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UK Trading Platforms

Investment discussion for beginners. Why you should invest your money, get help getting started
Foor
Posts: 3
Joined: November 27th, 2023, 3:22 pm

UK Trading Platforms

#645097

Postby Foor » February 6th, 2024, 12:14 pm

They currently have LSE delisted stock on their books.

The reason this stock has been delisted from London is mainly Russian associated income.

This stock is also listed in Moscow the country which caused the stock to leave London.

Can they use the price in Moscow to value the stock and charge you management fee's

Is this even legal as they do not offer trading options in Moscow so you cannot sell,so in essence a duff share with no value.

Foor
Posts: 3
Joined: November 27th, 2023, 3:22 pm

Re: UK Trading Platforms

#645103

Postby Foor » February 6th, 2024, 12:29 pm

Hargreaves and Lansdown

I've got shares in Polymetal in my ISA. Currently valued at the Moscow price by Hargreaves and Lansdown.

Can't sell. They are charging me management fees. Anyway I'm out of cash in the account so next month there's no money for them to be paid. Can't put any in. Only Polymetal shares in there. How will they get there cash based on their below statement.

Odd situation and I am not paying in any other way due to the stock being stuffed because of Moscow and now Hargreaves and Lansdown have the cheek to use the Moscow price to extract fees.

Is this even legal.

How we collect your charges and fees

There’s no need to remember to make any payments. Each month we’ll automatically take any charges and fees from cash in your account.

If there’s not enough cash in your account, we’ll sell some of your investments to cover charges. There is no additional charge for this, and we’ll let you know when this happens.

XFool
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Re: UK Trading Platforms

#645114

Postby XFool » February 6th, 2024, 2:03 pm

Now domiciled in Kazakhstan.

Polymetal has completed re-domiciliation to the Astana International Financial Centre (AIFC)

https://www.polymetalinternational.com/en/re-domiciliation-agm/

Change of domicile from Jersey to the AIFC was a necessary and critical first step to preserve the Group’s existence in its current form and to unblock the ability to execute further corporate actions to restore shareholder value.

The re-domiciliation was approved by the General Meeting of Shareholders on 10 May 2023.


https://www.polymetalinternational.com/files/en/2023-08-08-re-domiciliation-qas.pdf

Sounds like you should have sold up before the change!

You will have to speak to Hargreaves Lansdown.

GoSeigen
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Re: UK Trading Platforms

#645243

Postby GoSeigen » February 7th, 2024, 8:23 am

How can anyone here answer for Hargreaves Lansdown? We are just forum users, no-one I am aware of works for HL. You need to pick up the phone and negotiate with them directly. I seriously doubt the level or exact method of calculating their fees is regulated by law, it's most likely going to be a contractual matter between you and them. If you think it's illegal then again, you should clearly put your case to them, ideally quoting whatever law you think is being broken.

What I do no about HL is that if they invoice you their fees and you do not have cash to cover them they WILL sell your stock. As it has little intrinsic value they may sell all of it or some other stock you hold with them, so I would not leave this to chance. Call them and sort it out ASAP.

GS

Dicky99
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Re: UK Trading Platforms

#645270

Postby Dicky99 » February 7th, 2024, 10:05 am

Foor wrote:Hargreaves and Lansdown

I've got shares in Polymetal in my ISA. Currently valued at the Moscow price by Hargreaves and Lansdown.

Can't sell. They are charging me management fees. Anyway I'm out of cash in the account so next month there's no money for them to be paid. Can't put any in. Only Polymetal shares in there. How will they get there cash based on their below statement.

Odd situation and I am not paying in any other way due to the stock being stuffed because of Moscow and now Hargreaves and Lansdown have the cheek to use the Moscow price to extract fees.

Is this even legal.

How we collect your charges and fees

There’s no need to remember to make any payments. Each month we’ll automatically take any charges and fees from cash in your account.

If there’s not enough cash in your account, we’ll sell some of your investments to cover charges. There is no additional charge for this, and we’ll let you know when this happens.


I would imagine that the management fee which you owe to HL will become an outstanding debt. It's up to you to take measures to pay it and up to HL to decide what to do if if you don't.
It can hardly be their problem if all you own is a basket case investment.

swill453
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Re: UK Trading Platforms

#645271

Postby swill453 » February 7th, 2024, 10:09 am

Foor wrote:Hargreaves and Lansdown

I've got shares in Polymetal in my ISA. Currently valued at the Moscow price by Hargreaves and Lansdown.

Can't sell. They are charging me management fees. Anyway I'm out of cash in the account so next month there's no money for them to be paid. Can't put any in. Only Polymetal shares in there. How will they get there cash based on their below statement.

Odd situation and I am not paying in any other way due to the stock being stuffed because of Moscow and now Hargreaves and Lansdown have the cheek to use the Moscow price to extract fees.

Is this even legal.

How we collect your charges and fees

There’s no need to remember to make any payments. Each month we’ll automatically take any charges and fees from cash in your account.

If there’s not enough cash in your account, we’ll sell some of your investments to cover charges. There is no additional charge for this, and we’ll let you know when this happens.

But see also:

"What if I've reached the full ISA allowance and can’t top up?
If there’s not enough cash in your ISA to pay charges and you can’t top up, you can add money to an HL Fund and Share Account instead. We’ll take your charges there instead of selling your ISA investments."


Scott.

Foor
Posts: 3
Joined: November 27th, 2023, 3:22 pm

Re: UK Trading Platforms

#645298

Postby Foor » February 7th, 2024, 11:16 am

Selling the stock is an impossibility as HL has no access to Moscow or Astana exchanges as if they had I would have sold the lot at the prices they are currently quoting.

The metric they currently use to quote the price then multiply any percentage is unlawful.

The company delisted from London because of its Moscow association and now HL use Moscow to quote the share price.

UncleEbenezer
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Re: UK Trading Platforms

#645324

Postby UncleEbenezer » February 7th, 2024, 12:17 pm

swill453 wrote:But see also:

"What if I've reached the full ISA allowance and can’t top up?
If there’s not enough cash in your ISA to pay charges and you can’t top up, you can add money to an HL Fund and Share Account instead. We’ll take your charges there instead of selling your ISA investments."


Scott.

I'd treat that as a no-brainer permanent arrangement.

Rationale: take the money that isn't tax-sheltered, leaving the maximum within the ISA.

GoSeigen wrote:If you think it's illegal then again, you should clearly put your case to them, ideally quoting whatever law you think is being broken.


Questio quid juris?


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