You Can't Open A Stocks & Shares ISA If You Don't Have A Job

Ayr_Rage

Psbcuddles said:

Ayr_Rage said:

T212 are under no obligation to take you on as a customer.

I guess their logic is that they do not want the risk of any comeback if you invest what they see as your only income, benefits, into higher risk shares and then you complain you lost the lost.

They have worded it differently to my interpretation, but that's the modern "duty of care" world we now live in.

I am an ex nurse and I used to work for the DWP, I have seen absolute poverty up close, and it's not a nice thing to see, its devistating to hear how people are suffereing in the UK, the safety net was removed when Universal Credit was introduced, along with Sanctions.

I do understand why Trading 212 are being so protective of my financial security.   However, there are still a lot of men and women in this country who do not work, they don't work because they don't have to, they are financially secure, that includes some people who are disabled. 

Trading 212 should be looking more closely into their customers financial situations before jumping to conclusions.

People on benefits are chosing not to heat their home!  I knew a single parent who's disabled daughters bed broke, this women didn't eat for a month to afford to be able to replace her daughters bed.  I offered to buy her food, but she was too proud to accept my offer.  It is highly unlikely that anyone living in such poverty would even know about the benefits of investing in the stock market, let alone attempt to invest in it!

You have your opinion.

T212 have their criteria and they are not going to investigate every individual case when someone complains.

Take the emotion out of it and you should see the picture.

Psbcuddles

masonic said:

Suspect the outcome would have been quite different if you'd put yourself down as retired rather than unemployed.

I thought about doing that, but I didn't want to lie, I'm not really retired, although the DWP don't ever expect me to be able to work again, upsetting since the last job I had was working for them myself!

Psbcuddles

Ayr_Rage said:

Psbcuddles said:

Ayr_Rage said:

T212 are under no obligation to take you on as a customer.

I guess their logic is that they do not want the risk of any comeback if you invest what they see as your only income, benefits, into higher risk shares and then you complain you lost the lost.

They have worded it differently to my interpretation, but that's the modern "duty of care" world we now live in.

I am an ex nurse and I used to work for the DWP, I have seen absolute poverty up close, and it's not a nice thing to see, its devistating to hear how people are suffereing in the UK, the safety net was removed when Universal Credit was introduced, along with Sanctions.

I do understand why Trading 212 are being so protective of my financial security.   However, there are still a lot of men and women in this country who do not work, they don't work because they don't have to, they are financially secure, that includes some people who are disabled. 

Trading 212 should be looking more closely into their customers financial situations before jumping to conclusions.

People on benefits are chosing not to heat their home!  I knew a single parent who's disabled daughters bed broke, this women didn't eat for a month to afford to be able to replace her daughters bed.  I offered to buy her food, but she was too proud to accept my offer.  It is highly unlikely that anyone living in such poverty would even know about the benefits of investing in the stock market, let alone attempt to invest in it!

You have your opinion.

T212 have their criteria and they are not going to investigate every individual case when someone complains.

Take the emotion out of it and you should see the picture.

I find it difficult when I see social injustice.  I'm very similar to Martin Lewis, I fight for people who don't have a voice too!

masonic

Psbcuddles said:

masonic said:

Suspect the outcome would have been quite different if you'd put yourself down as retired rather than unemployed.

I thought about doing that, but I didn't want to lie, I'm not really retired, although the DWP don't ever expect me to be able to work again, upsetting since the last job I had was working for them myself!

If you have given up working with no plans to return to paid employment, and have the financial resources to remain in this situation, then that would fit the definition.

flaneurs_lobster

If Trading 212 believe that your only income is that derived from benefit payments then you can perhaps understand why they might be loath to open an investment account for you.

Perhaps if you make them aware of your other income from savings and investments  - but this might be problematic if this income is largely derived from accounts in your husband's name.

It could simply be that Trading 212's application process is simply lacking in nuance and detail, and they are willing to reject a small number of potentially suitable customers to make the application process more "frictionless" for more mainstream customers. 

Emmia

The easy answer OP is just to open a S&S ISA with someone else.

Albermarle

Psbcuddles said:

Albermarle said:

As above they are probably trying to avoid any potential bad publicity. Such as headlines like;

Greedy T212 encouraged disabled person to lose their benefit money trading in risky shares. Shock Horror !

It could also be related to the fact that  T212 have a different business model to more traditional S&S providers and Cash ISA providers.
They seem to provide these services at a loss, with the hope that they can convert clients to more risky and lucrative trading accounts in CFD's etc 

Just open a S&S ISA with someone else.

Yes, your right, I had not considered that. 

I'll see if I can open an accout with my current SIPP provider, they are expensive, but I can make cuts elswhere, my husband thinks I'm very mean with money, but that why we managed to pay off our mortgage 10 years early, its the reason why we have money in the bank, and its the reason why I can afford to open and invest in a stocks and shares ISA

There are a lot of S&S ISA providers, so no need to use T212 or your current SIPP provider, if you do not want to. 

Kim_13

It’s possible, I’ve done so in the past, although it wasn’t T212. It was for a Wealthify Cashback offer. They asked how much I wanted to invest, how much I had in savings etc (from which I presume they would calculate whether the customer was risking an appropriate amount of their total worth.) If more of the savings are in the name of one partner, that can upset the calculation. An ISA is an individual account only so they cannot consider the circumstances of a spouse.

dunstonh

I applied online at their website, they asked what was my employment status, they didn't have an option for house person / house wife, so I selected unemployed.

Unemployed means claiming benefits and seeking active employment.

We apologize for any inconvenience caused, however, we are required to conduct checks in line with our Consumer Duty responsibilities, which require us to safeguard our clients from circumstances that may elevate the risk of financial harm. Given the financial information you have shared, it appears that you may be at risk of relying on benefits and facing unemployment.

Basically, you appear to have been viewed as a vulnerable individual who doesn't have the capacity for loss.

I do understand why Trading 212 are being so protective of my financial security.   However, there are still a lot of men and women in this country who do not work, they don't work because they don't have to, they are financially secure, that includes some people who are disabled. 

But they are not unemployed.  They are either retired or not employed.

eskbanker

dunstonh said:

I applied online at their website, they asked what was my employment status, they didn't have an option for house person / house wife, so I selected unemployed.

Unemployed means claiming benefits and seeking active employment.

Where are you quoting that definition from?