Selftrade

Selftrade have just messaged me that they are to transfer customers and the Selftrade brand to Equiniti. Don't know if best to transfer now or wait to see what happens. Difficult to find a broker which distributes ORB bonds at issue with the low costs (I traded enough to avoid the no activity charge). Barclays seem to be the cheapest but it they seems to want a fixed fee as well as the trading fee.

Comments

  • Bob - Interactive Investor (iii.co.uk) have a quarterly fee of £20. If you trade within the quarter the £20 is used against the fee. Normal trading is £10, and with discounts for active trading. Just as importantly they have to the best of my knowledge also been involved in all the ORB listings since 2011 and at zero cost at time of launch.
  • In addition, they only charge £1.50 if you plan your trades for 23rd of the month. No problems with bonds, but cost £10 to buy and you have to phone them.
  • in my opinion, Selftrade will be hard to replace, reasonable prices, online dealing for bonds, new issues online at no extra cost ...

    Idealing were mentioned on this forum a couple of months ago but, they charge 60£ to close an account and they require you to send a signed form in order to withdraw money, very strange indeed.
  • Surely matters what price you get filled at and from my experience Barclays stockbrokers have often done very well. This is hardly flash trading - if anything the opposite.
  • I agree that selftrade fees for bonds were good but I have just left them. I found their opaqueness to what has been going on to be very poor, and their recent customer review letter outrageous and for me the last straw. They clearly have had a problem and to issue effectively an open threat to existing and i suspect in the large customers within no issue - along the lines of "justify where you got your money from during your lifetime - or we suspend your account/stop withdrawals" a far bigger issue than the dealing costs. When I spoke to them they wanted me to include the value of my belongings, cars etc!

    Been a while since i posted here - fear that ORB is becoming largely irrelevant with just one new issue this year. Which is a real shame. But will keep a watch incase things change
  • I think they're leaving anyway, scarpering back to France and selling their customers' accounts to a UK company with an italian name. Luminati or something.
    I agree about the questions. Someone there messed up bigtime.
  • This business of the intrusive questioning re source of funds, do you think it's the tax man putting on the pressure. HSBC have done the same recently
  • It would seem that Selftrade have over enthusiastically applied what the legislation required. Most other companies have ignored the bit about checking the source of investor funds.

    It would be strange that Selftrade would mount such enquiries without taking advice that they complied with the law. Quite where they went for such advice is uncertain. A legal firm, the FCA? The HMRC would seem a less likely source. Whomever gave the advice probably did it on the basis of the letter of the law, or suggested to Selftrade that a questionnaire they developed in house was compliant.

    This is the second event this year taken by a platform that caused their investors to go rushing to the door. The first was Hargreaves on its proposed charging structure; the second Selftrade. It is time the FCA stepped in to reduce exit fees and set standards on transferring quickly between one platform and another. I understand it has taken some investors five months to make a transfer.

    Another thing the FCA could do is reduce the bureaucracy that companies have to provide to approach the ORB market. If this is a problem caused by Eurocrats, then they could start fighting the case against, or at least let Nigel Farage know about it!!!!

  • My mother rang a few weeks ago to tell me Selftrade had been asking impertinent questions. In particular she objected to the question where had she got her money from. She thought it not only impertinent but rather ridiculous and unanswerable, especially as she is 83.

    In the end she told them she had obtained her money by illicit means and that seemed to satisfy them.
  • I got one of these last week. On their FAQ on their website it says :-

    Do you still require Source of Wealth information?
    Having reviewed our procedures and in response to our customers we will no longer require completion of the Source of Wealth section. However we do still need you to assist us by completing the other sections and providing the identity documentation requested
    http://www.selftrade.co.uk/recordsreview.pdf
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