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Stockbrokers for Investment Clubs Sep’25

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Comments

  • wmb194 said:
    Oldhead45 said:
    Check out latest article in Investors Chronicle 

    It doesn't really say very much:

    "...stockbrokers GHC Capital Markets, Pilling & Co and Capital Financial Markets have said they would take on the accounts following Interactive’s decision.

    ...

    Among DIY platforms, only Interactive Brokers said it was able to take on new club accounts. But on a ShareSoc forum, some club members reported struggles with actually opening an account. The application seemingly required a “legal entity identifier” number, which some investment clubs may need to apply for."

    Stockbrokers step in to save investment clubs



    There is another broker accepting ICs which is Redmayne Bentley but their two main criteria are at least £100k fund value and no more than 10 members so my Club failed as we are nearly double that.
  • Re IBKR
    I have entered a UTR but I’m not saying what is was.
    I have progressed BUT I’ve got stuck on the W8 Ben. As I ticked business, I then have to choose between incomprehensible options - haven’t progressed further. Now resting for a while and waiting for John Calvert to show us the way….Beggars belief.
    GHC are an option except they are expensive per trade, they are small and it’s only telephone/email trading. Personally, I prefer to do my own.
  • findthetruth
    findthetruth Posts: 14 Forumite
    10 Posts Photogenic
    Re IBKR. Would John Calvert kindly say whether he had to deal with the W8 Ben form, and which box he ticked please?
    If you didn’t have this to complete, maybe I entered a different class of organisation . I think I chose a business corporation. Small business has been recommended but I never saw that option.
    Thanks. - hope you are progressing.
  • Dorcots
    Dorcots Posts: 12 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    edited 3 October at 8:09AM
    ...GHC are an option except they are expensive per trade, they are small and it’s only telephone/email trading...

    "Only telephone/email" is possibly because GHC Capital Markets are not FCA registered for "Dealing in Investments as Principal". So GHC have to go to a broker.

  • LIC2000
    LIC2000 Posts: 3 Newbie
    First Post
    In looking for alternate brokers our club has been asked if we registered with HMRC. The club was formed in 2000 and has been through a number of chairman, secretaries and treasurers and we are currently trying to trace the original registration if it existed at all.

    I was wondering if anyone knows if it was a requirement to register with HMRC back in 2000 or the requirement came later and if other clubs did register.
  • findthetruth
    findthetruth Posts: 14 Forumite
    10 Posts Photogenic
    LIC2000 said:
    In looking for alternate brokers our club has been asked if we registered with HMRC. The club was formed in 2000 and has been through a number of chairman, secretaries and treasurers and we are currently trying to trace the original registration if it existed at all.

    I was wondering if anyone knows if it was a requirement to register with HMRC back in 2000 or the requirement came later and if other clubs did register.
    I remember back then that HMRC did ask for clubs to register/inform them of their existence, but I found out that there was no obligation, so we never did. There has been no change in this to my knowledge, up to the present day.
    Registering now with the HMRC is possible if you want a UTR, but you have to behave like a company and pay corporation tax.

  • Sky_Dragon
    Sky_Dragon Posts: 44 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    I have spoken to and emailed Gerry Perez at IBKR a few times this week, and he has promised to email me some information on the process BUT the email he says he has already sent earlier this week  has not got through to me (It's not in my Spam, Bin or anywhere else I should be able to find email). I've sent him an alternative email address to use, but there may be some extra agressive spam filtering going on in both directions.

    Maybe some others can contact Gerry to see if they can receive this information from him? (His contact details are on https://www.interactivebrokers.co.uk/en/support/institutional-sales-contacts.php?p=uk) - If I can post the link.
  • findthetruth
    findthetruth Posts: 14 Forumite
    10 Posts Photogenic
    I have spoken to and emailed Gerry Perez at IBKR a few times this week, and he has promised to email me some information on the process BUT the email he says he has already sent earlier this week  has not got through to me (It's not in my Spam, Bin or anywhere else I should be able to find email). I've sent him an alternative email address to use, but there may be some extra agressive spam filtering going on in both directions.

    Maybe some others can contact Gerry to see if they can receive this information from him? (His contact details are on https://www.interactivebrokers.co.uk/en/support/institutional-sales-contacts.php?p=uk) - If I can post the link.
    This is so strange.We get no reponse except from my contact in sales who sends me down rabbit holes. And we have written to the CEO on Linkedin. 
    I am pretty sure they is not really bothered.
    I am now stuck in my application as I dont even understand the US questions! The options at the start do not accommodate our UK world or investment clubs. I have put in our real LEI but not necceassarly the real UTR as we havent got one.
    I actually get the impression that they dont really want us - or we're such small beer and expensive so don't encourage.
  • johncalvert
    johncalvert Posts: 14 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Morning everyone.  I've been hanging back, hoping I'd be able to tell you we had succeeded in opening an account with IBKR, but we are still not quite there yet.  Problem is they are busy, so they ask a question, we reply, then it can be two days before that's looked at, then another question, etc. so it takes time.  Do persevere.
    So, right now we have answered all their questions, ticked all the boxes, provided all the information, and got the green light on Friday that we could fund the account, though the application is still awaiting final approval, so I'm hopeful.
    We had to provide constitution, proof of authority to open an account, photo ID of officers, full list of members with percentage held by each.  We did complete the W8-BEN, but can't remember which options I used.  Speaking to Maria Dieguez I got the impression that they knew we were an Investment Club, they don't have a form for that, so I could click on any option. I picked one, and was accepted.
    Nothing happens over the week-end so I'm hoping to get final approval Monday or Tuesday, when I'll report back either way.
    Best wishes,
    John
  • findthetruth
    findthetruth Posts: 14 Forumite
    10 Posts Photogenic
    Morning everyone.  I've been hanging back, hoping I'd be able to tell you we had succeeded in opening an account with IBKR, but we are still not quite there yet.  Problem is they are busy, so they ask a question, we reply, then it can be two days before that's looked at, then another question, etc. so it takes time.  Do persevere.
    So, right now we have answered all their questions, ticked all the boxes, provided all the information, and got the green light on Friday that we could fund the account, though the application is still awaiting final approval, so I'm hopeful.
    We had to provide constitution, proof of authority to open an account, photo ID of officers, full list of members with percentage held by each.  We did complete the W8-BEN, but can't remember which options I used.  Speaking to Maria Dieguez I got the impression that they knew we were an Investment Club, they don't have a form for that, so I could click on any option. I picked one, and was accepted.
    Nothing happens over the week-end so I'm hoping to get final approval Monday or Tuesday, when I'll report back either way.
    Best wishes,
    John
    Thanks for that.This sounds hopeful. I am still worried about supplying my personal UTR.
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