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This is inaccurate, and considering their communication pretty disingenuous.
To answer your question currently in specie transfers isn’t supported yet. ISAs support transfers but only as cash
HL is pretty good
So in truth, the shares that I buy are never my own… im just buying them on behalf of Freetrade
No, you own the shares. Freetrade operates a standard nominee system where shares are held by a nominee at all times with you as the beneficial owner (a couple of brokers do not guarantee this).
id encourage you to read the terms and conditions as this is all explained.
If you prefer to have no nominee involved you can own paper shares, but this is far more expensive to handle, theres a few brokers that may offer paper share options.
Most brokers had issues including the big ones such as IG (I couldn’t even log in) and IBKR (intentionally done to protect themselves as their CEO confirmed).
Stake was ok but it doesn’t have ISA.
What are you talking about?
All shares you own are your beneficial ownership. In this day and age is impractical to name each individual shareholder on the register of a companies shares so many brokers hold them for your ownership under a nominee structure.
When you invest in US-listed stocks, we hold them in custody at a third-party SEC-registered broker (the Security and Exchange Commission, which regulates US securities markets). Our customers’ stocks are held in a designated customer account at the broker, and cannot be mixed with Freetrade’s own assets or used to settle our debts. Similar to the UK securities being held in CREST, your US stocks are ultimately held in DTCC (Depository Trust & Clearing Corporation). Currently, some customers’ US stocks are still held by Freetrade Nominees Limited in CREST, but we are in the process of fully migrating US stocks to our third-party broker.
So we have this, right… so i can use a CREST transfer form, and get my shares out without selling
do freetrade and your new broker support in specie transfer in and out?
If you consider HL, they do allow transfer ins. Not just for isas. So i would like to know if this is possible with Freetrade.
Yes, in specie transfer is what im looking for, should it not be a standard?
Oh course HL allow transfers to ISAs. fyi, HL have had technical issues this last year causing downtime and people have reported issues this week as well. Just so you’re aware.
Sure it should be standard imo. companies need to have the tech and people in to support it. Good news is i think the FCA has made this mandatory and its required by February unless they push the date back. So you could check in with freetrade in 2 days?
Did we get an official answer from FT about this? I would like to transfer my shares to another broker without having to sell, be out of the market for days then rebuy at potentially higher prices.
The broker I wish to transfer to allows transfer in so I assume this is reliant on FT?
I’m not sure freetrade supports in specie transfers out at the moment. It’s still a relatively new company but unfortunately you may just have to be patient with support right now before they can get round to you.
Hope everything works out for you and whichever broker you’re choosing to use after freetrade works for your particular needs.
Actually , as far I understand it’s an FCA directive to implement this by Feb 2021, so hopefully they comply.
I’m sure they’ll comply with fca policy when they need to. I’ve no idea about that myself and I possibly won’t have time to read that just yet .
All the best.
It’s not unknown for regulations to be pushed back multiple times just keep in mind
You seem to be quite passionate about Freetrade, anyway.
The implementation date of the rules to make transfers simpler in PS 19/29 remains 1 February 2021.
Sharing this here too for info.
Yes I just have experience of new regulations in the financial sector and COVID has caused other regulations to be pushed back several times each time the deadline comes up. Not to say it will happen here it’s just a thing to be aware of