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

dunstonh

eskbanker said:

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?

It's the general definition used. More the second element (seeking active employment) than the first, but normally, you wouldn't record someone as being unemployed when they are not seeking employment.    And someone unemployed would normally claim benefits to at least get the NI credit.

Generally, its not a good idea for an unemployed person to start investing until they have returned to employment unless there is sufficient justification.   However, providers/platforms like these do not typically delve that deep into the affairs of the individual and use an algorithm instead.   They may well look at cases further but many don't as they do not have the resources to do within their charging structure.

To cover the OP's situation, you would expect something like not employed, retired, houseperson, independent means etc.

jimjames

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 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. 

I would assume that anyone who is financially secure with independent means wouldn't put down that their only source of income was benefits so maybe look to update that section if needed