DEGIRO no longer allowing to buy uk trusts

I would guess that they (the Investment trusts) have to submit a new KID Document every 1 or 2 years. And that there is a lag between required/submitted/approved.
 
I emailed Degiro a few weeks back and got this reply. They indeed need an up to date KID. However, both SMT and FCIT have KIDs dated 2023 available on their websites. I have not followed up with Degiro yet.

Due to internal checks of the relevant department, this product is not available on the Irish platform at the moment.

Please provide a KID (Key Information Document) in your local language (English) which shows that the products are "passported" in Ireland.

Each product must be officially authorized to be offered in your country (known as ‘passporting’) and have a KID available in your local language..
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Anyone knows if any other EU brokers are more reliable for purchasing UK trusts?
 
AJAM said:
I would guess that they (the Investment trusts) have to submit a new KID Document every 1 or 2 years. And that there is a lag between required/submitted/approved.
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KIDs have to be reviewed annually and where necessary updated without delay.

I don’t really understand Degiro’s position TBH.
 
Sorry if the question is off topic.

But can Investment Trusts trade at a discount/premium to NAV? If so, is that a concern for anyone?
 
Trading212 has both (and many more IT's) but is only guaranteed to €20,000 outside the UK but has some other insurance above that but i imagine you would be a while seeing your funds in that kind of scenario.

Trade Republic and Lightyear have better guarantees but much more limited selection of stocks and IT's, Trade Republic is very...social media orientated and has a really poor selection of stocks..(i've played about with both of them recently to get a feel with some very small sums of money).
I've closed my Degiro account today and am going to put about €15k in T212, have to decide where the rest is going. They have been around a while so mymoney is probably safe above the €20k but i'd rather not if there was somewhere else.
 
ButteredUp said:
Sorry if the question is off topic.

But can Investment Trusts trade at a discount/premium to NAV? If so, is that a concern for anyone?
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Yes they can and most often do. And yes it is a concern if you need to realise the money when it's deep into a discount.
 
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Corola said:
Did you sell all your positions or transfer them out to another broker?
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I've been in cash for about two weeks now as I think the market is toppy (i know, i know..), plus I wasn't happy with Degiro and was thinking of moving anyhow. Another grievance is that your money is sitting there getting next to nothing on it as interest. So, it didnt take much once I saw the IT's were gone, to jump ship. T212 offers a stock transfer service which they say is free, don't know if that works with Irish Degiro accounts, just noticed that on the signup today.
 
Degiro is still good for purchasing ETF's though, especially the ones on their ETF "free" list, think it's only a €1 or €2 per transaction if one transaction a month.
 
Decided to go with Interactive Brokers for the rest, seem to have the best reviews online.
It's going bust coverage is even worse than T212 but its a very profitable business with a huge user base so risk seems small, thoughts?

"Certain securities positions and cash are held with the US subsidiary, and protected by the SIPC. Retail investors are protected by the Irish Investor Compensation Scheme, which does not cover institutions and professional clients. The coverage is limited to 90% of the amount lost and is subject to a maximum of €20,000 per investor."
 
irishfinanceguy said:
Where next trade republic?
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only if you like opaque quotes. They convert everything to EUR pricing. Very difficult to see proper bid/ask spreads (or implied costs). Personally i don't like them at all for trading. happy to take their deposit interest & referral incentives though.
 
RiceCakes said:
Decided to go with Interactive Brokers for the rest, seem to have the best reviews online.
It's going bust coverage is even worse than T212 but its a very profitable business with a huge user base so risk seems small, thoughts?

"Certain securities positions and cash are held with the US subsidiary, and protected by the SIPC. Retail investors are protected by the Irish Investor Compensation Scheme, which does not cover institutions and professional clients. The coverage is limited to 90% of the amount lost and is subject to a maximum of €20,000 per investor."
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Not impressed with IBKR at all, horribly slow interface. In fact the interface seems to be in dire need of modernisation, it seems to be very dated in layout. Annoying things too, I wanted to set up a repeat investment monthly but was told I wasn't entitled to invest!, yet I definitely am, I purchased one of the same shares as a test and it went though fine. The desktop app is overly complicated and I'm pretty experienced at this and still found it a steep learning curve. I also tried a withdrawal to see how that went and it told me funds need to be in the account at least 2 - 3 working days before being able to be removed.
So far, I haven't found a place I'm happy to put the majority of my funds. Trading 212 ticks all the boxes apart from the €20,000 guarantee.
 
Sorry for spamming this topic, one last post which I feel is relevant.
It seems that Trading212 holds your shares on IBKR (Interactive brokers) if I'm understanding this correctly. From "https://helpcentre.trading212.com/hc/en-us/articles/360008702918-Do-I-own-my-shares" it states:
"

Where are my shares held?​

Your shares are held in a pooled account at Interactive Brokers, one of the largest brokers in the world. Pooled accounts are commonly known as omnibus accounts.

What’s an omnibus account?​

An omnibus account is an account that holds the shares of multiple individual clients under one broker. It’s the industry standard most brokers use since it’s an effective way to hold client assets."

This is greatly reassuring to me as IBKR (whilst having a poor/dated web interface) are around a while and seem pretty rock solid. I think I'm just going to put everything in T212.
 
FCIT is still not available on De Giro. I was hoping this would only be a temporary glitch. Can anyone suggest any other companies that are similar to FCIT, i.e. are effectively a diversified holding company with a broad basket of investments. Berkshire Hathaway perhaps?
 
Berkshire Hathaway is not a diversified holding company - a holding company, yes but I'd question the term diversified
 
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