Fineco alternatives?

handsy

As we know, Fineco is closing their UK arm by year end.
I have a reasonable portfolio of shares with them, and rather than cash out, I'd like to transfer them to A.N.Other broker.
Any recommendations please? Obviously ones that allow transfers in, and have low fees 
Thanks

wmb194

handsy said:

As we know, Fineco is closing their UK arm by year end.
I have a reasonable portfolio of shares with them, and rather than cash out, I'd like to transfer them to A.N.Other broker.
Any recommendations please? Obviously ones that allow transfers in, and have low fees 
Thanks

You could go through the comparison table and see what suits:

https://monevator.com/compare-uk-cheapest-online-brokers/

It'll depend on what you're transferring, though. British brokers won't have a problem with securities held in Crest but sometimes won't accept the transfer in or out of foreign securities even if they will actually allow you to buy and sell them on their platform e.g., Freetrade. I notice AJ Bell apparently does allow the transfer in of foreign securities but obviously it's more expensive than others.

You might also have a problem if the broker doesn't offer what you're trying to transfer.

handsy

Thanks. I feel forced in to a corner here by the closure. Some of my shares were for the long term and I now, potentially, have to sell them way earlier than I wanted and likely at a loss   
Nothing I can do about it, I know, but painful still

cwep2

Have they put a firm timeline on the closure/exit? All the communications from them and the FAQ online just say they are exiting the UK market, but without a time frame.

I hold various bonds with them, all with maturities before mid-May next year, was hoping they would mature then be able to transfer out afterwards. I haven't received any communication to say I need to do anything or close out positions.

friolento

cwep2 said:

Have they put a firm timeline on the closure/exit? All the communications from them and the FAQ online just say they are exiting the UK market, but without a time frame.

I hold various bonds with them, all with maturities before mid-May next year, was hoping they would mature then be able to transfer out afterwards. I haven't received any communication to say I need to do anything or close out positions.

Their temporary authorisation runs out end of December

https://forums.moneysavingexpert.com/discussion/comment/80295015/#Comment_80295015

wmb194

cwep2 said:

Have they put a firm timeline on the closure/exit? All the communications from them and the FAQ online just say they are exiting the UK market, but without a time frame.

I hold various bonds with them, all with maturities before mid-May next year, was hoping they would mature then be able to transfer out afterwards. I haven't received any communication to say I need to do anything or close out positions.

No, there's been nothing more than last week's missive. I imagine it'll be getting back to us with more in due course. What usually happens is that there's a managed wind-down after the close date - which has to be at the latest the end of December - and they can take years so mid-May ought to be okay.

Beddie

handsy said:

Thanks. I feel forced in to a corner here by the closure. Some of my shares were for the long term and I now, potentially, have to sell them way earlier than I wanted and likely at a loss   
Nothing I can do about it, I know, but painful still

No need to sell at all. I was with Fineco until about 2 months ago, but their awful admin and dated processes wound me up too much. I transferred my shares to CMC Markets - took less than a week. Admittedly, mine were all FTSE100 and CMC markets does not accept anything esoteric, but if they're not suitable I'm sure plenty of others are.