Selftrade

[Peoplesoft bloke]

I have been trying to open a self-select shares ISA - this has nothing to do with current market conditions, I have used my cash limit so I want to do the rest. Self trade sent me a welcome letter with an address verification code - I entered that successfully, but now every time I log on, it warns me my account will be frozen I I don't send them a bank statement within n days - this wasn't mentioned in the welcome letter. Meanwhile every time I try to credit my account from a debit card I get an error telling me to call customer services.

I have sent a secure message asking wtf is going on - but had no reply. I am considering giving up and going to Fidelity where I already hold a Shares ISA - is there any compelling reason to use Selftrade - they seem rubbish so far?

 

[DimPrawn]

Their systems are up and down like a brides nighty.

Not been very reliable, but you do get to be able to trade a lot of different asset types.

 

[HairyArsedBloke]

It is proberbly to do with 'know your customer' aka money laundering rules.

You'll get the same from any broker. If they don't do it then they may be the ones that are going broke!

 

[Peoplesoft bloke]

It is proberbly to do with 'know your customer' aka money laundering rules.

You'll get the same from any broker. If they don't do it then they may be the ones that are going broke!

I don't mind them jumping through the stupid hoops of tulipe the government creates to make it look as if they are doing things - as long as they explain what is going on. The bank statement thing came out of the blue with no explanation - it doesn't say which statement, how much of it, when from, or where to send it which is the bit I have a problem with - also wtf is the point of an online account that just keeps telling you to use the phone?

 

[HairyArsedBloke]

I don't mind them jumping through the stupid hoops of tulipe the government creates to make it look as if they are doing things - as long as they explain what is going on. The bank statement thing came out of the blue with no explanation - it doesn't say which statement, how much of it, when from, or where to send it which is the bit I have a problem with - also wtf is the point of an online account that just keeps telling you to use the phone?

'coz you ain't sent them the statement !!!!

 

[Peoplesoft bloke]

'coz you ain't sent them the statement !!!!

yeah thanks - they didn't ask for it - they just keep moaning about not having had something they:

a)didn't ask for
b)haven't said where/how to send

 

[Incognito]

I prefer Hoodless Brennan to self trade, but yeah you still have to comply with the money laundering regs, but it is only £8 a trade.

 

[Peoplesoft bloke]

I prefer Hoodless Brennan to self trade, but yeah you still have to comply with the money laundering regs, but it is only £8 a trade.

Just to be clear - I'm not moaning about the laundering regs - I know they are not the fault of the institutions and though pointless and time wasting they are pretty much the same anywhere - I'd be happy to send Self-Trade my details if they could be rrsed to say what they need and where to send it, which they haven't.

Thanks for the tip though, I'll take a look and give up selftrade as a bad job.

 

[Incognito]

Had to send in a bank statement and my original driving licence, I would have got away with a certified copy, but I was in the middle of changing my bean counter so it would have taken a couple of weeks.

 

[Peoplesoft bloke]

Just tried to phone Selftrade "all our operators are busy" - I give up - I'll cancel my account.