View more on these topics

Ex-only platform Selftrade suspends new client business

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

The firm, which has more than 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 plans 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.”

Selftrade is the execution broker for equity trading on Standard Life Wrap but says this arrangement is not affected.

The spokeswoman adds: “None of the processes we are looking at relate to the custody and dealing arrangements we provide Standard Life so have no impact on either its existing or new customers for advisers using its platform.”

Finance and Technology Research Centre director Ian McKenna says: “People have very long memories of these things and unfortunately it will be brought up for some time.

“The most important thing, however, is to get it fixed and be open and honest about what the problem is.”

Recommended

22

PosSol adviser unable to secure RDR waiver despite illness

A seriously ill Positive Solutions adviser has been unable to secure an RDR waiver after the firm insisted the FSA would not accept his application. Sole trader Simon Goodley, who has spent six years on kidney dialysis and was taken into intensive care over Christmas, is currently unable to advise on pensions and investments which […]

FSCS Interior 480

Fund managers worst hit by new £31m FSCS bill

The Financial Services Compensation Scheme is imposing a new £31.3m levy on fund managers and investment advisers following recalculations of the interim £326m industry levy for 2010/11. Fund managers will have to pay £31m, while £300,000 will come from investment advisers. The interim levy was triggered in 2011 by claims mainly relating to Keydata. Advisers […]

CML appoints Nigel Terrington as chairman

The Council of Mortgage Lenders has appointed Nigel Terrington as its new chairman. Terrington, who is chief executive of The Paragon Group of Companies, a specialist buy-to-let lender, replaces HSBC head of retail products Martijn Van der Heijden, who has held the position since August 2011. Terrington has been Paragon’s chief executive since June 1995, […]

Charles Stanley Direct unveils D2C platform pricing

Charles Stanley Direct has unveiled its charging structure for its new D2C platform which launches this week. Investors will be charged 0.25 per cent per annum on all commission-free funds for the first £500,000 invested, with the figure falling to 0.15 per cent per annum on a balance in excess of £500,000. The platform says […]

Investment

The Brunner Investment Trust – April 2017

Welcome to the latest update for The Brunner Investment Trust PLC from the Trust’s portfolio manager, Lucy Macdonald. Market Review Global equities have rallied over the first quarter of 2017, buoyed by signs of strengthening growth and optimism over company earnings, although this rally has faded towards the quarter end. US equities posted their strongest […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment