RateSetter October 2019

What's happening

Over 2 years ago, we launched a partnership with RateSetter to give Plumsters access to a way of investing that could keep up with inflation without being locked up for a long period of time. With a heavy heart, we've now decided to end the partnership (at least for now).

Why are you doing this?

We stopped offering RateSetter to new users last year due to the operational load it placed on the Plum team. With some recent developments, this load is set to increase further:

  1. The Financial Conduct Authority, will now require all Peer-to-peer investors (that's you) to take part in a suitability and appropriateness test
  2. RateSetter are making some changes to their product, which would require us to rebuild the Tech that powers the partnership and have Plumsters sign up to their new terms and conditions

What are my options?

1️⃣ Go direct: If you choose this option, you'll be sent to a form for you to confirm your choice and your email address. After you've done this, your RateSetter account will be 'unlinked' from Plum and you'll be able to continue to use RateSetter via their website like the rest of their customers. RateSetter will send you an email about how to access your account and what you need to do next.

2️⃣ Cashout: If you choose this option, you can sellout all of your funds invested with RateSetter and cashout any funds in your holding account and not become a direct RateSetter customer.

Please choose an option by 1st of November 2019.

If we do not hear back from you and you have a balance with RateSetter, you will become a direct RateSetter customer by default and RateSetter will be in touch about how you would like to proceed (withdraw your funds or continue to invest with them). If we do no hear back from you and you do not have a balance, your RateSetter account will be closed.

You can select your preferred option from the message we sent, which brought you here.