Three things your clients may call you about this weekend…

Another P2P firm tells savers they can't cash in their loans

Peer-to-peer (P2P) lenders are blocking investors from selling their loans to other customers, leaving savers potentially having to wait for years to get their cash back, The Sunday Times reports this weekend.

This week ThinCats became the latest P2P firm to scrap what is known as a secondary market. The paper explains: "typically, P2P platforms allow investors to lend money to people or businesses in for interest. If a customer wants to get their investment back before those loans are fully repaid, their platform's secondary market sells the loans to other investors."

However, a "slew" of high-profile P2P collapses and customer service problems have left people reluctant to invest in the sector making it harder to shift the loans, the paper says, and now P2P lenders Landbay and ThinCats have shut their doors to retail investors, citing low customer confidence.

Number of equity release customers set to hit half a million as watchdog steps in

Equity release loans among older people are heading towards half a million, sparking fears of a new financial scandal, The Daily Telegraph reports.

More than 487,000 people have borrowed £28bn of property wealth since 1991 with the popularity surging in the last five years. The sales surge has sparked a probe by regulator to check if customers are being ripped off or signing up for products they do not properly understand.

The Financial Conduct Authority said last week it was undertaking "exploratory work" into lending in later life and will take action if it finds consumers are being harmed.

According to the Telegraph, there are concerns financial advisers might try to sell inappropriate loans to consumers due to the commission offered by equity release firms.

Cash ISA warning: The key date in 2020 which savers need to be aware of

Savers with cash ISAs may want to be aware of a key date to put in their diary, warns this Daily Express article.

The end of the tax year, April 2020, is when the amount a person can still save in ISAs will rest. The maximum someone can save in an ISA in the 2019/20 tax year is £20,000.

According to the Express, those who have a lifetime ISA can put in up to £4,000 each year into an account until they are 50. Paying money in before the tax year ends will result in less of the tax year allowance being available. However, saving money after the tax year ends could affect the 2020/21 allowance.

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