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Paul1

Fund and share dealing accounts for Isle of Man residents

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Hi, can anyone recommend an online fund and share dealing account that is available to Isle of Man residents using Isle of Man bank accounts?

I already have holdings with Hargreaves lansdown, up until now no problems. However, since recently trying to open a junior account for my son, I seem to have 'alerted them to the fact I am an Isle of Man resident' to quote and that they can no longer allow me to add or withdraw further money, although I can still trade with what's already in the account. This basically renders the account useless to me as I need to keep adding money if it's going to amount to anything worthwhile, and to some extent be able to withdraw when necessary, so I will need to swich provider.

They say this is because I am an Isle of Man resident, and the iom is not considered part of the European economic area, and the FCA who regulate them don't allow this. After a lots of searching it seems every fund and share dealing account provider is regulated by the FCA. I have managed to open an account with IG who don't seem to have a problem with this, but they don't offer funds, which I would prefer to be an option if possible.

I would be grateful for any advice on this matter,

Thanks, Paul

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57 minutes ago, Paul1 said:

Hi, can anyone recommend an online fund and share dealing account that is available to Isle of Man residents using Isle of Man bank accounts?

I already have holdings with Hargreaves lansdown, up until now no problems. However, since recently trying to open a junior account for my son, I seem to have 'alerted them to the fact I am an Isle of Man resident' to quote and that they can no longer allow me to add or withdraw further money, although I can still trade with what's already in the account. This basically renders the account useless to me as I need to keep adding money if it's going to amount to anything worthwhile, and to some extent be able to withdraw when necessary, so I will need to swich provider.

They say this is because I am an Isle of Man resident, and the iom is not considered part of the European economic area, and the FCA who regulate them don't allow this. After a lots of searching it seems every fund and share dealing account provider is regulated by the FCA. I have managed to open an account with IG who don't seem to have a problem with this, but they don't offer funds, which I would prefer to be an option if possible.

I would be grateful for any advice on this matter,

Thanks, Paul

Panorama at 9pm might turn up a few helpful tips.

Edited by finlo
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I'm surprised Hargreaves are being obstructive, give Sebastian a call he is extremely helpful. Failing HL, you could try Barclays they have passed their foreign stock dealing over to the people who were behind their previous online stock dealing but their UK share accounts are cheap & easy to use. 

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Barclays Stockbrokers recently moved to a new platform and in the process they effectively kicked out all Isle of Man residents who had stockbroking accounts with them.  Hargreaves Lansdown have been OK with Manx residents so far - but maybe this is about to change?  Like Paul1 I would be interested in any information anyone has on this.

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You could've opted to move to the new provider with Barclays but there was a deadline (which some people ignored).

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I got kicked out of Barclays - so signed-up with IG after specifically checking whether they were happy with IOM customers (which they are. So far!)

Micky

 

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24 million customers say differently ;)

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18 minutes ago, Operation Mockingbird said:

Given that I'm one of those customers, I'm not sure 24 million do say differently.

why stay with them if you are dissatisfied?

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I'd be interested if there was a small group on the island regularly meeting to discuss 'hobby' investing etc. using IG or others.

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4 hours ago, 2bees said:

You could've opted to move to the new provider with Barclays but there was a deadline (which some people ignored).

Yes, we were given that choice - but it was restricted use (only allowed to hold the investments you already own, and no further trades allowed) and no money could be added, so useless really. Also Barclays won’t allow Manx residents to open new accounts.

Another option is iWeb who still allow Manx residents in.

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14 hours ago, Gorsh said:

Barclays Stockbrokers recently moved to a new platform and in the process they effectively kicked out all Isle of Man residents who had stockbroking accounts with them.  Hargreaves Lansdown have been OK with Manx residents so far - but maybe this is about to change?  Like Paul1 I would be interested in any information anyone has on this.

I actually have some information on this, here is a paragraph from one of the letters from hl following my complaint

Whilst we have always been regulated by the Financial Conduct Authority (FCA), we have recently reviewed these regulations and determined that we can no longer accept business from the Isle of Man. It is our understanding that our previous interpretation of these regulations was incorrect and that we should have treated residents of these islands as non-EEA. 
 

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On 06/11/2017 at 7:10 PM, Paul1 said:

Hi, can anyone recommend an online fund and share dealing account that is available to Isle of Man residents using Isle of Man bank accounts?

I already have holdings with Hargreaves lansdown, up until now no problems. However, since recently trying to open a junior account for my son, I seem to have 'alerted them to the fact I am an Isle of Man resident' to quote and that they can no longer allow me to add or withdraw further money, although I can still trade with what's already in the account. This basically renders the account useless to me as I need to keep adding money if it's going to amount to anything worthwhile, and to some extent be able to withdraw when necessary, so I will need to swich provider.

They say this is because I am an Isle of Man resident, and the iom is not considered part of the European economic area, and the FCA who regulate them don't allow this. After a lots of searching it seems every fund and share dealing account provider is regulated by the FCA. I have managed to open an account with IG who don't seem to have a problem with this, but they don't offer funds, which I would prefer to be an option if possible.

I would be grateful for any advice on this matter,

Thanks, Paul

Interesting...as I have Hargreaves account.

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On 06/11/2017 at 7:10 PM, Paul1 said:

Hi, can anyone recommend an online fund and share dealing account that is available to Isle of Man residents using Isle of Man bank accounts?

I already have holdings with Hargreaves lansdown, up until now no problems. However, since recently trying to open a junior account for my son, I seem to have 'alerted them to the fact I am an Isle of Man resident' to quote and that they can no longer allow me to add or withdraw further money, although I can still trade with what's already in the account. This basically renders the account useless to me as I need to keep adding money if it's going to amount to anything worthwhile, and to some extent be able to withdraw when necessary, so I will need to swich provider.

They say this is because I am an Isle of Man resident, and the iom is not considered part of the European economic area, and the FCA who regulate them don't allow this. After a lots of searching it seems every fund and share dealing account provider is regulated by the FCA. I have managed to open an account with IG who don't seem to have a problem with this, but they don't offer funds, which I would prefer to be an option if possible.

I would be grateful for any advice on this matter,

Thanks, Paul

Look at Investment Trusts...

I don't know how we could meet up...

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