Mar 082013
 

As mentioned by users of this site and elsewhere, TD Direct Investing UK has informed non-residents in a number of countries that it will be closing their accounts. Japanese residents seem to be the most commonly affected, but some clients in the Middle East have apparently been told the same.

I had been expecting that the firm might start to steer non-residents towards TD Direct Investing International in Luxembourg (formerly known as Internaxx) instead of the UK arm, but it seems that some of the users who are having their accounts closed have been told that TDDII won’t accept them either.

Exactly what lies behind this isn’t clear – areas such as complying with money laundering regulations are an obvious possibility, but the underlying reason could be a wider drive to simply admin and cut costs. Regardless, the extremely short notice period means that many affected clients are understandably not very satisfied.

There’s a discussion on the UK stock broker accounts for non-residents post about alternative providers, although the choice among UK-domiciled brokers is likely to be slim.

  One Response to “TD Direct UK closing some non-resident accounts”

  1. Which Stockbroker will take me on with my criteria?

    Due to a company policy, TD Direct do not wish to entertain “NON EU”
    residents. I have been given a DEADLINE by 12 March 2014 to TRANSFER my
    nominee account to another broker.

    Which Stockbroker will take me on with my criteria?

    I currently live in Sri Lanka but I am a British subject having lived in
    the UK for 20 years, during this time I opened the account with TD.
    I am DUAL CITIZEN of Sri Lanka holding a Sri Lankan & British passports

    I have only UK shares traded at the LSE as NOMINEE shares with TD
    Direct.

    I have certified copies (certified by my bank in Sri Lanka) of my Sri
    Lankan passport & Bank statements (less than 3 months old). Both show my
    home address in Sri Lanka. Sri Lankan Passport has a current PHOTO of
    mine taken six months ago, when passport was renewed.

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