Do they not want any more clients due to some regulatory limitations?
I.e. they don’t want to have any more assets under management.
Or are they being monitored and barred from having any new clients?
It seems odd that they don’t accept any new clients for more than a year now. Two years?!
As it’s only UK customers they aren’t accepting I suspect it’s FCA mandated that they can’t accept new customers.
I don’t quite understand how to read this. But under other activities it seems they are only currently authorised to undertake activities with professional & counterparty clients. But can’t tell if that applies to everything or just some “other activities”.
I’m confused that they still aren’t accepting customers, as their ads are everywhere still
Personally just looks like they don’t want to take on more than they can handle which is fair.
That “increasing capacity” wouldn’t go on for two years. I suspect, as others have said, this is likely due to the FCA restricting any new customers.
That screenshot means nothing, for one big reason:
I wonder if existing UK clients are allowed to invest new money with them. Or if they are only allowed to sell & withdraw.
Existing UK customers can use their account as normal.
They should start opening applications from UK customers this month
Last year T212 saw a huge influx of customers and when you look at their annual accounts you can see exactly how much the company has grown and why they needed to pause new account sign ups.
Makes sense from a quality perspective, any sensible company will do the same to protect themselves from any negative feedback.
Highly doubtful the FCA had anything to do with it as others assumed.
Correct, nothing to do with the FCA at all.
So why only stopping new UK customers?
They are unlikely to be honest about it if they can blame something else.
Different platform or CRM not capable of handling the influx maybe.
They didn’t just stop new UK customers. They also stopped non UK customers. Non UK customers are being moved to a new entity and towards the back end of last year new EU clients were able to open accounts.
I while back had email to open account with them. Recently restarted investing in Freetrade only to realise Freetrade still does not do end of tax year consolidated tax certificates and it is near impossible to calculate capital Vs interest Vs dividend returns of ETFs. And their discourse said that trading212 has it.
Opened trading212. And I like the UX a lot better there. And the sign up / top up / order flow seems better than Freetrade. And the pies are just brilliant. It makes one not just impulse buy this and that like on Freetrade. But pick things, out them in a pie, think about weighting. Observe the historical average return of such a pie. And make more of an informed decision.
Plus fractional UK shares is awesome, together with regular investing and reinvesting based on the pie target proportions.
Amazing. Will probably even invest my isa with them next year. It is that good.
I will have to check if they offer similarish instruments like my current isa.
And T212 ISA has no account fees.
Oh and they dont have different tiers so all instruments are available to everyone.