Iweb SSLV issue ..

sidneyyoungblood

Last Monday thought to check in on the small amount of SSLV I hold on my iweb account  and noticed that I am no longer able to buy on the platform just sell ... Not too sure when this change came , is this something to worry about ? 

ColdIron

It may not be UCITs compliant. Is it in an ISA?

nakie999

sidneyyoungblood said:

Last Monday thought to check in on the small amount of SSLV I hold on my iweb account  and noticed that I am no longer able to buy on the platform just sell ... Not too sure when this change came , is this something to worry about ? 

This usually means the platform restricted new buys for that product, often due to liquidity or internal risk limits. Being able to sell but not buy is common in those cases. It’s worth checking iWeb’s messages or contacting support to confirm if it’s temporary or a permanent restriction on SSLV.

sidneyyoungblood

ColdIron said:

It may not be UCITs compliant. Is it in an ISA?

yes it is within my isa 

LHW99

HL website says:

"This product is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements. Please refer to the FCA website for more information."

https://www.hl.co.uk/shares/shares-search-results/i/invesco-physical-silver-p-etc-311260

ColdIron

It also says it's not UCITs compliant, though other sources say it is. It does produce a KIID though

wmb194

ColdIron said:

It also says it's not UCITs compliant, though other sources say it is. It does produce a KIID though

That's odd, Invesco's page for Invesco Physical Silver ETC states that it's UCITs compliant. Perhaps other people disagree?

"UCITS compliant      Yes"

 https://www.invesco.com/uk/en/financial-products/etfs/invesco-physical-silver-etc.html

ColdIron

Yes, third party factsheets such as those at HL often contain errors. In the past IWeb have been more restrictive than others, especially in their ISA, regarding publications of KIIDs. But again they do seem to produce one

That you can sell existing holdings but not buy make me think it's a UCITs issue

GeoffTF

It has been reported that iWeb is unwilling to register customers as high net worth or sophisticated investors. Perhaps the FCA has decided that only high net worth or sophisticated investors should be allowed to buy the fund.

DRS1

It seems Iweb (sorry SWSD) will let you buy the pound sterling version SLVP.  Maybe it has something to do with foreign currency?

GeoffTF

DRS1 said:

It seems Iweb (sorry SWSD) will let you buy the pound sterling version SLVP.  Maybe it has something to do with foreign currency?

iWeb converts everything into sterling, so it would be pretty dumb to buy the dollar denominated version and pay iWeb's huge FX charges. iWeb seems to be being helpful here. Some platforms are not so helpful.