My question is about the FCA note about Freetrade of July 2022:
Freetrade will segregate £15,000,000 in cash in an account(s) at an authorised UK credit institution(s) that is held in the firm’s own name and is controlled solely by the firm (the “Segregated Amount”) to ensure accordance with the FCA’s prudential requirements under MIFIDPRU.
What does it means? Freetrade used part of the £30m raised in April for this regulatory requirement?
(1) To class R8 as “successful” please can you indicate how much investment you need to exceed.
(2) What will the R8 funding be used for?
(3) What is the consequence of underachieving the needed R8 funding?
In my opinion question 1 is the most important issue at the moment. It’s a well framed question and I hope a debate the board are having with management.
Here’s mine - sorry in advance it’s not a warm fluffy one.
Who is being held accountable for the decisions which have led to such glacial development within the app itself and the failing European expansion…oh and the crypto launch which you said would happen by Q4 2021?
And please don’t blame the markets - competitors like Lightyear have managed to deliver with a much smaller team and less funding.
Launching in Sweden seems to have been a massive mistake. They need ISK accounts (by your own admission) before they invest and then do so in their own currency. Why did you not just do a Europe wide one to start with in Euros and just a GIA? Like everyone else has done - before going on to localise. What made Sweden so special? As far as I am aware there has still not been a reason why shared with investors.
We are getting left behind because of mistakes like this IMO and someone should be held to account.
‘Soon’ is now and you aren’t delivering - I’m sorry to say.
My question is regarding the implementation of new instruments on the app.
As FT are probably aware many of their investors and plus members (Myself included) are very unhappy with the turnaround times it takes for Freetrade to add new stock requests.
Are Freetrade willing to review their process in which new instruments are added to the service? We need the process to be transparent. In it’s current format we post requests via Forum threads and the Google form, but after that it’s radio silent. No acknowledgement, nothing.
I’ve had some requests which have been submitted multiple times for months on end and are still not available despite meeting all the criteria.
We all use this forum because as I mentioned we’re Investors in your service. We all want Freetrade to succeed but at the current speed in which new stocks are added you’re forcing us to use different brokers.
Therefor my question is simple,
Are Freetrade willing to change the process for implementing new stocks? Or would you like us to continue using rival brokers?
If Freetrade raise the target amount of money, given the current and future planned activities, how many months / year(s) runway does this give Freetrade?
Re a possible IPO, in the past @adam has talked about 2024 or 2025 IPO. Sounds like a a significant delay for an exit that route.
Feels like delay in execution is a part of that.
Thanks to everyone who came down, asked questions or watched on zoom. I really enjoyed the opportunity and wanted to thank @acamp & @Freetrade_Team for the offer.
Unfortunately I wasnt able to attend this via Zoom. I would be grateful if someone could put a summary of the discussion including the main take-aways.