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Old 16.01.2018, 15:55
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Hargreaves Lansdown - Swiss Customers Restriction

Hi, I received this message today - HL told me this has been in force for a while but HL are getting stricter on it. I can buy and sell on my account but cannot get any new money into it. Has anyone else had this ? I was doing 'pound cost averaging' and this now ruins that concept. What is the next best alternative to buy and sell UK shares from Switzerland ? I have a CHF account here and a UK GBP bank account in the UK. Hope someone can help me. Any advice is appreciated - thank you !

I write with reference to the monthly payments being collected into your Hargreaves Lansdown portfolio.

We note that you currently reside in a country outside of the European Economic Area (EEA). Hargreaves Lansdown are regulated by the Financial Conduct Authority (FCA) and under their regulation we are permitted to accept business from clients who live in the UK and the European countries that are members of the EEA. Unfortunately being regulated by the FCA does not give us the right to accept business from any country in the world. Each country has its own regulator, equivalent to the FCA, and it would be necessary for Hargreaves Lansdown to be regulated by the appropriate body in order to accept business from clients living in an alternative country to those previously listed.

Due to the reasons outlined above we will be unable to accept any further subscriptions into this account. This includes monthly payments via Direct Debit and as a result no further collections will be made from your nominated bank account.

Please accept our apologies for any inconvenience caused. We trust you understand our requirement to abide by our governing regulations and it is with regret that we are unable to accept any further subscriptions to your account in this manner.

I trust this clarifies the situation. Should you have any further questions regarding this matter please call our Vantage Helpdesk on +44117 900 9000 or email us through our website at www.hl.co.uk.

Yours sincerely,

Hargreaves Lansdown Asset Management Ltd
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Old 16.01.2018, 15:58
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Re: Hargreaves Lansdown - Swiss Customers Restriction

Cheapest way to buy British stocks is as ADR's in the USA, no stamp duty & very low commissions.

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Hi, I received this message today - HL told me this has been in force for a while but HL are getting stricter on it. I can buy and sell on my account but cannot get any new money into it. Has anyone else had this ? I was doing 'pound cost averaging' and this now ruins that concept. What is the next best alternative to buy and sell UK shares from Switzerland ? I have a CHF account here and a UK GBP bank account in the UK. Hope someone can help me. Any advice is appreciated - thank you !

I write with reference to the monthly payments being collected into your Hargreaves Lansdown portfolio.

We note that you currently reside in a country outside of the European Economic Area (EEA). Hargreaves Lansdown are regulated by the Financial Conduct Authority (FCA) and under their regulation we are permitted to accept business from clients who live in the UK and the European countries that are members of the EEA. Unfortunately being regulated by the FCA does not give us the right to accept business from any country in the world. Each country has its own regulator, equivalent to the FCA, and it would be necessary for Hargreaves Lansdown to be regulated by the appropriate body in order to accept business from clients living in an alternative country to those previously listed.

Due to the reasons outlined above we will be unable to accept any further subscriptions into this account. This includes monthly payments via Direct Debit and as a result no further collections will be made from your nominated bank account.

Please accept our apologies for any inconvenience caused. We trust you understand our requirement to abide by our governing regulations and it is with regret that we are unable to accept any further subscriptions to your account in this manner.

I trust this clarifies the situation. Should you have any further questions regarding this matter please call our Vantage Helpdesk on +44117 900 9000 or email us through our website at www.hl.co.uk.

Yours sincerely,

Hargreaves Lansdown Asset Management Ltd
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Old 17.01.2018, 08:48
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Re: Hargreaves Lansdown - Swiss Customers Restriction

Thank you fatmansfilms for your quick reply. I googled that but can find nearly no information on how to do that - do you please have a website / broker info that I can set that up with ?


I am surprised I did not get more responses - there must be many people using the HL trading platform that this will effect. What is strange is that I am allowed to buy and sell using existing money in the HL account but cannot add to the money from my bank account.
As well as large stakes in FTSE100 Companys. I am monthly buying shares in FTSE100 / 250 companys and this is the only website / cheap trading platform. I now have small stakes in many company's - if I cant add then I will have to sell them - pointless just owning £500 in a few companys when I am trying build up stakes of around 10 K. Other issue is I have big losses on some stocks.. many thousands and now they are low I can buy and hopefully change the average. Now they are stopping me. I will complain today and maybe go to the Obbudsman - CH are not in the EEC and if thats the case they should not have taken my business (they said the account was opened by mistake - however my friend in CH opened one last year ) - what do you think ?
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Old 17.01.2018, 09:06
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Re: Hargreaves Lansdown - Swiss Customers Restriction

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Thank you fatmansfilms for your quick reply. I googled that but can find nearly no information on how to do that - do you please have a website / broker info that I can set that up with ?


I am surprised I did not get more responses - there must be many people using the HL trading platform that this will effect. What is strange is that I am allowed to buy and sell using existing money in the HL account but cannot add to the money from my bank account.
As well as large stakes in FTSE100 Companys. I am monthly buying shares in FTSE100 / 250 companys and this is the only website / cheap trading platform. I now have small stakes in many company's - if I cant add then I will have to sell them - pointless just owning £500 in a few companys when I am trying build up stakes of around 10 K. Other issue is I have big losses on some stocks.. many thousands and now they are low I can buy and hopefully change the average. Now they are stopping me. I will complain today and maybe go to the Obbudsman - CH are not in the EEC and if thats the case they should not have taken my business (they said the account was opened by mistake - however my friend in CH opened one last year ) - what do you think ?
Use a US Broker like Schwab. Put in the name of the stock & see if it's quoted as an ADR.

No point in complaining to anyone, they can do business with whoever they like just like Swiss Banks do.
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Old 17.01.2018, 10:12
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Re: Hargreaves Lansdown - Swiss Customers Restriction

Could you use them with a UK address?
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Old 17.01.2018, 11:19
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Re: Hargreaves Lansdown - Swiss Customers Restriction

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Could you use them with a UK address?
You need to tell them where your tax resident, for tax info exchange. KYC & all that. Give false info & the account will get blocked.
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Old 17.01.2018, 16:00
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Re: Hargreaves Lansdown - Swiss Customers Restriction

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Use a US Broker like Schwab. Put in the name of the stock & see if it's quoted as an ADR.
Second the use of Charles Schwab. Their international desk handling European customers (incl. CH) is located in London but you do most things on-line. Easy, inexpensive, full range USA shares, ADRs for UK and other stocks, index baskets, account sweeps, limit orders, etc. all there. Only downside I see is need to keep everything denominated US dollars.

Good luck!
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Old 17.01.2018, 21:25
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Re: Hargreaves Lansdown - Swiss Customers Restriction

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Thank you fatmansfilms for your quick reply. I googled that but can find nearly no information on how to do that - do you please have a website / broker info that I can set that up with ?

What is strange is that I am allowed to buy and sell using existing money in the HL account but cannot add to the money from my bank account.
Is it an ISA account? Believe you can't add money to it due to the tax implications - you can probably add money a normal Fund & Share account instead tho.
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Old 17.01.2018, 22:39
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Re: Hargreaves Lansdown - Swiss Customers Restriction

Its not an ISA - it is a standard fund and share account.. been paying in for a few years. Due to Switzerland not in Europe seems like they are clamping down.

I said about using a UK address - they said I need to provide 2 utility bills.

Only other way is if I live in UK for at least for 6 months - which I certainly dont.

I know someone in CH with same account and heard nothing from HL about this restriction.

Anyone got a HSBC Ex Pat account ?
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Old 17.01.2018, 23:05
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Re: Hargreaves Lansdown - Swiss Customers Restriction

Why not open an IB account or Degiro?
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Old 12.03.2018, 21:25
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Re: Hargreaves Lansdown - Swiss Customers Restriction

I'm having a nightmare with Hargreaves Lansdown at the moment.

I changed my address to my new address here in Switzerland. They subsequently blocked my account. I knew that I would not be able to fund my account anymore - that's fine, I already changed to a new broker...but they are refusing to allow me to withdraw my own money until I provide 'certified copies' of my passport and a utility bill.... it's fine for me to send the documents but to have them 'certified' by an embassy... ? I've never had to do this before.

My last message to them was requesting to then close my account and transfer all my funds out... will see what they say.
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Old 12.03.2018, 22:06
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Re: Hargreaves Lansdown - Swiss Customers Restriction

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I'm having a nightmare with Hargreaves Lansdown at the moment.

I changed my address to my new address here in Switzerland. They subsequently blocked my account. I knew that I would not be able to fund my account anymore - that's fine, I already changed to a new broker...but they are refusing to allow me to withdraw my own money until I provide 'certified copies' of my passport and a utility bill.... it's fine for me to send the documents but to have them 'certified' by an embassy... ? I've never had to do this before.

My last message to them was requesting to then close my account and transfer all my funds out... will see what they say.
They need certified documents or originals just like other financial institutions. The local Notary can certify the documents, the Zurich embassy has closed.

You failed to inform HL of your tax status when you moved to CH, it's your fault trying to flout the law, not HL fault.

You won't get your funds until you comply, UK takes regulation very seriously, even if a couple of remoaners claim otherwise..
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Old 12.03.2018, 23:44
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Re: Hargreaves Lansdown - Swiss Customers Restriction

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They need certified documents or originals just like other financial institutions. The local Notary can certify the documents, the Zurich embassy has closed.

You failed to inform HL of your tax status when you moved to CH, it's your fault trying to flout the law, not HL fault.

You won't get your funds until you comply, UK takes regulation very seriously, even if a couple of remoaners claim otherwise..
I understand that. Itís not a case of me flouting the law though, it seems this is just standard practice for non-UK residents.

I just hope they can close my account without the hassle, because thatís what iíll end up doing in any case...
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Old 13.03.2018, 09:14
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Re: Hargreaves Lansdown - Swiss Customers Restriction

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I'm having a nightmare with Hargreaves Lansdown at the moment.

I changed my address to my new address here in Switzerland. They subsequently blocked my account. I knew that I would not be able to fund my account anymore - that's fine, I already changed to a new broker...but they are refusing to allow me to withdraw my own money until I provide 'certified copies' of my passport and a utility bill.... it's fine for me to send the documents but to have them 'certified' by an embassy... ? I've never had to do this before.

My last message to them was requesting to then close my account and transfer all my funds out... will see what they say.
I've had the same problem which resulted in me closing my UK bank accounts (don't need them any more TBH) but playing the game for Fundsmith.
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Old 14.03.2018, 21:30
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Re: Hargreaves Lansdown - Swiss Customers Restriction

Isn't the full Brexit going to happen this year? After it they would no longer bee under UE influences... maybe
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