One of Freetrade’s rivals does not appear to understand which LSE listed stocks are stamp duty exempt and which ones should be charged SD. I don’t know how long this has been going on for but I had the same circular argument with them about IAG shares a few years ago. Customer service is totally clueless and gives blank stares.
I noticed a couple of other stocks they were incorrectly charging stamp duty on last week (including one instrument I was trading), and notified the broker. They said:
“If you were incorrectly charged the Stamp duty, we will act accordingly and will update you via email as soon as there is a reply.”
As no money was ever refunded I sent an email reminder yesterday. This morning I received the response:
Not sure how exactly you report them but interesting to know why they didn’t pick up any errors during the cash reconciliation they are mandated to produce daily. Any cash break (ie your stamp) needs to be rectified immediately under Fca rules. If this story is true it’s a customer service failure but also a failure of client cash rules. If this is true this is a breach they need to report.
If you’ve raised a complaint and they have “closed” it with this reply, you can raise it with the financial ombudsman.
Also, whistleblowing is a good option if they are actually doing this intentionally to keep the tax for their profits. If they have actually paid this tax to the government, they will have a large remediation programme to claim back the tax and reapply it to all their impacted clients accounts.