I very much consider freetrade to be something that’s in an ‘alpha’ stage. In its infancy. And i treat it as such. I’m not sure freetrade place them selves in a similar position at least not explicitly publicly. but its definitely the way to look at it at the moment, its a very early in development platform with a limited number of public users having access.
I expect it will be a couple of years before i consider it to be more mature and ready for more mainstream use.
Limited access, limited stocks, limited features, limited platforms. Its an alpha product, or beta. There’s some arbitrariness about those terms. That’s not a bad thing though, there’s nothing wrong with it, but it lets you be more realistic about expectations while they continue to develop the product into something more mature and eventually publicly available.
Seems pretty solid to me, but fair enough to be cautious about financial institutions. I think apha is unfair personally, that means unreliable and buggy to me. Financial info provided feels lacking at present and I’d like limit orders but otherwise I miss little compared to incumbents. Nothing that beginners particularly need.
As far as access goes, they have a waiting list to manage demand, but if anyone wants access dm me, I have some invites left.
As far as limited selection, I actually think they have everything a beginner investor needs. Decent low cost etfs, all the major ftse stocks, many popular US stocks in January. So not v. limited unless your needs are esoteric and the low flat fees are really significant if you plan to save lots.
Given the seriousness of this, and as a shareholder in the business, I’d have expected to have received some form of response or statement from Adam on this by now, given a) Andre’s prominent position whilst he was at Freetrade and b) Revolut’s stated position to launch a competitor service.
There’s a bit of a discussion on the Freetrade forum on this. I think the below tweeted quote from the article sums up the situation.
I don’t get the feeling they’re too concerned about it, there’s a hint in the article about a new investment platform that they’ve been building since Andre left. Although nothing further has been announced on this yet…
But has there been any statement or response from Freetrade in that discussion, aside from ‘likes’ from company employees and their internet buddies to comments that align with the Freetrade view?
The management are regulated investment professionals, chartered accountants who have cut their teeth within two (or more) of the big four, dealing with capital markets and corporate finance. I wouldn’t have thought it too tricky for them to have dropped investors a note offering a brief primer to the situation and some reassurance to those investors that might be slightly concerned?
Andre’s departure was always the elephant in the room that those close to Freetrade wanted to ask. But for fear of public humiliation and negative backlash it was never spoken about.
I also found it quite unfair to see such negativity about him publicly - when the true nature of his departure wasn’t given. It’s a toxic environment when this type of behaviour is encouraged.
I’d also love to know the current situation with regards to compliance. Calum has been removed as company secretary and checking on the FCA register he is no longer acting officer for CF10 (compliance oversight) or CF11 (AML).