X-O (Jarvis) online platform to close in the summer

Hattie627

fifeken said:

Hattie627 said:

fifeken said:

boingy said:

Imagine how annoyed you'd be if you left an empty account that ended up at ii being charged 4 or 5 quid per month...

That's my concern but I can't see how to close my account on-line.  Can anyone tell me how to do it or must it be done via email?

Also, how has the closure been communicated to people?  I haven't received anything but that's maybe down to having an empty account.

I had an empty GIA and emailed Jarvis (using the enquiry email) on Wednesday asking them to close it. They replied within an hour to confirm that the account was now closed. Very quick. You could send the email today but you might not get a reply until Tuesday due to the bank holidays.

I saw your post upthread but didn't know what a GIA account was! (I do now).  Hopefully similar for me.

Any comment on the second part of my post ref how the platform closure was communicated?

I got an email from Jarvis on Tuesday evening (after hours) attaching a letter which gave very brief info but which had a link to the FAQ which I linked to in the opening post to this thread. I got the email despite the fact that I only have (now had) an empty GIA account. Maybe you got it and it went to your spam folder? 

wmb194

miller said:

mark1222 said:

"Trading 212 primarily generates revenue through currency conversion fees and the spreads charged on its Contracts for Difference (CFDs) and shares. They also earn revenue from share lending and overnight interest on cash balances".

Presumably this is in their T&Cs (lending out your shares)? Do any other platforms do that? Creates risk that whoever they are lending them to then runs into difficulties.

I thought by keeping any uninvested cash below the FSCS limit, that the investments themselves would be as near to 100% safe in the nominee account, but this changes my view of that.

T212 doesn't make it mandatory, see below. Freetrade's also optional. Check a broker's T&Cs. IIRC iWeb/Halfiax Share Dealing and Barclays state that shares will never be lent.

You barely need to worry anyway; shares and ETFs aren't lent out willy-nilly, the borrowers are meant to post high quality collateral e.g., gilts and USTs to a value exceeding the value of the shares being lent e.g., 102% with T212 and 105% Freetrade.

If you don't own shares in iffy companies and meme stocks it's also fairly unlikely any of your shares will be lent anyway. Most companies have less than 1% of their shares on loan and the odds yours are the ones being borrowed from the total available pool are slim. Isa regulations forbid the lending of shares held in these wrappers. 

So far my all-time haul with T212 is... 9p (nine pence): there were a few exciting days last year when someone borrowed a few of my shares in Schroder Mid-Cap IT and Henderson European Trust.  My experience with lending shares via Freetrade and Fineco (now closed to UK customers) is similar but I usually only own "blue chips," ITs and 'quality' ETFs.



https://helpcentre.trading212.com/hc/en-us/articles/11452410662045-What-are-the-risks-associated-with-Share-Lending

https://helpcentre.trading212.com/hc/en-us/articles/11452227562653-Can-I-disable-share-lending

https://freetrade.io/share-lending

Vortigern

fifeken said:

Also, how has the closure been communicated to people?  I haven't received anything but that's maybe down to having an empty account.

I have an empty account. I've had no communication from Jarvis X-O about this change. 

Hoenir

Vortigern said:

fifeken said:

Also, how has the closure been communicated to people?  I haven't received anything but that's maybe down to having an empty account.

I have an empty account. I've had no communication from Jarvis X-O about this change. 

There's  big red warning when you go to log in. 

An empty account isn't going to be transferred. 

Vortigern

Hoenir said:

Vortigern said:

fifeken said:

Also, how has the closure been communicated to people?  I haven't received anything but that's maybe down to having an empty account.

I have an empty account. I've had no communication from Jarvis X-O about this change. 

There's  big red warning when you go to log in. 

An empty account isn't going to be transferred. 

Why would anyone log on to an empty account?  Neither the big red warning nor the FAQ state that empty accounts will not be transferred.

I've closed my account. My thanks to @Hattie627 for the warning.

IvanOpinion

Good news for me. I already have an account with II and had been considering consolidating my X-O ISA into II but never got round to it. Hopefully they will now do it for me.

ali1947fish

people here just comment about the monthly fee- you have to see things in the round-XO doest allow you to vote without a 20 pounds fee or ask questions at agms. in addition i have read on a respected platform that the FCA has forced xo to do this- the reason for the intervention is not mentioned? as to the fees 50 or 60 pounds per year is neither here not there if there is an opportunity to deal for less than 5 pounds which is cheaper than xo. some one has mentioned AJ bell as the preferred broker to transfer to and they are very good- iam interesd in your reponse to this please comment

Hoenir

Vortigern said:

Hoenir said:

Vortigern said:

fifeken said:

Also, how has the closure been communicated to people?  I haven't received anything but that's maybe down to having an empty account.

I have an empty account. I've had no communication from Jarvis X-O about this change. 

There's  big red warning when you go to log in. 

An empty account isn't going to be transferred. 

Why would anyone log on to an empty account?  

Perhaps there's a plan in place. Contacting active account holders first seems the logical first step in a long drawn out process. Given there's many thousands of account holders. 

Hattie627

ali1947fish said:

people here just comment about the monthly fee- you have to see things in the round-XO doest allow you to vote without a 20 pounds fee or ask questions at agms. in addition i have read on a respected platform that the FCA has forced xo to do this- the reason for the intervention is not mentioned? as to the fees 50 or 60 pounds per year is neither here not there if there is an opportunity to deal for less than 5 pounds which is cheaper than xo. some one has mentioned AJ bell as the preferred broker to transfer to and they are very good- iam interesd in your reponse to this please comment

Interested in what you say about FCA forcing this move by X-O. Please could you give the link to the respected platform where you read this?

tel_

I already hold an iWeb account with a fund & ETF in it, and am seriously considering transferring my x-o account into it. 

Only issue is it will then go over the 85k protection, but is that really a big concern, especially as many people with greater wealth hold six figure sums in them?

I already have T212, Invest Engine and IBKR accounts, which I regularly contribute into, so consolidating would be a good thing for me.

As iWeb is owned by Halifax, I'd rather consolidate into them rather than into the lesser-known T212, IE etc.

Any thoughts I'd gratefully receive.