Post by jon3001 on Apr 2, 2020 17:30:08 GMT
Was announced the other week. This notice is plastered all over the website:
www.thehousecrowd.com/announcement-coronavirous-march-2020
Have many competitors really already stopped investors withdrawing fund? I'm aware that Growth Street and Octopus have. Others (noticeably Assetz and RS) seemingly have long queues (although the practical outcome might be the same).
Interestingly they're still permitted new investment into these frozen products.
Withdrawals from our Auto-Invest, 30 Day Access, Fusion and IF-ISA accounts/investments have been temporarily suspended as of 20/3/2020 due to normal market conditions having been impacted by the Coronavirus outbreak.
We are aiming to restart them as soon as possible
We are aiming to restart them as soon as possible
www.thehousecrowd.com/announcement-coronavirous-march-2020
Account Withdrawals
It is beyond dispute that we are not in normal market conditions and many of our competitors have already stopped investors withdrawing funds. Many funds have also closed. The House Crowd has resisted this action so far because of the ramifications it has.
However, in order to ensure the platform’s effectiveness and give us certainty for planning, we now need to act on this to secure investor’s long-term interests.
With effect from 9am on 20th March 2020, withdrawals will be frozen from the following accounts/investments until further notice:
HCAI, HC30 Day, HC Fusion, HCLN1 and HCBC1 accounts and investments
We reserve the right to extend this to all accounts at our discretion.
N.B. This is a temporary measure and will be constantly monitored. With all withdrawals in the system prior to the deadline we will use our best endeavours to honour them subject to replacement funds being available. Should this not be the case, requests will be placed in a queuing system and processed in the strict order received, as funds become available.
It is beyond dispute that we are not in normal market conditions and many of our competitors have already stopped investors withdrawing funds. Many funds have also closed. The House Crowd has resisted this action so far because of the ramifications it has.
However, in order to ensure the platform’s effectiveness and give us certainty for planning, we now need to act on this to secure investor’s long-term interests.
With effect from 9am on 20th March 2020, withdrawals will be frozen from the following accounts/investments until further notice:
HCAI, HC30 Day, HC Fusion, HCLN1 and HCBC1 accounts and investments
We reserve the right to extend this to all accounts at our discretion.
N.B. This is a temporary measure and will be constantly monitored. With all withdrawals in the system prior to the deadline we will use our best endeavours to honour them subject to replacement funds being available. Should this not be the case, requests will be placed in a queuing system and processed in the strict order received, as funds become available.
Have many competitors really already stopped investors withdrawing fund? I'm aware that Growth Street and Octopus have. Others (noticeably Assetz and RS) seemingly have long queues (although the practical outcome might be the same).
Interestingly they're still permitted new investment into these frozen products.