Yes for the record I know that āits in the pipelineā but the more people make noise about it, the quicker it will (hopefully) get parliament and HMRC and other parties involved in decision making to act.
Weāve sent this out to all customers with an open and funded ISA via email. Have you opted out of any communications? You might have been excluded in that case, though we sent this as a service message so it should have gone to most ISA customers!
I had issues with my email last year around May I think (had a lot of emails bouncing when sent to me, ended up moving hosts), looking back through my emails Iām still getting āyouāve received investment incomeā and I even got an updated T&C email on 1st Aug 23, but I donāt get anything else. Should I have had this as an in-app notification too?
Agreed. Let users have the option to buy the āextra bitsā to round up to whole shares seems better than being forced to sell the āextra bitsā by the platform.
Hi all - appreciate all the comments and suggestions.
When it comes to the mechanism weāll have on offer, itās simpler (and on balance a better experience) to sell down fractional components rather than ābuy upā. The way orders work is that youāre typically quoted an estimate for the number of whole and fractional shares you can buy for a Ā£ amount. Between hitting buy and the order going in, the price or FX rate can move, meaning you may be left with a fraction even after trying to buy up to the next whole share. Of course, you can do this and then sell down the fraction if you prefer (until the order flow is changed in the coming day or two).
We appreciate neither scenario is particularly optimal, but we wanted to implement a solution that is simple and intuitive.
Well just found out about the inability to buy whole shares when fractional shares are available too. Nothing like more aggravation is there? The ISA stuff with HMRC for one.
Whatās stopping you buying them in the GIA? The update for whole shares only affect the ISA.
From the email sent out:
For ISAs, buy orders (including recurring orders) placed by pound (Ā£) amount will be rounded down to the nearest whole share. You will not be able to buy fractional shares in your ISA. It will be possible to sell fractional shares in your ISA so that you can bring your holding to a whole number, if you choose.
Fractional shares can continue to be bought and sold in your GIA and SIPP.
Youāll be able to select whether you want to buy whole or fractional shares when youāre buying in your GIA or SIPP. The update will be shipped shortly so youāll see this functionality regardless if youāre on Basic or Plus.
something wierd is happening - earlier I used the new trading options to buy 2 shares exactly (choosing by Ā£ or Shares obviously made no difference asboth would round down to nearst whole shares)
Now that option has dissappeard and im able to buy fractionals again.
We just turned on the feature flags around the US market open following some testing and we noticed a bug impacting a small numbers of orders. So we turned the flag off while we resolve this. It should be back on shortly.
The issue is now resolved and weāve set the flags live again. Apologies, there were some edge cases with our client platform that were causing some orders to fail.