30th November 2022
It is with great regret that Timetotrade has made the decision to shut down our stockbroking services. In line with the “Shares Terms and Conditions” which you agreed to when you applied for your trading account we are giving you three months’ notice of termination. Your trading account will be closed on 28 February 2023.
Obviously, this will involve some considerable inconvenience for our clients but sadly this notification is final. In the coming weeks we will endeavour to assist you in moving your portfolio to an alternate broker but we must advise that if there has been no transfer execution by the expiry of three months from this date (28th February 2023) then your portfolio will be sold at the best execution price achievable by us at that time and the resulting cash sums distributed back to you.
You will be able to buy/sell stocks and fund your account as per normal until the end of 2022 but on the close of business on the 31 December 2022 your account will be set to closing trades only and we will no longer accept deposits to your account. Trades made after the 31st December will incur only a £3 Sell Commission.
You can take one of three actions.
1. Open an account with an alternate broker. Your new broker will supply you with a transfer request form, you must fill this in and send it back to your new broker. They will then contact us to arrange the transfer. To ensure that the transfer has time to be executed we must receive this transfer request from your new broker by the 14th January 2023. If we have not received the transfer by this date we may insist on you reverting to option 2 (or 3),
2. Close all your asset positions held with us by the 28th February 2023 and we will then transfer the resulting cash to your bank account,
3. Do nothing. In which case we will begin to sell off your portfolio on, or after, the 28th February 2023. We will sell assets at the best execution price achievable by us at that time. We will then transfer the resulting cash to your bank account
Please be advised that if you hold AIM listed stocks these may take some considerable time to sell as many are very illiquid. If you wish to sell your holdings in such stock you should bear this in mind.
Where possible, all cash refunds will be returned to the account/card from which the deposits were originally made. In the case of Member Clubs the units for each member shall be sold at the final redemption price after all assets have been sold and each member shall be paid out accordingly. For Omnibus Clubs monies shall be returned to the Club Bank Account.
This decision has been reached with a heavy heart and we would like to thank you for your loyal business.
Should you have any questions please email these to us at firstname.lastname@example.org
Chief Risk Officer