One of Freetradeās rivals does not appear to understand which LSE listed stocks are stamp duty exempt and which ones should be charged SD. I donāt 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:
āIf you were incorrectly charged the Stamp duty, we will act accordingly and will update you via email as soon as there is a reply.ā
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 didnāt 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 itās 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 youāve raised a complaint and they have āclosedā 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.
Suffering with Trading212s ārobot likeā customer service now myself
They seem to struggle executing trades of stocks with thin liquidity that operate on the LSEs SETSqx segment.
My initial orders I saw going into the order book and execute when the auction process kicked it and the book āuncrossedā (hence Q X - quotes and crosses)
When trying to sell ⦠Dāoh⦠no order ever hits the order book, the pending order sits in the app all day
Customer services - Standard ābatting awayā response.
Point out their issue - Standard āitās not our fault, sometimes AIM stocks do thisā
Tested a few SETSqx stocks on FreeTrade - straight through. Purchase and sales.