Email “proof of beneficial ownership”

Ideas 💡
1

Currently, our investments are actually held in trust by Freetrade and we are “beneficial owners”.
But any proof of our beneficial ownership is also with Freetrade who email us monthly statements (hosted on Freetrade servers).

I think Freetrade must email us a proof of beneficial ownership after every trade and also monthly

2

That makes no sense
It’s held electronically within a Freetrade nominee
What “proof” would satisfy you over and above the holding data quoted in your portfolio?
FT are bound by FCA rules on reconciliations. Which in the case of electronic holdings - which applies in FT’s case - is daily. Therefore a reconciliation of the nominee “pool” is reconciled every day to internal (dis-aggregated) individual share holdings (ie. yours and mine). Therefore, in effect, your share holding number quoted in the app is “proof”.

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In case Freetrade failed (god forbids) and their servers wen’t down, how would you prove your holdings if you don’t have some sort of statement that you can download or sent monthly as a PDF file to your email?

Similar to bank accounts, also, I think there should be an option to send every activity (top up, trade, dividend,…) to email (HL does that, which I find it very useful).

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4

Agreed re the option. Certainly. Fills others needs too. Tax accounting etc.

But I’m curious. If FT crashes who do you think you’ll be showing your printout of shareholding’s to?

5

To CREST, " which is the UK’s central security depository"
See: https://freetrade.io/security

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6

It is

But you won’t

And any US holdings likely to be in custody with DriveWealth

Are you theorising about FT being out of business? In which case the administrators will unwind assets… and dispense to you… based on what records? Not truly sure - from a disaster recovery record I’d presume… but probably won’t knock on your door for your print out

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