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Ex-only platform Selftrade suspends new client business

Execution-only platform Selftrade has stopped taking on new customers with the platform voluntarily varying its permissions following discussions with the FSA.

The firm, which has over 200,000 accounts and more than £4bn of assets under administration, suspended the acquisition of new customers on 15 January and is now reviewing its processes.

Selftrade says existing customers are unaffected by the move, and can continue to place new business with the firm.

A Selftrade spokeswoman says: “Following discussions with the FSA in December, Selftrade has raised a voluntary variation of permission with the regulator. The board of Selftrade has resolved to undertake a review to enhance some of the firm’s processes, which it is committed to completing as quickly as possible.

“In order to devote the resource required to this review, Selftrade is temporarily suspending the acquisition of any new customers. Existing customers are unaffected by the VVOP and can continue to place new business with the firm. Selftrade is looking to enhance its processes and wishes to stress that no client money has been lost nor has there been any financial loss to the firm resulting from its previous processes.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. There’s no smoke without fire!

  2. Ok, fess up, what have you done (or not done) Selftrade?

  3. I woudl suggest that as they are allwoing existing users to place new money with them – its not a security issue! Probably more around ID checks or source of wealth type area.

    Either way – I hope that the FSA are making other D2C platforms aware & all are undertaking a review of whatever it is!

  4. In my experience in this area. If it was that bad and with the FSA wanting to justfy there existence at the moment, they would have stopped them trading if it was that bad. Probably minor process issues around customer security protocol. Good on the honesty I say.

  5. Here we are nealy six months later and still not taking new clients. Should I be worried with all my pension here?

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