Source: The Guardian
Date: 6th February 2021
Savers with money in one of the UK’s biggest peer-to-peer (P2P) websites are crying foul, saying their investments are effectively being sold off “on the cheap” to a bank that will pocket the returns they would have enjoyed.
The dispute concerns RateSetter, a P2P platform where those with savings lend cash to other individuals in return for an agreed rate of interest. Metro Bank bought RateSetter last year and is expected to take over its book of almost £400m in loans in a separate deal.
But the terms have caused uproar, with some RateSetter savers claiming that “the big boys are making the money” while they have been “stitched up”.
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Posted on: January 1, 1970
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