RateSetter launches first UK peer-to-peer portal for advisers
The first bespoke peer-to-peer (P2P) portal for IFAs has been launched by UK platform RateSetter allowing IFAs to set up, manage and benchmark clients, set fees and get notified as client funds mature.
It provides them with the knowledge and risk management tools to recommend RateSetter’s products to their clients.
Following FCA regulation in April, there is widespread belief among IFAs in the P2P sector with 63 per cent of them expecting their clients to show an interest in earning a higher return on their savings via the sector.
Rhydian Lewis, CEO and founder of RateSetter, says: “As P2P becomes more popular with investors, we have seen a real groundswell in interest from IFAs, whose clients are increasingly asking them how P2P should sit within their investment portfolio.
“Our portal helps to support IFAs on the advice they provide to clients, including our FE Risk Score, statistics on the strength of our Provision Fund and how our interest rates are set. P2P is a way of gaining better returns on savings via a product that is almost as secure as cash accounts.
“Any adviser that describes themselves as whole-of-market and independent is doing their clients a disservice by not considering P2P as a part of a diversified portfolio.”
The huge demand from savers for alternative investment options was recognised by the government in the Budget earlier this year when it announced that P2P will soon be included in ISAs.
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