
How does this affect me and my existing investment?
As a Wellesley investor, your existing Peer-to-Peer lending investment will remain under its current terms until its contractual maturity. This means that it does not affect your existing investments and you do not have to take any action on your account.
Can I make new investments through Wellesley?
Yes, our other products are still available for investment. The new Peer-to-Peer product will be launched in Q3 2017. To view our other products on offer, Click Here.
Investment through Wellesley involves lending to individuals or companies and therefore your capital is at risk and interest payments are not guaranteed if the borrower defaults. Investment through Wellesley is not covered by the Financial Services Compensation Scheme.
What date will the Peer-to-Peer lending product no longer be available for investment?
The Peer-to-Peer lending product will not be accepting any additional investment from the 31st May 2017.
How the risks to my investment changed?
The temporary removal of the Peer-to-Peer product will not affect the way in which we service the loans which your funds are matched to. There will be no changes to the way in which your funds are managed and Wellesley will continue to provide you with a high level of service.
To take a look at how we manage the risks associated with Peer-to-Peer lending, Click Here.
Investment through Wellesley involves lending to individuals or companies and therefore your capital is at risk and interest payments are not guaranteed if the borrower defaults.
Do I need to do anything?
You do not need to anything, your existing Peer-to-Peer lending investments will continue to be serviced as usual.
Does the change affect money in my holding account?
No, funds sitting in your holding account can be withdrawn or invested into another one of Wellesley’s investment products.
Will I continue to earn interest at the same rate?
You will continue to earn interest at the same rate and we will continue to service your existing investments as usual until the maturity of your lending terms.
Who can I speak to at Wellesley about this?
Our Customer Service team is available between 8.30am to 5.30pm Monday to Friday to help with any questions you may have.
You can contact them either by telephone on 0800 888 6001 or by email at [email protected].
Investment through Wellesley involves lending to individuals or companies and therefore your capital is at risk and interest payments are not guaranteed if the borrower defaults. Investment through Wellesley is not covered by the Financial Services Compensation Scheme.