New request for personal info from Selftrade

innovate

NonGeographicalMan wrote: »

I strongly suspect that you are simply an armchair critic (especially noting your enormous and seemingly rather excessive post count in this forum) who simply enjoys preaching at other members from your lofty internet pulpit while rarely following the advice you give others in your own personal life. .

I didn't know that there appears to be a limit to what is an acceptable post count, on your say-so. Is that the next lot of restrictions UKIP would impose on people, a limit on forum post count? Also, what I do in my private life, and how this relates to what I am posting online, should be of no concern to you, particulary since you don't know me from Adam.

There's an Ignore function on the forum - I am now using it for you, and you can use it for me if you don't like my posts.

Chordeiles

Why would you research personnel at Selftrade using Facebook and LinkedIn, when it's all on the FCA regulatory pages ? e.g.:

http://www.fsa.gov.uk/register/firmIndivSearch.do?pageNumber=1&sid=81406&searchType=1&surname=

if you click on a name you'll learn the function of each.

Mr Alex Jacques Guy Buffet is Chief Executive. Seems not to be on LinkedIn (sorry, I don't do Facebook !) but "Buffet" is a cracking name to have in the investment world, even if he has only one "t".

Mr Alireza Ghaffari does not appear to be a director, but has responsibility for both "Compliance Oversight" and "Money Laundering Reporting", no-one more senior is mentioned in these roles.

But if you target either with a written complaint, try to be a bit more to the point than you are here, you will be more likely to be taken seriously. If the FCA didn't take you seriously it may be because they switch off when they hear a "rant", or maybe just because you are supposed to go through the Selftrade complaints process first. Of course that is tedious, which is why the press coverage is the best chance of sorting it out in a reasonable timescale.

On a lighter note, if we run "Mr Alireza Ghaffari" through the anagram machine, we get "aarrgh - familiar fez"

C_Mababejive

Fidelity are at it now..
https://forums.moneysavingexpert.com/discussion/4960798

NonGeographicalMan

Chordeiles wrote: »

Why would you research personnel at Selftrade using Facebook and LinkedIn, when it's all on the FCA regulatory pages ? e.g.:

http://www.fsa.gov.uk/register/firmIndivSearch.do?pageNumber=1&sid=81406&searchType=1&surname=

I didn't know it was all available there so thank you for the information. Unfortunately Selftrade itself has never been at all forthcoming about who its senior personnel are on its own website.

Certainly it is a total disgrace that there is absolutely nobody available on the phone at Selftrade that it is possible for a typical educated, intelligent and moderately wealthy customers to have any form of rational or satisfactory discussion with. This therefore prompts the next question of who the hell actually is in charge and how can I write to them.

One thing that any form or investigation of the personnel of Selftrade or any probing of the real 020 phone numbers used by Selftrade (listed at https://www.saynoto0870.com) and Soc Gen London soon reveals is that the dividing wall between Selftrade and Societe General is actually extremely thin and that top level personnel are clearly crossing back and forth between the two outfits on a regular basis. So it may therefore be an effective tactic to try to get journalists to turn the spotlight on Soc Gen itself in relation to the utterly shoddy behaviour of Selftrade with theur lunatic assets questionnaire and many clients who want to leave now also having their assets frozen.

Chordeiles

Just spotted this on the Selftrade website:

Service update

Selftrade wishes to announce that, following a strategic review, we have entered into exclusive discussions with the aim of transferring our customer portfolios and the Selftrade brand to Equiniti. This process is expected to conclude in Q4 2014, subject to regulatory approval.

We reviewed several offers from interested parties, having uppermost in our mind the need to closely match Selftrade's values, customer pricing and service proposition and allow for a seamless transition. We already work closely with Equiniti in a number of areas, including their ongoing provision of custody services to Selftrade and are confident this will be achieved.

We are committed to making any transition as smooth as possible and, in the meantime, it is business as usual with no impact on how you access or use our services.

We appreciate that you may have questions, and we will be adding some initial FAQs to our website in the near future. As arrangements become clearer, we will, of course, update you and explain any impact on your accounts.

I think that makes it clearer, they weren't making money from this operation. Fits with the idea of wanting to drive certain customers away.

Archi_Bald

C_Mababejive wrote: »

Fidelity are at it now..
https://forums.moneysavingexpert.com/discussion/4960798

They just want simple confirmation of ID - a picture ID and prrof of address. Nothing like as intrusive as Selftrade, and not out of the ordinary.

Somerset

Chordeiles wrote: »

Just spotted this on the Selftrade website:



I think that makes it clearer, they weren't making money from this operation. Fits with the idea of wanting to drive certain customers away.

I'll be following this thread to see who other's switch to. I don't trade, just have a share isa that sit's there which I'm looking to keep at minimum cost/commission.

NonGeographicalMan

Chordeiles wrote: »

I think that makes it clearer, they weren't making money from this operation. Fits with the idea of wanting to drive certain customers away.

Selftrade probably were making plenty of money until the FSA/FCA landed on them and proved that their records were completely deficient in terms of the money laundering regs.

But they sure as hell have not been making money since the FSA/FCA closed them down to new business and with the latest very damaging developments re the Review Questionnaire the Selftrade brand and/or any continuing presence by SocGen in the UK in the low cost brokerage market has gone. By now will they also be worried about cross contamination of the almost identical Bourserama setup over in France.

So flog off Selftrade to Equiniti, who probably are neat and efficient anally retentive record keepers who will put right the probably terminally compromised systems of Selftrade and then also re-name the platform either in to their own brand or some other new brand.

I suppose one question that it would be interesting to have an answer to is that even though the FCA's investigation found that Selftrade's internal procedure were deficient did they actually have any more money laundering going on than any other broker............

Chordeiles

In July 2012 the French government imposed a "Financial Transaction Tax" on share buys in larger French companies. Selftrade's initial response was to say you couldn't buy these shares, and selling had to be a telephone trade. Well, fair enough, this legislation had caught them on the hop, and no-one can upgrade their systems overnight.

But here we are nearly 2 years later, and they still didn't fix their systems. I need to deal by telephone to dump my Societe Generale shares (that I bought in an online trade long before 2012), and I assume I still could not place a buy order at all.

But they ARE French. And they ARE Societe Generale.

How dismal is that ?


p.s. Now sold my holding, after a 5 minute wait to get hold of the trading desk on the 'phone. Apart from that, very helpful and efficient, but dealer confirmed it's still true that larger French companies cannot be bought on the Selftrade platform. They are way behind the curve.

ed44

According to thisismoney, the information is no longer required

It said in a statement: 'Following customer feedback, we announced last week that we are reviewing our procedures, and we have now decided to simplify the process, whilst still meeting our regulatory requirements. As a result we will no longer require details of customers’ source of wealth.
'This means that customers, who have received our questionnaire will only have to provide details relating to their address and proof of identification and we do not require answers to any questions relating to their source of wealth. We are in the process of informing our customers of these changes and will be outlining what they need to do in due course.'