Closed account

Freetrade Chat šŸ”„
21

Chasing why the internal investigation with no input or communication with myself.
As said I e nothing to hide!

22

And again you posted a pic of the end of a convo and people wondered what was originally said. You now say ā€œchasing the internal investigationā€ so there was an original convo where they told you that you were being investigated. :+1:

What was the reason for them to launch this investigation? I am not sure what point you are trying to make when you are not saying what the catalyst was to being shut down.

I would be shocked, as would others, to think that FT just decided to ban someone with thousands of shares as a FT investor as you said and who joined on day 1 without any reasoning.

Sorry if I sound rude as I donā€™t intend to but you are not explaining the situation from the beginning about a topic you have started a thread about. :+1:

3 Likes
23

Thereā€™s always two sides to a story. Choosing to selectively share a part of a conversation makes it seem to me like the OP wants to create drama and get attention for a situation which doesnā€™t warrant either.

If there truly is foul play on Freetradeā€™s part, it should be referred to a regulator. It seems likely that isnā€™t the case and theyā€™ve done whatā€™s legally required. Regardless, I donā€™t see the need to air your dirty laundry in a public forum.

9 Likes
24

Well said. Do you think a company will discuss financial crime/fraud etc. here on a public forum?
Iā€™m surprised this isnā€™t closed yet. Nothing can come from this, literally absolutely nothing except venting.

If you feel like youā€™ve been treated unfairly, this can help:

2 Likes
25

I was asked to explain my source of income and I did. From that an internal investigation was launched and this was the outcome.

26

At last so there was a reason why they investigated etc :+1: I would hazard a guess that when you sign up and give your NI number etc the tax office highlighted an issue or something. Someone somewhere think it looks suspicious it seems.

If you donā€™t have all legal tax records etc up to date etc then it could trigger something that informs FT. Something made FT ask and that will be the source of your issue but as some above mentioned FT may not be allowed to say. They may actually be trying to help and ressolve by asking that question but not able to help.

Who knows? Good luck though.

27

It seems that the OPā€™s ā€œsource of incomeā€ rang enough alarm bells to trigger the possibility of money laundering, or tax evasion.

Iā€™m not saying this is what the OP has done, but legally FT has to act when these things become a possibility.

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28

The main reason FT compliance will have been looking into you is almost certainly due to a potential breach of Anti Money Laundering regulations. This is backed up by them asking you to confirm your sources of income. If they told you anything about the investigation it would be classed as ā€˜tipping offā€™ and this could leave FT in breach of the same regulation.

Some part or parts of your previous dealings with another financial institution/s has raised red flags and FT are protecting their business by not wanting to continue your relationship.

Potential issues -

  • Crypto trading
  • Abnormal transfers across multiple accounts
  • Unfortunately receiving money from someone who has been investigated.
3 Likes
29

Have they said this? Because the image you posted says they want you to withdraw the money, not that theyā€™re holding your money.

Sell all your positions, let it clear, withdraw your funds as instructed.

If you have issues with withdrawing your funds message them. Either way your funds will be returned to your on the 7th

If your unable to withdraw them and theyā€™re arenā€™t responding to you then make a complaint. They must then follow the complaints process which you can look up. Once youā€™ve gone through that process and if your not satisfied with the outcome you can go to the ombudsman.

30

Do you mind me asking, how much approximately did you have invested?

31

I like that Freetrade hasnā€™t closed this post because this show transparency and they are not hiding anything. I am not sure why you are complaining about anything. They have given you the option to withdraw the money and if that doesnā€™t happen then you can go to the regulators and complain through FCA. Freetrade are heavily regulated and it is illegal to deny access to money unless there is a criminal investigation. Good luck.

5 Likes
33

Did you shill T212?

Bulgarian AML for starters.

34

Weā€™re closing this thread as it contains personal customer information.